Owning a home is more than just a financial commitment. When it's your home, you're responsible for all of the upkeep and maintenance, so it's wise to choose one that matches your lifestyle.
Houses versus condominiums
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Houses |
Condominiums |
| Pros |
You have more freedom to renovate or upgrade your home as you wish
You only pay for the amenities and utilities that you use, instead of a lump-sum condominium fee that may include services or features you do not want or need |
One monthly fee usually covers all of your maintenance costs, and you're free from yard work and other outdoor chores
Steady, predictable expenses make it easier for you to budget for your costs
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| Cons |
Houses require a lot of work, and you are solely responsible for all of the upkeep, repairs and maintenance
Expenses may vary by month, making it more difficult to budget for your costs |
As a condominium owner, you are subject to the rules of your condominium. Plus, you have little control over the amount of your monthly condo fees, which are in addition to your mortgage payments
Condo fees are subject to change and you may have no choice but to accept increases as they occur
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New home from a builder versus resale home
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New home from builder |
Resale home |
| Pros |
You may have more flexibility when it comes to upgrading the features in your new home, such as finishing materials, flooring, plumbing and electrical fixtures
In most provinces, a builder warranty is usually available and covers major household systems like plumbing and heating
New homes are built to meet modern comfort and safety codes, using the latest building materials and technologies - the result is often greater cost- and energy-efficiency
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You are most likely moving into an established neighbourhood, so you can see which amenities and services are already available
Your property may already have landscaping, fencing and mature trees
It may already have some upgraded features, such as a finished basement
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| Cons |
Homes in a newly developed area may not be completed on schedule and may not have immediate access to amenities such as schools or shopping centres - these are generally built after the residential population is complete
Noise and dust from ongoing construction may affect the comfort of your new home until the development is complete
Brand new homes seldom come with landscaping or fencing, which can both be substantial expenses for any homeowner
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An older home could mean higher maintenance costs in the short term, especially on major systems such as heating, electrical and plumbing
Resale homes come as they are, and you may have the added expense of changing wall colours, flooring or other interior design elements that don't suit your taste
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Community checklist
Your home is the place where you're going to live for a long time, so make sure that the neighbourhood you choose provides the right combination of services and amenities to meet your long-term needs. Here are some of the lifestyle and financial considerations you'll want to think about --
- Proximity to schools and public transportation
- Real estate taxes
- Recreational facilities
- Distance of commute to and from work
- Traffic flow and availability of parking
- Planning and zoning laws that may limit your long-term plans (for example, building an addition)
If you've decided to buy, there's a lot to consider. Our Home Buyer's Checklist is a great
way to help decide what's important to you and to compare homes you look at.
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