Decisions, decisions

If you are a first time homebuyer, you might be trying to decide between a house or a condo for your first big purchase. Before you decide, you should consider your lifestyle and weigh the pros and cons of each type of property very carefully.

In terms of lifestyle, are you single and looking to get into the real estate game and begin building equity? Or are you a couple just starting out and ready to make the jump from renting to owning? Or do you have a spouse, 3 kids, 2 hamsters and and a dog? What about the idea of having a pool that you don't have to personally maintain to lounge around on summer weekends? Or would you prefer a yard of your own where you can grow plants and veggies of your choosing and where you can host an intimate gathering of friends for a barbecue? The way you like to live is important when deciding where you want to live, so after you have answered questions such as these you can deliberate the pros and cons of condos and houses.

Condos- Pros
* Condos have easy upkeep, free of yard work and home maintenance responsibilities.
* They are usually centrally located, oftentimes in the heart of the city, so if you are an urban dweller, a condo could be a perfect location for you
* Condos often have amenities that single family homes don't always have, such as swimming pools, hot tubs, exercise facilities and gated communities

Cons-
* Condos have monthly fees, called HOA dues which can be costly when added onto the mortgage
* Within the Home Owners Association (HOA)is shared decision making which means you will have to go through the condo board to make any changes on the interior of your unit

Houses- Pros
* Houses are family friendly, with their own yards for the pets to roam and the kids to play, plus garages and basements for storage. And there are no shared walls or ceilings or floors, so it's okay if Jenny jumps rope on the hardwood floors in the living room at 10pm on a Tuesday.
* Houses generally have more living space than a condo. Kids and grownups alike need extra space. Determine how much you will need or if you will work from home or have a hobby that requires more space.

Cons-
* When you own your own home you are responsible for all of the maintenance. Any improvements you make, however, will probably pay off in the long run in the form of higher resale value.
* Higher costs are usually associated with a single family residence. These include unforeseen maintenance costs, higher heating/cooling costs, cost for furniture to fill the rooms, yard maintenance costs as well as the mortgage itself.

Whether you buy a house of a condo, you should think about the neighborhood and where it is currently as well as where it is heading. The investment you make could hinge on this one factor, so consider wisely.