When it is time to buy a new property, many factors come into play. Before you even begin your search, it is essential to know whether you want to go with a condo or opt for a house. To demystify the different types of housing, Équipe Lacroix has prepared this article. You will see more clearly and be able to understand the advantages and disadvantages of each one thoroughly.
The condo market in Quebec is not slowing down. These apartments, which we co-own with our building neighbours, have several advantages, starting with shared maintenance costs. Since many living spaces are considered common areas, all owners must contribute to their maintenance, such as snow removal, lawn mowing and pool maintenance services (for example). A notable advantage of the condo is that maintenance is always taken care of by a trusted supplier. Owners do not have to take care of it themselves.
Living in a co-ownership also comes with a responsibility, namely that of attending the various meetings, where decisions related to the building and its management are democratically made. Each co-owner must also pay a monthly amount to cover the maintenance of the different common areas, as well as to maintain a contingency fund in case of unforeseen expenses.
A condo will undoubtedly save you a lot of hassle in terms of maintenance, but will also require you to contribute to the condo’s finances with the condo fees. However, you will be limited in the renovations you can do. You will also have to comply with the condo’s rules and regulations regarding leasehold improvements, your unit’s rental and much more.
Therefore, a condo becomes the ideal alternative for buyers who wish to be owners and not renters, but who do not need all the space that a single-family home can offer. However, do not think that condos are necessarily more affordable than houses. Depending on the needs of the owners (total area, number of rooms, parking spaces and choice of materials), some condominium apartments are sold at a high price, sometimes comparable to that of a single-family house.
Cousin of the condominium, the townhouse is managed the same way as the condo. The maintenance of the various common areas is, therefore, the responsibility of all co-owners. They also must respect the regulations surrounding the management of their residence. Unlike the condo, the townhouse often has a more interesting surface area, on several floors, including the basement. A large terrace and a small private yard are also other advantages the townhouse has over the condo. Therefore, this type of property is perfect for people who wish to have their own home, without having to worry about the maintenance.
The Semi-Detached House
The semi-detached house, also known as semi-detached, is located between the townhouse and the single-family house. This type of dwelling makes it possible to be a sole owner, even if both houses are located on the same lot. Unlike the condo, it is managed entirely independently, except for the shared wall and the entire lot. Otherwise, owners are entirely free to sell, rent or renovate their residence.
A semi-detached house is an excellent option for first-time buyers and young families since its purchase cost is lower than the single-family house.
The Single-Family House
As the name suggests, the single-family house is the perfect candidate for families. It offers, in most cases, enough space to comfortably accommodate all family members and allow everyone to have their room. Single-family houses often have a private backyard and a driveway.
Unlike condominium-style houses, owners of a single-family house must pay all maintenance costs of the residence. However, they are free to make their own decisions and are much less limited than in a condo. They can arrange their house as they wish, as well as their backyard. The only regulations they must comply with are those of their municipality.
The single-family house will, therefore, be the ideal candidate for families and homeowners looking for space, calm and independence.
In the end, what is essential is to choose a property that will meet the buyers’ needs, as realistically as possible, while staying within budget. If you wish to obtain a personalized accompaniment that will allow you to make the best choice of property, know that Équipe Lacroix is a precious ally throughout the process. Contact our team today to start planning your new project!