There are different costs involved with buying a Ottawa condo or a home and sometimes these costs can get confusing. While in many cases a condo will cost less to buy than a home, what about the costs of upkeep and maintenance? These are factors that must be examined when you are torn between the two and don’t know which one is the most cost effective.
Down the road
Of course it will cost you more to maintain a house. There are renovations that you may decide to do to improve the aesthetics of your Ottawa home only such as painting the walls, putting in new flooring, remodeling the bathroom etc. There will also be some repairs that are absolutely essential to do such as repairing or replacing a roof, concrete work on the foundation, plumbing and electrical repairs etc. A lot of these costs won’t have to be dealt with if you own a condo.
There will be maintenance costs to factor in also. In the summer the lawn is going to have to be mowed, the garden will need attention and any trees or bushes will need to be trimmed. There will be more housework on the inside of a home versus a condo as well, including the washing of windows, general cleaning and scrubbing of the walls.
The costs involved
When you look at all of these costs you may be thinking that it would definitely be better buying a Ottawa condo in terms of price. You may want to consider, however, that some of these things may be done on your own. While you probably won’t be fixing your own roof, you may enjoy mowing the lawn and taking care of a garden. You could do your own housework and not hire a housekeeper. This will keep a lot of the costs down.
Condo living expenses
When you are buying a Ottawa condo you will have certain fees to pay. Usually these are paid on a monthly basis and cover the costs of maintenance and any special services that are offered. Higher-end condos may have a pool or other items that add to the maintenance costs. You may also have to pay for parking.
Working out the total costs for either a home or a condo in terms of maintenance will vary from one situation to the next. It will all depend on how much work you plan on doing yourself. In some cases the condo fees could be used to help cover a larger mortgage for a house or the maintenance requirements for it.
If you are thinking about buying a Ottawa condo or a home you can do some number crunching on your own to see if either one brings you further ahead. Your real estate agent can also help you determine the final costs of ownership.
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