If you have been keeping up with the news and trends, you may have noticed that very few millennials are actually buying houses now. While the real estate market and economy might be considered one of the reasons to explain this trend, it is also important to take into account the changing dynamics. The ultimate dream is no longer a house with a backyard, in fact trends are shifting towards apartments and condos. Companies like Avia Condos Mississauga are expanding and building more and more condominium projects. However, if you are still debating between the two options, it is recommended to read the comparison below.
A house means more privacy since the entire structure is yours, a condo on the other hand might have more privacy than an apartment but not as much privacy as a house since there are multiple units in the building other than your own. Both houses and condos involve you paying mortgage but with condos you have to pay the homeowner association fee monthly as well.
With houses you are free to renovate and design the interior or exterior all you want but with condos you are free to renovate/design the interior as you please but you need approval if you want to change the exterior design. Paying the HOA fee, you do not have to worry about the external maintenance of your condo, you only have to focus on the interior; houses on the other hand have to maintain both the interior and exterior themselves.
Condos have strict rules regarding matters like pet ownership etc. and you have to respect and follow those rules. Homeowners do not have to follow any rules since they are not answerable to anyone. Ultimately it is a matter of what suits your needs and lifestyle best. To learn more about Avia Condos Mississauga, you can visit their website.