Buying a House or a Condo? Factors to Consider

Buying a house or a condo is a major life milestone. It’s not a decision to be taken lightly.

Each option has its advantages, but what may be a benefit for some can be a drawback for others; it all depends on your lifestyle, priorities, financial situation, and where you are in your personal journey.

Here’s an overview of the key elements to consider when making an informed choice between a house and a condo.

Financial Factors

When it comes time to buy a condo or a house, the financial aspect is crucial. Regardless of the property type, some basic expenses are unavoidable:

• Mortgage

• Property taxes

• Land transfer fees

• Home insurance

But beyond the initial purchase price and basic fees, it's mainly the variable costs specific to a house or a condo that tip the balance.

Buying a condo involves mandatory monthly condo fees, which generally cover the maintenance of common areas, electricity and heating outside the unit, shared insurance, the security system, and the contingency fund. On top of that, you’ll also need to pay for maintenance and repairs within your private unit.

Buying a house, on the other hand, means you are responsible for all maintenance and repair costs: roofing, heating systems, landscaping, masonry, foundation drainage systems… These expenses aren’t monthly, but they can add up quickly and represent a significant amount over time. However, you do have more flexibility in planning these works according to your priorities and budget.

It’s therefore essential to assess the total cost of ownership; buying a new house can lead to unexpected major expenses, while buying a condo, with its fixed fees, can impact your monthly budget.

Space and Location Factors

Choosing between buying a house or a condo also means choosing between two very different realities in terms of space and environment.

Generally, houses offer more space: several bedrooms, a basement, a garage, a yard… For families, this extra space can be a game changer.

That space often comes with location: houses are typically found in the suburbs or in more distant residential neighborhoods, where land is more available. This often means more peace and quiet, but also longer commutes to access services or get to work.

Condos, on the other hand, tend to be smaller and are usually located in the heart of urban centers. They offer easy access to amenities like grocery stores, pharmacies, restaurants, and public transportation.

You should ask yourself whether you prefer space and peace or proximity and energy before deciding between a condo and a house.

Lifestyle Factors

Closely tied to the previous points, your lifestyle strongly influences whether buying a house or a condo makes more sense.

Buying a house in Quebec offers great freedom: you have a yard, you can arrange your space as you like, and you don’t have to deal with condo association rules.

However, that autonomy comes with responsibilities: mowing the lawn, shoveling the driveway, cleaning the gutters… These tasks can become demanding over time.

In contrast, buying a condo suits those looking for a more simplified lifestyle. Maintenance, repairs, and building management are handled by the condo board. This support provides peace of mind that’s appreciated by busy professionals, retirees, frequent travelers, or anyone looking for a low-maintenance lifestyle.

Buying a condo on your own can also be a great solution if you’re looking for an easy-to-manage urban home base, without compromising on comfort or access to services.

Life Stage Factors

Whether or not to buy a house is also a decision closely tied to your stage of life.

Buying a house is often a long-term life project that offers greater adaptability over the years whether it’s for a growing family, landscaping the yard, or customizing your space to meet changing needs.

Buying a condo, on the other hand, is more suitable for immediate or transitional needs. It’s a great way to get started in real estate, simplify daily life, or start a new phase, such as retirement or a career change.

Where you are in life, your future plans, and your personal and professional stability are all factors to consider before buying a house or a condo.

Buying a House or a Condo: Your Choice Factors

The dilemma between buying a house or a condo has no absolute answer; your decision will depend on your priorities, lifestyle, financial situation, and goals.

To make an informed decision, it’s essential to take the time to reflect on your needs and aspirations.

That’s how you’ll find a property that truly suits you and where you’ll truly feel at home!