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Should You Purchase a Condo or a Single-Family Home?


Every buyer is facing their own unique set of circumstances when they decide to purchase real estate. First-time home buyers are often looking for that perfect starter home—a place that they can afford but where they can also begin to build their wealth. Growing families are looking for a place where they can make memories that will also be practical, convenient and comfortable. Established couples and retirees often want to downsize into a place that feels right, a place where they can begin to enjoy an exciting new stage of life.

All of these buyers—and many other types of buyers—are faced with the same question at this point in the process: Should they purchase a condo or a single-family home?

Choosing a Single-Family Home

For many home buyers, the single-family home is often the default option. While this is the right option for many people, it’s worth noting that there are both advantages and disadvantages to purchasing a single-family home.

The benefits of investing in a single-family home are obvious. First and foremost, this is a desirable living option for many home buyers. A single-family home gives them the space the need to live in peace and privacy, and they have the flexibility to update and upgrade their home as they see fit. In addition, this property type is often in high demand, which makes it easy to sell again and potentially earn a return on the original investment, whether they’re in a popular market like Kelowna or elsewhere.

Of course, living in a single-family home also comes with some additional responsibilities. The maintenance costs of a single-family home can be high, as the property owner is responsible for all repairs and upkeep. Also, an increasing number of single-family homes are located within neighborhoods that are governed by homeowner’s associations, which can set rules and guidelines for property owners in that community. The fees as well as the regulations imposed by these associations are worth considering when buying a home.

Purchasing a Condo

For many buyers, a condo provides the perfect compromise between home ownership and maintenance-free living. There are both attached and detached condo units available for sale, which means that some buyers may even find a condo that is reminiscent of a single-family home.

buying-condo-kelownaThere are many advantages to investing in a condo. For starters, this property type minimizes the responsibility of the homeowner. Most of the maintenance is taken care of by the condo association, including yard work, sidewalk clean up and even some interior maintenance. It is a great option for those who are busy with their careers, for those who are not physically able to keep up with the demands of a home, and for those who simply want to spend more time enjoying life than taking care of a property.

There are several disadvantages to consider, though. Condos can take longer to sell, because they are not always in demand amongest buyers. In addition, property owners are limited as to what they can do within their new homes. The association often dictates what types of updates can be done and how they can be completed.

Which Property Type is Right for You?

Ultimately, buyers will need to weigh the pros and cons of both condos as well as single-family homes. As you begin your real estate journey, it’s important to partner with a qualified real estate agent who can help you identify the property type that is right for you and your family. To learn more about the listings that are available in your area, contact a professional real estate agent today.

Looking to make a move…. contact us.

Greg Clarke Kelowna Royal Lepage Realtor
#1-1890 Cooper Rd., Kelowna, BC,
Phone: 250.869.9119

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Greg and his wife Sharon are an impressive business team: they are very charismatic, energetic, personable, easily approachable and strongly motivated to assist their clients in reaching their goal in a punctual and always professional manner. I have and will continue to recommend the Clarkes; a team who is sure to exceed anyone’s real estate needs and expectations!
Neal & Florence Klose

They put me at ease

Should You Purchase a Condo or a Single-Family Home?


As a young first time home buyer, I had no idea what I was getting into when I started looking for my house. Greg sat down with me to sort out what specifically I was looking for, then set out to find me that property. We started looking at some listings which gave us both a better feel for what I liked or disliked. From that point, by searching the MLS system and talking with other realtors, Greg found a home a little out of my price range but with everything I was looking for. We viewed the house and it was perfect. From there he helped me go through the process of putting in an offer and negotiating the right terms. Luckily, after some back and forth discussion, we were able to come to an agreement with the sellers just within my budget. I’ve been living here now for a year and still think it was the perfect choice. Thanks Greg!
Nathan Hokazono

Thank you both so much for all your help in finding us this great home! We are really happy here and are loving the beautiful hanging baskets too so thank you. We really appreciate all you have done and will gladly recommend you!
Dave and Donna Blackmore

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