You’ve been living in a condo or condos over the last two, five, or maybe even ten years or longer. But now, you’re thinking about looking at a house for you and your family.
But moving from a condo into a house can be an adjustment. There are things that you need to know so that you’re fully prepared if you make the switch. It is definitely exciting, but don’t be caught off-guard by some of the differences.
Here are three differences to be prepared for:
- Size
- Maintenance
- Lifestyle and Investment Considerations
Size
In almost all cases, your house is going to be bigger than your condo. As a result, you’ll need more furniture to fill out the space. While not all of this has to be done when you first move in, furniture is not cheap these days. To budget effectively and plan for the long term, think about your home room by room. Where will you be spending most of your time? Focus on furnishing those rooms first before worrying about filling a spare bedroom or a den.
And what sort of backyard do you want? If you have a patio, for example, it’ll need to be furnished so that you can enjoy your entire property.
Maintenance
With most condos, there are monthly maintenance fees. While these fees can be high, you probably don’t mind someone else repairing your unit and anything that comes up with the building. If the condo building is well-managed, it’s less likely that you’ll see surprise condo fee increases for repairs or upgrades. The fees also mean that you have the benefit of amenities such as a gym or party room and, if you have a concierge, increased security.
For additional costs, utilities are typically lower in a condo than in a home. Be ready for separate electricity, gas, water, internet, and cable bills when you move into a house.
Condos also come with support from building staff, such as the superintendent, condo management, and the condo board also offers residents multiple options for assistance when needed. Moving into a house will feel good because you’re done with condo maintenance fees but now you’re responsible for maintaining your property. Unless you choose to outsource the maintenance (in which case it’ll be more expensive) you’ll be needing to roll up your sleeves and do it yourself.
If you do plan to manage the upkeep of your property, do you have a lawn mower in storage? Trimmers? Pruners? Rakes? A watering can? It’s likely that a trip to Home Depot, Rona, and/or your local gardening center will be needed. And what about a snow shovel and salt? Seasonal changes will also have to be managed for your home and yard unlike a condo.
Lifestyle and Investment Considerations
Moving into a house has the appeal of increased outdoor space, privacy and more of a homey feel. Owning a house means that you also own land, a finite resource. You’ll likely have a yard, more privacy than a condo, and be able to make your own changes to both the house and the property (you just have to check if a permit is required for major work).
From a financial perspective owning a house (depending on the condition of your home) can come with more security and control. In a condo, your investment is much more subject to the actions of others than a freehold home. For example, there may be unexpected increases in costs due to mismanagement or other issues. There may be rowdy rentals compromising the building’s reputation and desirability. There may be lawsuits for faulty construction. Any of these problems will impact your condo value and will also make it difficult to sell.
Some things you may miss include a sense of community that is commonly found in condo buildings. Any concerns can be addressed by you and the other condo residents, and there is a sense that you’re all watching each other’s backs. The atmosphere of the building has a huge impact on your day to day experience. You can find houses in excellent neighbourhoods and communities too but it is not quite the same.
Some things you may not miss include the fact that condo living challenges can include noise, lack of privacy, poor infrastructure and less accessibility. Even just heading down to the parking garage to get your car can also end up being somewhat of a chore if the elevator is busy or out of service. Additionally, each condo has rules that each resident must follow.
One more thing…
If you’re upsizing to home, remember that with every move, you should purge your belongings before you start packing. Whatever you haven’t used in the last two years can probably be recycled, sold, or donated. You don’t want to go through the trouble of moving unused items, and then just putting them in storage only for them to remain unused.
Looking for a new real estate opportunity? I’m here to help! Let’s have a chat and I will make sure that we discuss your options and find some prospects for you! To learn more about today’s market check out this blog!
Photo by Photoholgic on Unsplash
