Are You A House Person Or A Condo Person?
November 1, 2009
Apartment or house? There are advantages and obstacles to both condos and Houses. In this report we have looked at both condo and house owners to give you and an idea what is best for you. These references may not match your individual character exactly, but we hope that analyzing it, it will help you decide where to focus your quest for the perfect place!
Hari needs a apartment.
His lifestyle is active and he is a professional who at the moment leases an apartment. Many of his friends still rent, but some have gotten into long term relationships which led to bigger condos and even homeownership for them. His apartment is starting to feel cramped and bare. What Hari is looking for is the option to have more room, decorate, acquire new furniture for something that is his own. Cutting back on driving for routine trips such as shopping, going out, visiting is imperative to Hari as he works drawn out hours. Hari doesn’t have any pastimes that require a lot of space – in fact, he really doesn’t want a very massive space that he has to spend time and money persevering. Someplace to put clothes and a big wall for his TV are his needs. He likes clean lines and new fitments. A garden that needs caring for is a catergorical no-no. He wants a apartment that has all inclusive services so if something goes wrong its fixed and at no extra charge. Hari gets on well with other people but he’s not all about making lifelong relations with his neighbours; he’s happy keeping to himself. He’s affable and doesn’t mind some commotion now and then – it’s part of life. Security patrols and high security are one of his major needs. Safety is necessary. When it comes to taking care of himself, Hari cares about fitness, so it’s great that the building has state of the art workout facilities and a nice pool – there’s a savings on his gym membership right there, because the monthly apartment fees cover all the resources! Access to a parking space will assist with the resale amount even if Hari does not buy a car. This is probably not going to be his last move, so resale is imperative. The future has not transpired yet, so who knows how destiny will change. For someone in this situation now, the benefits of apartment life make sense.
Susie prefers a house.
Susie likes her personal space. From the times at college, she still recalls how it felt having only a thin wall between her and her neighbours, and doesn’t want any of this anymore. Spending some more time for commuting to work is not a problem for Susie, as long as she has her privacy and enough space around. And as for shopping, she just takes her SUV to the supermarket once a week and load it up. Her two children are what Susie values the most, and she wishes to have a safe space for them to be able to run and play around, exactly the way she did during her own childhood. Another plus is that a lot of other families with school age children live around, and it’s really handy to know the other parents and talk about experience with school sports, the best babysitters and the new off-leash park. And also it’s possible that Susie and her husband Stuart may have one more kid in the future (although they haven’t really planned it yet), or possibly Stuart’s mother might need some help later and would move in with them. So they of course need enough room for the family to expand. Also the family members have various hobbies – Stuart works on his vintage car in the garage and their daughter Jenny plays the drums, which would be impossible to do in an apartment – it is loud enough in the basement, so Susie is thinking about having it soundproofed and putting in a bathroom, then they would have a great teen asylum. On weekends, Susie likes to tool around in her garden, which is really her pride and joy – there’s nothing like picking fresh vegetables for a salad while Stuart fires up the grill. For Susie and Stuart, it’s also very important that they are owners of the land they live on. If it happens that the roof begins to leak, as last year after the storms, it’s still their own roof and they have money aside for such cases. Any house just needs some occasional repairs, that goes without doubts. For Susie and Stuart, the responsibility for all the upkeeping work is not a problem. They have divided the work up and they each have their own tasks – Susie cuts the grass, whereas Stuart takes out the recycling. As for security, Susie’s confident that the new system they just installed will keep the burglars out, plus there’s a residents’ association to keep an eye on things. In this safearea, she is just satisfied and wants to put down her “forever” roots.
Final advice
Which characteristics resonated with you the most – Hari’s story or Susie’s story? It is possible you don’t completely match either one – in which case, you may enjoy the benefits of living in a condo town house, which can combine a lot of the advantages of both condos and houses.
Look out your finances. All housing costs, fees, taxes and regular contributory expenses should come to a maximum of 30% of your net monthly cash flow. Find our whether building damages are covered in your fees or whether you have to make additional or one off payments. The Homeowners Association (HOA) or a real estate lawyer can proof read into your contract for you. What is included in your fees? If there are extra facilities included do you really require them? You may not have a pet but if this is an issue check to find out if your building allows them. Also ask around to discover what your utility bills may be. If your condo has lots of windows there could be considerable heat loss so your expenses could rocket if heating is not covered.
In case a house is your choice, then the mortgage together with property taxes shouldn’t exceed 25% of your monthly income, because you’ll end up paying extra for any maintenance the house will require. You should think about the maintenance expenses and your own ability to manage the repairs. All the responsibility, starting with a leaky faucet and ending with a flooded basement, will be up to you. Also the financial and physical costs of transportation is important to be considered, as it will probably increase, especially if your new home is in a suburb. If you don’t want to be surprised by any trouble with the mechanical systems of your new house that would also surprise your budget, make sure to read a recent home inspection. For example, a fixer-upper with an ancient furnace, old wiring and insufficient insulation will demand a more or less immediate cash infusion just to make the house liveable.
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