It’s a tough choice; condominiums seem to be all the rage nowadays, but they can’t come close to the sense of control one has over their detached home. To help you decide, here are some of the major differences between the two:
One of the most significant differences between a house or condo is the availability of some type of yard. Standalone houses offer a wide range of back and front yards, while condos generally offer a shared courtyard at most. If your lifestyle includes outdoor barbecues or pets that need the exercise space, a house with a large yard may fit the bill. However, if you are turned off by the extra work and cost required to maintain a yard, a condo may be right for you.
Houses are generally pretty simple: you are in responsible most things on your property, and bear its maintenance and associated fees. Conversely, condo lot owners in British Columbia cannot be made responsible for the repair or maintenance of the board’s shared property, although this is not the case for limited common or private property. However, this joint-responsibility comes at a cost, and it is always beneficial to clarify maintenance fees and bylaws when considering the purchase of a unit.
Another factor to consider is your preference for privacy. While detached houses offer complete privacy most of the time, condos often have residents entering and exiting, as well as common spaces such as lounges and gyms. This allows you to interact with the community, but can also result in unwanted noise and/or intrusions. At the very least, you will probably see your neighbours more often than when living in a house due to their proximity.
To help with ensuring privacy, many condo boards implement restrictions. Although you are mostly free to do whatever you want inside your own unit, major modifications and repairs may require permission from the board. Additionally, restrictions are placed on almost all work done to the exterior of your unit, as well as the presence of pets.
When you own a home, you also own the piece of land it’s on (this is called exclusive ownership), therefore its value belongs to you. If you own a condo, however, you only have exclusive ownership of your interior space.
Feel free to visit our Burnaby condos for sale section to view MLS Listings!
In the end, the choice between the two comes down to the lifestyle you want to live. Do you want to truly make your house a home even if it comes with increased work and cost? Or are you looking for an all-in-one solution which leaves you more time to tend to other things in your busy life? Remember, no matter who you are, a local professional from Mazeon can find the perfect home for your lifestyle.