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Should You Buy a House or a Condo?
A big debate these days is whether or not to buy a house, or buy a condo. Most of this debate comes from a lack of understanding about condos, and what they are. Hopefully, the following information will prove to be helpful. When Buying a condo, are you a tenant? No. That simply isn't true. When you buy a condo, you are buying a part of the corporation, and are thus an equal owner. It is true that you can be forced to move, if you are really disturbing the other owners, or causing problems. But this is true of residential homes as well. If your neighbors complain repeatedly about smell, health concerns, or criminal behavior, then you may be forced to move. The same holds true in condos and houses alike. The board can force you to pay thousands of dollars arbitrarily, and without notice. At first glance, this may appear to be true. But keep in mind that the condo association is made up of owners who have the same goal as you? Having a comfortable place to live that is building equity. The members of the condo association do not make any money from their positions. They are owners like yourself, who are volunteering their time. There can, however, be "special levy's" brought about by unexpected maintenance in the building. The same holds true of a house as well; the expenses just come from a different place. Ask anyone who owns a house how much it cost them for their last furnace. Or how much they spent repairing the water leak, and replacing the shingles. The advantage in a condo association is that you share these costs with the other owners, and are forced to save money in advance for these repairs, through the reserve fund. Condo fees cost too much each month! Again, not necessarily true. If you were to add up the amount of money that a family spends over 5 years on the maintenance of their house, you'll usually notice that it equals more than 5 years worth of condo fees. Also, many condo associations pay for their monthly expenses as a group. Heat, water, insurance, and maintenance are examples of such expenses. By purchasing as a group, they can often get these services at a lower rate than a single home owner can. I could never live in such close quarters That's probably true. Condos aren't for everyone. Every person has to make their own decision, based upon their own lifestyle; now and in the future. If you have 3 large dogs, 3.5 children, and 4 cars? a condo probably isn't for you. But, if you're a single young executive who works 80 hours a week, or you're retired and travel most of the year, then perhaps a condo is the right choice for you. Only you can make that decision, as it is a lifestyle choice. Here are some factors to consider in your decision. In fact, these are issues to consider on any home, not just a condominium. It's just as easy to get "bad" neighbors when you buy a house as it is when you buy a condo. The best advice that can be given is to research your choices, and be objective when choosing a home. My favorite example of this is as follows: "A friend of mine asked me to help him find a home. He's a single young man who travels 75% of the time for his job and is rarely at home. When he is home, all he wants to do is sleep and watch TV. He wanted to buy an acreage so that he could have privacy. After looking at the amount of continuous maintenance required for an acreage, he realized that acreage living wasn't for him. He's very happy in his apartment style condo." Make your own decisions, based upon what's best for you. If a condo is where you'll be happiest, then buy a condo. If a house is what's right for you, buy a house. About The Author John Carle & Sharon Gregresh are Realtors with Royal LePage - ArTeam in St. Albert, AB. They pride themselves on providing more than just real estate sales and listings. Their clients benefit from a much larger spectrum or real estate services. Contact them any time at information@workingtogether.ca or through their website at www.workingtogether.ca. They can be reached by phone at (780) 458-5595
MORE RESOURCES: Among the ambitious garages built in New York after 1900, some are still hard at work. But even preservationists take them for granted. A five-bedroom Greek Revival farmhouse on 15 hillside acres in Delaware County has sweeping mountain views. A 1750s farmhouse has a beautifully carved sandstone facade and offers sweeping views of vineyards and the Dordogne River. In downtown Manhattan, new condo developments offer owners both single-house-style privacy and luxe-building-style amenities. The Yankee shortstop is selling an apartment on the 88th floor of Trump World Tower. A former creative director of Bruno Magli bought a model apartment for $2.325 million. The guitarist for the band Korn has listed his apartment for $1.295 million. Until the financial crisis, foreigners had been a significant force in the real estate market, an area broker said. A 1907 brownstone in Washington; a 1914 English Tudor in Kansas City, Mo.; and a 1925 bungalow in Sarasota, Fla. The difference between viewing housing as a luxury good or as a staple is the subject of a debate about the recovery. The property market in Stockholm has been insulated from the worst of the housing crisis by low interest rates and by a shortage of apartments in the city. Laka Nona medical city will include a medical school, hospitals, research centers and space for biotech start-up companies. Soho House is undergoing a $100 million expansion, including a new exclusive club in Miami Beach. Real estate listings noting a need for TLC acknowledge problems with a property. Just what those are is not always clear. Some economists and analysts urge a dose of shock therapy that would shift benefits to future homeowners from current ones: Let the housing market crash. Where others saw a ruin, the buyer of a house in Millburn — a former contractor — perceived buried charm. Two longtime loftmates appeared to be going their separate ways, but the hunt for new apartments landed them in the same building in Williamsburg. In the weak economy, more buyers are being asked to shoulder the so-called flip tax. West End Avenue and vicinity was once a stronghold of town houses. Three of the now-rare breed bear distinctive traces of the attentions of recent owners. At River Pointe, a community in Manchester, N.J., solar technology that earns energy credits is a standard feature in each house. Questions for a principal of the law firm Proskauer Rose and a co-chairman of the firm’s real estate division. The wealthy and celebrities often buy property under limited liability companies, often with whimsical names. Once a grand mansion steps from Central Park, it had fallen into disrepair. Now it is for sale for $8.95 million. One in eight homeowners had household debt exceeding half the monthly income in 2008, a recent report says. A parking space that comes with the lease; a condo building with no emergency reserve fund; a landlord’s liability in a burglary; dealing with fees on security deposits. An art collector builds a nontraditional house in an Alpine village where life hasn’t changed that much in decades. On Lake Waramaug, a converted boathouse has a stone foundation, a wraparound deck and direct access to the water. A half-dozen buildings on Second Avenue will house ventilation equipment, disperse smoke and allow for evacuation from subway tunnels in emergencies. A one-bedroom condo in Philadelphia, a three-bedroom bungalow in Tennessee and a two-bedroom house in Wisconsin. Developers in Midtown are refurbishing older buildings, using tax credits and public financing, as much as they are building from scratch. |
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