- In this video we talk about if you should
buy a house or a condo - which is more
expensive - which is a better long term investment? That's starting right now.
- Welcome to Homebuyer's School
brought to you by Brookfield Residential.
- Hi everyone, I'm Karl and welcome to another Homebuyer's School video –
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So today I'm joined by Jessica McKnabb, 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
condo, like one of those apartment styles.
- A high rise, right. That's a good question cause' sometimes condo is townhouse or
condo. So, the biggest thing is to think about your lifestyle. So 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 about some 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 you.
- And how about choosing a single family
home, like—so I know you'll have a yard
to maintain, you'll have a little more to
maintain but it's actually I guess, yours right?
- Right. So there's definitely more privacy with a single family 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 but it's just the choice of the
lifestyle. Probably with kids, if you have pets—probably a single family would be
the way to go.
- So—is a condo a good first home?
- Absolutely. So if you're thinking the end
goal is that you want 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 in
to your own home and actually owning your own home.
- Does the—how is the value appreciation of a condo?
Does it—do you think it rises over time? Or is it the same as—?
- Historically, it does rise.
- Which is more expensive – a single home or a condo?
I guess it depends on—
- It depends on the location. So, land is the most important piece when you're
looking at how much the home is 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 home.
So it all depends on the price of the land.
- Is it the land is also the size? So like, a 2 bedroom condo would maybe be more
expensive than a 3 bedroom single family home? Just based on the location or—?
- It's strictly based on location.
- And which—the next question is – which has the lower property taxes?
Is that also based on location?
- So property taxes are typically based on the land value and the amenities in the
area. So condos typically have lower
property values, just because of the size of the property.
- So Jessica, do you have any more to add in terms of –
should you buy a house, or a condo?
- 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. If you are going out of town a lot, maybe a condo is something
that's better for you—and then for lifestyle for a singe family—you have
a family or you have pets, maybe a single family would be the way to go. But yeah,
we touched on most of the things.
- Perfect. And if you want to know more about buying a condo for the first time
watch 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.
- That's another edition of
Homebuyer's School. Tune in next time
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