First Home Buyer’s Guide: Tips and Essentials

If you are a first-time home buyer, deciding on the right kind of property to invest your money can be overwhelming! People have varied requirements when it comes to property, and the key to a successful investment lies in knowing what kind of property will be best suitable for you!

Condos, townhouses, and single homes are three great contenders when it comes to property options. In this article, we will take a deep dive to gauge these three property types, which will help you make an informed decision while approaching Kelowna home builders to look for properties.

Comparative Analysis- Condos vs. Townhouses vs. Houses

Condos

A condo, short for condominium, is a residential property, where people own individual units within a larger building or complex. Think of it as an apartment that you own instead of paying rent.

Condos are popular choices for potential homebuyers due to the following reasons-

1. They are more affordable than single houses or townhouses, which makes them convenient options for those having budget constraints.

2. You don’t need to worry about maintenance. Most condo communities are run by the rules and regulations set by the respective Home Owner’s Association (HOA), who take full responsibility for the maintenance and upkeep of these properties.

3. Some condo communities offer diverse amenities like gym, playgrounds, pool areas, etc., for the residents to enjoy their leisure hours.

Now let’s look at some of the drawbacks that condominiums come associated with-

1. The overall carpet area of a condo is significantly less than that of a single house. So, if you’re planning to stay with your family, it might not be the perfect choice for you!

2. The rules and regulations of some condo communities are often too rigid. This might lead to issues in the future.

Townhouses

Townhouses are another set of Kelowna housing developments that get the best of both worlds- a space like single-unit homes, and the amenities of a condominium. Think of it as a multi-storeyed property where you are the owner of the land, the unit, and the outdoor yards in front or back of your property.

Following are some of the benefits of townhouses that you should be aware of-

1. Although pricier than condos, townhouses are affordable when compared to single-unit houses. This is one of the major reasons behind people opting for townhouses over other kinds of properties.

2. Similar to condominiums, some townhouses also offer a variety of amenities for the residents. Respective townhouse community associations are responsible for the maintenance and upkeep of these amenities.

3. The carpet area of townhouses is typically larger than what condominiums have to offer. This makes them ideal options for people thinking of moving in with their families.

Now let’s move on to some limitations that will make you give a second thought to townhouse ownership-

1. Being situated in crowded neighbourhoods, the likelihood of privacy concerns rises significantly.

2. The community association sets regulations that might not be preferred by potential homebuyers.

Houses

A detached single house is one of the most common property types that you can find in the real estate market. These properties built by Kelowna contractors don’t share walls with neighbours like that of a condo or a townhouse.

Several benefits make people look for stand-alone houses, like-

• You get to have the ultimate privacy with your family in a single-unit house. That’s one thing that you don’t get in condos or townhouses.
• You can customize the interiors as well as the exteriors of a single-unit house the way you like it. Custom home builders in Kelowna like Bellamy Homes can help you in this course.
• You’ve got an entire house for yourself. So, there’s an ample amount of space to accommodate yourself and your family.

Now it’s time to look at some of the drawbacks of owning a single house-

• You have to bear the entire costs and hassles of maintenance and upkeep of your property. And if your house is being customized by professional builders, the maintenance costs might be substantial for obvious reasons.
• The cost of a single-unit house is the highest when compared to condominiums or townhouses. Additionally, the insurance costs of single houses are also on the higher side, making it challenging for people running on a budget.

Wrapping It Up

Ultimately, the best property type depends on your needs and preferences. If you’re looking for affordable and small properties, condominiums and townhouses are the best options. Whereas, if you’re looking for a property that you can fully customize as per your wish, a single-unit house will serve your needs the best.