The Right Home
Owning a home is more than just a financial commitment. When it is your home, you are responsible for all of the upkeep and maintenance, so it is wise to choose one that matches your lifestyle.
Houses vs. Condominiums
Houses
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
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
Condominiums
PROS
- One monthly fee usually covers most of your maintenance costs, and you are free from yard work and other outdoor chores
- Steady, predictable expenses make it easier for you to budget for your costs
CONS
- 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
Resale Home vs. New Build
Resale home
PROS
- 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
CONS
- 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 do not suit your taste
New Build
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
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