Should You Choose a Luxury Home or Condo in Calgary?

Real estate decisions are some of the hardest you’ll make in your life. While it’s wonderful to own your home in Calgary, some prefer the ease of condo lifestyle. Making this decision between a luxury home and a condo in Calgary is a matter of determining your priorities regarding the type of investment you want to make, what your plans for the future and what type of lifestyle suits you. Here is a look at the differences between condominiums and detached homes to help you decide which makes the most sense for you.

Consider the future

When you’re purchasing something so major, you need to think about your future plans and goals. If you are single and plan to get married or have kids, have you considered what size of place you’ll need down the road? While a one bedroom condo in a high rise downtown might make sense right now, will this be the place you want to be married and raise kids? Consider your future plans in this decision.

Lifestyle Differences

When you live in a condo, you typically are surrounded by easily accessible public transportation, a walkable neighbourhood and many people are biking. If you own a car, you may be wasting money parking downtown to live in a condo when everything is accessible through public transportation.

Do you need a property in which you can control the renovations and landscaping decisions? If this is important, you’ll want to go with a house over a condominium. Consider how much privacy is important to you in the decision as well.

Investment

A house is typically a more desirable investment because it comes with land and will offer you more value in urban areas. Condos are a great investment if you prefer low maintenance investments.

Condo vs. House

The main differences between the two include:

• You have total control of your home’s property while condo only includes the interior
• You are responsible for all landscaping, water, sewage, snow removal with a home while a condo is going to take care of this in the monthly rent
• You’ll have a shared common space in the condo while a house offers privacy
• You’ll pay fees at a condo that you’ll avoid in a home
• Insurance costs are going to be your responsibility at a house while a condo only requires insurance for your belongings
• You’ll have a yard in a house while you don’t typically see this in condos

Finally, consider the price of each when making your decision.