As a real estate agent, I get asked this question quite often. I simply do the following breakdown to help our clients determine which might be the better buy for them.
Condo buyers usually like to be close to entertainment districts and work. Most condo buyers don’t want to maintain a property, and don’t mind sharing common areas; locker areas, hallways, exercise rooms, games rooms, elevators, etc. As well, a lot of condo buyers like the convenience of the all the indoor/outdoor facilities and amenities that are offered.
Perhaps one of the biggest disadvantages of owning a condo is that the owners are required to pay a condo fee, and these condo fees typically increase every year.
Condos are very popular with younger people. Some young people purchase a condo as their first home and a steppingstone towards a house. Empty nesters and elderly people who are downsizing are also big fans of condos as they enjoy the convenience and low maintenance that comes with it.
House buyers usually want more privacy and space. They also like the leeway to be able personalize their space and have the time and resources to spend on maintaining a home and property. For bigger families, usually a house is a better choice.
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Written by: My Linh Ha (mylinh@jj.team)