2018/08/28
KBD Insurance

Should I buy a home or a condo?

Without a doubt, one of the most important — and scary — decisions you’ll make in your life is deciding where to live. For most people, not only will it dictate your living environment for the foreseeable future (where you hang out, how often your friends and family visit…etc), it also most often represents the largest purchase one can make in their lifetime.

Once you get over the mental hurdle of investing a large chunk of your disposable income on a property – not to mention taking on a huge loan to cover the balance – you’re faced with a myriad of decisions and options to choose from.

Where should I live? How much can I afford? What price to square footage should I aim for? Ahhh

In today’s blog, we’re going to help you navigate one of the most important questions buyers face in the early stages of their purchase: Should I buy a home, or should I buy a condo?

The case for buying a condo:

  1. Cost. You might have guessed this one, but by and large, condos are going to be a cheaper option than a house. That’s not to say that all condos are cheaper than houses: this $110 million dollar condo in New York City would put most mansions to shame. But for the average individual weighing condos vs houses, a condo will be the more affordable option.
  2. No yard work. Not a fan of mowing the lawn? Hate raking leaves? No problem! If your condo is lucky enough to have a landscape, your building is usually responsible for hiring a gardener or landscaper. Sick of taking in and out the garbage every week? Cool, just drop your bag down the chute – someone will pick it up! All jokes aside, condo living is a more turnkey solution to living in comparison to owning a home.
  3. The sense of community. While some homeowners living in Pleasantville may disagree, having 50-100+ tenants living in proximity to each other breeds a sense of community – that you won’t get while living in isolation on a cul-de-sac. If you are someone that thrives around other people and enjoys meeting new people, you’ll dig the condo life.

  4. Amenities. These days, condo buildings are stocked up with perks to rival Google. Well, not quite, but many condos will feature common areas like rooftops, parking lots, barbecues, gyms, swimming pools and more. And while the cost of the maintenance is rolled up into your condo fees (we’ll get to that soon…), it’s still nice to prorate the cost amongst your condo mates.
  5. Security. Again, generally speaking, condos are safer than homes and tend to have fewer break-ins.

The case for buying a house:

  1. Size. Remember when we said that houses were typically more expensive than condos? Well, that’s because you get more! Literally more. As in more space, more rooms, more storage, more square footage – you get the picture.
  2. Less noise. Condo buildings are filled with many tenants, each contributing to the overall noise factor. If you’re someone who values their privacy and peace and quiet, a house might be the better solution.
  3. Freedom. When you own a home, it’s yours. When you own a condo, you own a percentage of the property tied to the square footage of your property. In a condo, all changes must be approved, budgeted and appropriated by the condo board. When you own a house and you want to paint your front door, have at it. In a condo, you’d have to go through the appropriate channels.

So that’s it. We can’t make the decision for you, but hopefully we’ve outlined a few things to consider. And when you do make your decision, we hope that you’ll come to us at KBD Insurance when you’re looking for an an insurance plan for your new house or condo!

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