You may have been grinding away for years to develop a nest egg, and finally have the down payment you need to own a slice of the city. Maybe you’re ready to break free of that small town, sell your property, and move for the hustle and bustle of the local metropolis. Or perhaps this isn’t your first rodeo; you’re a long-time owner keen to upsize or downsize your city property so it’s better aligned with your lifestyle.
Whatever the reason for buying, you have a critical decision to make. You can be a condo dweller or a house owner. And let’s get one thing straight at the top: There’s no correct answer. Each option has its undeniable merits. Ultimately, your decision will hinge on a few factors: lifestyle, goals/family plans, budget, accessibility, work commute, and tastes.
This article examines your two main options, listing the pros and cons and ideal buyer profiles for each. When you’re ready to act, research real estate companies that know the city. For instance, Toronto buyers can explore Harvey Kalles Real Estate to learn about diverse options in that city.
Condos: Location, Action, and Access
A condo is a class of real estate property where the building is divided into individual units. Each buyer owns the deed to their individual unit but shares the communal areas and amenities (the lobby, gym, pool, rooftop patio, etc.). You’ll often find them in high-density areas of the city.
The Pros and Cons
Some penthouse condos in desirable areas with skyline views can fetch massive asking prices. However, on the whole, city condos are often less expensive than townhouses or homes. They place you right in the action – in the centre of the civic experience among the hustle and bustle. As such they often feature easy access to restaurants, bars, workplaces, inner-city parks, and transit lines.
Depending on your personality, that high-density living can be a pro or con. Likewise, condo owners will likely be part of a freehold strata that passes decisions on communal upgrades and operations. If you don’t mind sharing decision-making with others, it’s fine. If you’re stubbornly independent, condos can present frustrations.
Ideal Buyer Profile
You love to be part of the mix. You’re always on the hunt for the hottest new restaurant or bar. You work in the city, so commuting by bike or transit is a breeze. You don’t need tons of space (yet), so a decent one- or two-bedroom suits your purposes.
Houses: Privacy, Space, and Personalization
Then there are houses. Unlike their suburban and rural counterparts, city houses are often (though not always) smaller, featuring three to five bedrooms. They come in all shapes, sizes, and types: detached, semi-detached, bungalows, multi-level, etc… For our purposes, we’re also grouping townhouses in here, though they’re a kind of “Goldilocks” midway point between condos and houses.
The Pros and Cons
As a general rule, city houses – whatever the type – cost more than condos. But you get what you pay for. House buyers enjoy more space, more freedom (i.e., most are not part of strata committees), and more privacy. Often, detached homes are in affluent neighbourhoods with excellent schools, green spaces, and recreational amenities.
Depending on your work and lifestyle, there may be downsides. Because houses often reside in exurban areas surrounding the inner city, they may be car-dependent or require longer work commutes. Also, repairs and upgrades fall squarely on your shoulders; you need a liquid contingency fund in case of emergencies. As mentioned, buyers who want a middle ground can find townhouses in the city.
Ideal Buyer Profile
You have (or plan to have) a family. You have the requisite down payment for a house, and a secure enough career that making those mortgage payments feels comfortable. You enjoy space and privacy. You liked the city hustle when you were a tad younger and still like the option of going there occasionally – but, for now, you prefer a little peace and quiet.
Not sure what to choose? Talk to an experienced real estate company about your options based on your personality, lifestyle, and budget.
