Sunday, March 22, 2015
Condo or House for First-Time Buyers?

One of the first questions first-time buyers have to ask themselves is whether they want their first home to be a condominium or a single-family home. Although economics play a big role in the decision-making, it really comes down to lifestyle choice. How do you enjoy spending your time and which lifestyle do you prefer? There are advantages and disadvantages to both, but for now, I will focus on the advantages.

Advantages of a Condominium or Townhome
Even with monthly association fees, condos are usually the more affordable choice. Aside from the affordability, there are many other advantages to condominium ownership. For one, the obvious convenience is hard to beat. The condo association is generally responsible for all exterior maintenance, including lawn mowing and snow removal. As a condo owner, your free time will not be spent raking leaves and chopping ice. The ability to take off on adventures each weekend without worrying about yard maintenance is a powerful pull for young and older buyers alike.

Many of Calgary’s condo buildings are perfectly situated within easy walking distance to cafes, restaurants and transportation hubs. Today’s first-time buyers want to live in the heart of the city and avail themselves of all the city has to offer. Condo living gives them this opportunity along with a stronger sense of security as many condo buildings have security systems and an additional concierge service for homeowners.

Advantages of a Single-Family Home
Single-family homes appeal to a buyer’s sense of personal space and need for privacy. There are no shared entrances or common areas to squabble about. Be it ever so humble, your home is all yours (except for the mortgage, of course). Your slice of land, be it large or small, is yours to do with as you please. Plus, single-family houses offer room for entertaining and play areas for children.

A single-family home also allows your creative juices to flow freely. You may decorate the home any way you want without the restrictions of homeowner association rules and regulations. If you want to paint the exterior of your home cherry red with a bright yellow door, go right ahead. If you want to knock down a few walls to open up the space, just grab a sledgehammer. Unless you live in a historic district or some other type of restricted community, you are usually free to channel your inner decorator.

Although everyone has varying thoughts on this topic and views are continually evolving, many people believe that a single-family home with a piece of land around it is still the best place to raise a growing family.

Whatever you opt for your first home, does not have to be forever. Many young buyers start with a condo and then move on to a single-family home as their families expand. Again, it all comes down to lifestyle choices and knowing what is most important to you and your family. Once you figure that out, a professional Realtor can help you find your dream home.