Is it time to buy a new home? There are a number of things to consider when taking this monumental step. Housing type is one of the most important decisions you have to make when buying a home and there are two types of properties to consider: a condo or a traditional house. Depending on your lifestyle preferences and your stage of life, there are pros and cons to both. Understanding how much you can afford and where you want to live is one thing, but you also have to keep in mind how you want to live. Is it important to you to be close to shops, restaurants and transit, or are you more interested in starting a family and having a space to grow into? Let’s take a look at both options to see what suits you best!
There are many benefits of condo living for younger millennials entering the home buying stage. Condos are typically located in urban areas with lots going on. Younger millennials are thinking more about lifestyle and entertainment, and condos also offer a more affordable option for those entering the market. They want to be in neighbourhoods that are close to shops, cafes, bars and restaurants, and they want to be able to take transit or walk to wherever they have to go, whether it’s work, the gym or grocery shopping. Some condos also have resort-like amenities such as pools and fitness centres, which would cost way more if they were to be put into a house. Condos are a low-maintenance option, with condo fees covering exterior maintenance, so it’s convenient for buyers who only want to worry about taking care of the interior of the unit.
When it comes to baby boomers, sellers who want to retire may consider downsizing from a house to a condo to pursue other interests and goals. Perhaps they want to own a cottage on their favourite lake, or want the freedom to travel for a good part of the year. Moving into a condo allows them to be away from the property more often as maintenance such as snow shoveling, lawn mowing and window washing is taken care of by the condo.
Older millennials who are reaching their 30s are typically thinking longer term when they consider their home buying options. They’re thinking about starting a family and are looking for a space to grow into. They may be considering generating income from the basement suite, or want to find a home that would accommodate one or two parents working from home. They want full control of their property, allowing the opportunity for remodeling exactly how they want. A house has more indoor and outdoor space, which is more conducive to accommodating families, children and pets, and they also have more storage space.
Although some baby boomers are looking to downsize, others want to keep the family home for when the grandchildren are around. They want to have a bigger space for their family to gather and play, with a yard that allows for entertaining.
There are benefits and drawbacks to both condos and houses, depending on your lifestyle. Figure out your short term and long term goals to decide which one is the best choice for you. Reach out to us at AskNina to help you get your home search started! Whether it’s a condo or a house you choose, this will be the place you call home. Your home.