Condos vs Houses

So you are looking to buy a property in Penticton or elsewhere in the Okanagan, but you are not sure if a condo is the way to go or if a house is. The difference between a condo and a house is more than that one has a yard and the other usually doesn’t,  and you should know all of the different factors that are involved before deciding what kind of property you want to purchase. To start with let’s clarify the difference between a townhouse and an apartment. Both of them are considered condos as that is the type of ownership. The difference between a townhouse and apartment is the style of the property.

Deciding if a condo or a house is better for you is a question you will have to spend a little bit of time thinking about. The answer to this question comes down to what you truly want or need.  A condo might not be the right choice for you if you have a large family where yard space would be considered a necessity. Likewise, a condo wouldn’t be suitable if you are the kind of person you enjoys your privacy and having 100% control over any decision regarding your home.

On the other hand, a condo might be exactly what you need if you have a lot on the go and don’t have time for things like mowing the lawn and shoveling snow. You might be one of those people who own a large home but would like to down-size without giving up on the perks that your house gave you. In this case, a bungalow condo could be ideal for you. If you are a first time home buyer in Penticton and purchasing a house right off the bat seems like a bit much, then buying a condo might be a good way for you to get into the housing market. If your lifestyle changes later on you can at that point decide on whether you would prefer to move into a house.

There are lots of different options with both houses and condos. It is interesting because traditionally the real estate market was generally driven by houses. This has been changing as the demand for condominiums has gone up. To meet this demand you will find that there are many new condo developments going up in Penticton, OK Falls, Oliver, Osoyoos, and elsewhere in the Okanagan (and all over BC for that matter). As the real estate market keeps on growing in British Columbia condominiums will offer an affordable solution to home ownership.

The different kinds of condominiums offer different types of benefits. Apartments style condominiums are ideal when you don’t need a whole bunch of space. Most apartment style condos have secure underground parking or places to park outside for the owners. A townhouse gives you a little more space than an apartment, and a bungalow is the condo style that in some cases gives you as much room as a house but without all of the maintenance that would be required.

Whichever way you decide to go you will still have a terrific investment. Keep in mind what kind of maintenance you would require for all the different kinds of properties. As a condominium owner, you will have to understand how the condo board (strata) operates. Make sure you know what maintenance you are responsible for and what the strata takes care of.

Houses Pros and Cons

Condominium Pros and Cons

Shared Common Spaces

Some condos have a lot of restrictions put in place, others not so many, but this is something that you will want to fully understand.

Look into the following:

Other important things to keep in mind when purchasing a condominium is the following:

Before deciding to buy a home you will need to determine the right kind for you. Please feel free to contact us to learn more about the condo and house market in Penticton. We would be more than happy to provide additional information on the benefits of both.

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