In the Okanagan housing market, there are a diverse range of demographics with a variety of needs. From millennials to  retirees, from luxury homebuyers to first-time homebuyers, everyone is looking for the home that suits their budget and their lifestyle. Luckily, in the Okanagan there is a large range of homes to suit all lifestyles.

First-time buyers and couples who want to downsize after raising a family often deliberate between a single family home and a condo. To help you in the decision making process, we have compiled a few of the benefits and drawbacks.

The Pros and Cons of a Condo.

From having no lawn to water in the high heat of the summer and no driveway to shovel in winter,  the benefits of a condo lifestyle are many.

The maintenance costs are lower, and condo living offers the convenience of being close to shops and restaurants. Many condos include onsite gyms and pools, which is an attractive addition to your home that many house owners can’t afford.

Condo living also offers a sense of community and safety. Similar to living in a strata, all condo homeowners take part in the decision making process. However, some people don’t like the rules and regulations associated with shared decision making, and this is where it pays to determine whether your personality is suited to condo living.  

The one major drawback to buying a condo is the association fees. These fees are in addition to the monthly mortgage payments and can be expensive depending on the price range of the condo. Fees can also increase if extra money is need for large maintenance projects.

The Pros and Cons of Single Family Home

For people who don’t like the common rules and regulations of a condo, a single family home offers the freedom of renovating and designing your home just as you like it. However, in addition to the fun of interior design and maintenance inside the home, owners are also responsible for maintaining the exterior, including trees, yard, and driveways.

And when it comes to utilities, single family homes have higher bills, which can add a significant cost to your monthly payments, especially with rising oil prices.

The benefits of a single family home include the extra space. Usually, there is an attic or basement that provides extra space for storage or to renovate and turn into a rental space for extra income.

A single family home is usually best for families or people who love to garden. Most people who prefer to buy a single family home versus a condo like the privacy and autonomy that a house offers.

Buying a house also offers the potential of increasing the value through renovations,  additions, or landscaping the property.
In the Okanagan, this four-season playground that we call home, there are many single family homes and condos to choose from. But before you buy, don’t just think about what suits your budget, think about where you will be happy.