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What's the difference between buying a condo or house? (which is better?)

“Always pick your yard based on your Summer lifetstyle.”

~ KARL

April 8, 2019 - Karl Yeh

If you are buying a home for the first time which one is better for you, a condo or a house? What are the differences? What are the key things to know to make the right decision for you? In this episode, we discuss if you should buy a condo or house and which is a better first home. We explore price differences, appreciation value and which has a lower property tax. 

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Transcription:

Hi everyone, I'm Karl, and welcome to another Homebuyer's School video. A channel where you get the latest strategies, tactics, and tips from home buying experts, and remember if this is your first time on this channel and you want to get the latest strategies from the experts, hit the subscription button below, hit the little notification bell, [00:00:30] so you don't miss anything.

Karl Yeh:                             

Today, I'm joined by Jessica McNabb, Area Manager with Brookfield Residential, and today the question we're going to answer is

Should I buy a house or a condo?

So, what are some things that I should know when deciding if I should buy a home?

I mean, an actual single-family house or an actual condo, and when I say condo, one of those apartment styles?

Jessica McNabb:              

A high-rise, right. That's a good question because sometimes condo is townhouse or condo.

Karl Yeh:                              Yes.

Jessica McNabb:              

So, the biggest thing is to think about your lifestyle [00:01:00].

A condo is typically going  to be for somebody that doesn't want to maintain a yard, doesn't want to cut the grass, doesn't want to do any shoveling.

So if you're thinking of those items the drawback could be that you're going to pay condo fees.

Perhaps you don't necessarily want to pay these extra fees for these items, so then a single-family home might be the best bet for your family.

Karl Yeh:                             

Yeah, and how about choosing a single-family home?

I know you'll have a lot of yard to maintain. You'll have a little bit more to maintain, but it's actually I guess yours, right?

Jessica McNabb:              

Right.

Yeah, so there's definitely more privacy with a single-family [00:01:30] home. You don't have shared walls with anybody.

Single-family homes typically don't have any condo fees.

You will maintain your own home and land. It's just a choice of the lifestyle.

Probably with kids, if you have pets, probably a single-family would be the way to go.

Karl Yeh:                             

Is a condo a good first home?

Jessica McNabb:              

Mm-hmm (affirmative), absolutely.

If you're thinking the end goal is that you want a single-family home but right now your budget doesn't allow for that, a condo would be a great place to start in terms of getting into your own home and actually owning your own home.

Karl Yeh:                              [00:02:00]

How is the value appreciation of a condo?

Do you think it rises over time, or is the same as a single-family?

Jessica McNabb:               Yeah, historically it always does rise.

Karl Yeh:                             

Which is more expensive a single-family home or a condo?

I guess it depends on ...

Jessica McNabb:              

It depends on the location.

Land is the most important piece when you're looking at how much is the home going to cost because you could have a condo downtown that is 600 square feet that would cost the same as one of our homes here on the West End that's an actual single-family [00:02:30] home, so it all depends on the price of the land.

Karl Yeh:                             

Is it the land? Is it also the size, so a two-bedroom condo would maybe be more expensive than a three bedroom single-family home-

Jessica McNabb:               Yep.

Karl Yeh:                              Just based on the location, or is it the lot?

Jessica McNabb:               It's strictly based on location.

Karl Yeh:                              Location. Okay.

Jessica McNabb:               Yeah.

Karl Yeh:                              The next question is

Which has the lower property taxes? Is that also based on location?

Jessica McNabb:              

Property taxes are typically based on the land value and the amenities in the area.

Karl Yeh:                              Oh, okay.

Jessica McNabb:              

Condos typically have lower property values [00:03:00] just because of the size of the property.

Karl Yeh:                             

Yeah, so Jessica do you have any more to add in terms of should you buy a house or a condo?

Jessica McNabb:              

Yeah, I think we touched on most of the points.

Mainly thinking about your lifestyle and thinking that maybe the condo fees are something you want to pay for maintenance, and if you are going out of town a lot maybe a condo's something that's better for you,

And then for a lifestyle for single-family, you have a family, or you have pets, maybe single-family would be the way to go.

But, yeah we touched on most of the things.

Karl Yeh:                             

Perfect. And if you want to know more about buying a condo for the first time watch [00:03:30] our video above, and in the description below.

So the question of the day I have for you is

Are you planning to buy a house or a condo and what are your reasons?

Let us know in the comment section below, and remember if you enjoyed this video or found it helpful hit the thumbs up, remember to comment, and remember to subscribe. Thank you, and we'll catch you next time.

 

 

Your turn:

Let us know if you have additional home buying questions that we can answer by submitting them in the comments section below. 

Homebuyer's School publishes new content weekly so subscribe or check back regularly for the latest information, strategies and tips from homebuying experts. 

About Jessica McNabb:

University of Alberta: Bachelor of Science in Registered Nursing 2011 McConnell Place North Alzheimers Care Centre 3 Years - Client Care Leader Brookfield Residential 6 Years - Area Sales Manager Sold over 200 Homes

While a career in Nursing was extremely fulfilling, I also wanted to explore a career in home sales. After 6 years of being in the New Home Sales Industry, I still feel the same sense of fulfillment through taking clients from start to finish building their home.

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