This is a question that only you can answer, but one that some people don’t think about long enough before answering. The answer really comes down to your lifestyle, and your wants and needs. If you have a large family and want a yard with space for them to use freely, then a condo probably isn’t for you. If you really enjoy your space, privacy, and having absolute control over all the decisions that affect your home, a condo probably isn’t for you. If you live a busy life and would like to simplify your living arrangements by having virtually no yard work or snow removal, then a condo may be what you’re looking for. If you’re looking to down size after owning a large home, but aren’t quite ready to give up the comforts a home provides, a bungalow style condo may be what you are after. If you are a first time home buyer and owning a house and all that goes with it seems intimidating, a condo is probably a good step to get into the market. You can always move into a house when you and your lifestyle demand it.
Both houses and condominiums afford tons of different styles and options. Traditionally the real estate market was primarily driven by houses. Over the past few years we are starting to see this change. The demand for condos has risen, and as a result, new condo developments are abundant. Even within the last year, there has been a huge growth in condo conversion projects happening across the country. There are a variety of different styles of condos, each with their own benefits. Apartment style condos are for those who generally need less space and don’t mind the atmosphere of an apartment-style living situation. They generally either have underground, secure parking or outdoor parking available to the owners. Townhouses are geared towards people who need a bit more space with a bit more privacy. There are quite a few townhouses available with single car garages but just as many without. The next step up is a bungalow style condo which gives people in most cases as much room as a home but with less exterior maintenance.
Both types of ownership are great investments, as long as you are aware of what types of repairs may be needed in the near future for both types of ownerships. If you are looking at a condo it is important to familiarize yourself with the condo board and how they operate. Find out what you as a home owner are responsible for. As our real estate market continues to grow, so does the need for affordable housing and condos are a great first step.