No. 6 of 10 Things to Consider Before you Buy Your First Home

  

Buying a condo or a house? There are many things to consider when deciding if you want to purchase a condo or a house.  Let’s consider the financial reasons first; condominiums are generally less expensive to buy so may be more affordable with a lower down payment required; less maintenance costs for the outside of the property than a house; property taxes are usually less than a house; includes extras such as security systems, recreation facilities (gym, games room etc.); there will be condo fees that contribute to the condo corporation’s reserve fund to cover future expenses, the collective cost of property maintenance, repairs, replacement and insurance; and may cover some of your utilities such as water, heat, cable etc.  Next is what is your personal lifestyle choice and what are your needs?  Is a condo more suited to your lifestyle (security, facilities etc.) and is the location close to your entertainment and social needs as well as work?  Will your lifestyle needs change in 1-3 years, 5 years plus etc.?  The choice you make often comes down to your personal lifestyle choice as well as availability of affordable properties in your area.