Being a homeowner is something that requires thought and planning. One set of questions that needs to be considered is why buying a house should be considered or not. If you need space both inside and outside of your living space where you can keep to yourself if desired, then a house may be a preferable option. On the other hand, houses are more expensive in terms of the property itself and the taxes. In addition, most property maintenance is the homeowners responsibility. Condos may be another thing to consider. If you prefer close neighbors, less maintenance, or cost, then a condo might be a good decision. That said, fees can be high, you don’t have much freedom to make exterior changes, and you may lose outside space that you might otherwise need depending on your lifestyle.
- A house provides you with more space — including a backyard — and more control over what you do with and in that space.
- Condo are considerably less expensive, they often come with amenities, and external maintenance is usually someone else’s job.
- On the other hand, condo owners have to pay potentially significant condo fees, have less control over what they do with their property, and don’t have much outdoor space.
“We recommend deciding the type of property you want to purchase before you even get pre-approved for a loan.”