Buy a house or a condo: What's the difference and which is better? — Transcript

Full transcript

1. 0:00- In this video we talk about if you should
2. 0:02buy a house or a condo - which is more
3. 0:04expensive - which is a better long term investment? That's starting right now.
4. 0:08- Welcome to Homebuyer's School
5. 0:10brought to you by Brookfield Residential.
6. 0:15- Hi everyone, I'm Karl and welcome to another Homebuyer's School video –
7. 0:18a channel where you get the latest strategies tactics and tips
8. 0:21from home buying experts, and remember
9. 0:23if this is your first time on this channel and you want to get the latest strategies
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12. 0:31So today I'm joined by Jessica McKnabb, area manager with Brookfield Residential,
13. 0:35and today the question we're going to answer is –
14. 0:37Should I buy a house, or a condo?
15. 0:40So what are some things that I should know when deciding if I should buy a
16. 0:44home—I mean an actual single family house, or an actual condo—and when I
17. 0:48condo, like one of those apartment styles.
18. 0:50- A high rise, right. That's a good question cause' sometimes condo is townhouse or
19. 0:53condo. So, the biggest thing is to think about your lifestyle. So a condo is
20. 0:59typically going to be for somebody that doesn't want to maintain a yard,
21. 1:02doesn't want to cut the grass, doesn't want to do any shoveling.
22. 1:06So if you're thinking about some of those items, the drawback could be that you're
23. 1:09going to pay condo fees. Perhaps you don't necessarily want to pay these
24. 1:12extra fees for these items, so then a single family home might be the
25. 1:16best bet for you.
26. 1:18- And how about choosing a single family
27. 1:20home, like—so I know you'll have a yard
28. 1:22to maintain, you'll have a little more to
29. 1:24maintain but it's actually I guess, yours right?
30. 1:27- Right. So there's definitely more privacy with a single family home. You don't have
31. 1:31shared walls with anybody. Single family homes typically don't have any condo
32. 1:35fees, you will maintain your own home and land but it's just the choice of the
33. 1:38lifestyle. Probably with kids, if you have pets—probably a single family would be
34. 1:43the way to go.
35. 1:44- So—is a condo a good first home?
36. 1:47- Absolutely. So if you're thinking the end
37. 1:50goal is that you want want a single family home but right now your budget doesn't
38. 1:53allow for that, a condo would be a great place to start in terms of getting in
39. 1:57to your own home and actually owning your own home.
40. 2:00- Does the—how is the value appreciation of a condo?
41. 2:03Does it—do you think it rises over time? Or is it the same as—?
42. 2:07- Historically, it does rise.
43. 2:09- Which is more expensive – a single home or a condo?
44. 2:13I guess it depends on—
45. 2:14- It depends on the location. So, land is the most important piece when you're
46. 2:17looking at how much the home is going to cost because you could have a condo
47. 2:21downtown that is 600 square feet that would cost the same as one of
48. 2:26our homes here on the west end that's an actual single family home.
49. 2:30So it all depends on the price of the land.
50. 2:32- Is it the land is also the size? So like, a 2 bedroom condo would maybe be more
51. 2:36expensive than a 3 bedroom single family home? Just based on the location or—?
52. 2:40- It's strictly based on location.
53. 2:43- And which—the next question is – which has the lower property taxes?
54. 2:48Is that also based on location?
55. 2:50- So property taxes are typically based on the land value and the amenities in the
56. 2:54area. So condos typically have lower
57. 2:57property values, just because of the size of the property.
58. 3:02- So Jessica, do you have any more to add in terms of –
59. 3:05should you buy a house, or a condo?
60. 3:08- I think we touched on most of the points mainly thinking about your lifestyle,
61. 3:11and thinking that maybe the condo fees are something you want to pay for
62. 3:15maintenance. If you are going out of town a lot, maybe a condo is something
63. 3:18that's better for you—and then for lifestyle for a singe family—you have
64. 3:22a family or you have pets, maybe a single family would be the way to go. But yeah,
65. 3:25we touched on most of the things.
66. 3:26- Perfect. And if you want to know more about buying a condo for the first time
67. 3:30watch our video above and in the description below.
68. 3:32So the question of the day I have for you is –
69. 3:35Are you planning to buy a house or a condo, and what are your reasons?
70. 3:38Let us know in the comment section below. And remember, if you enjoyed
71. 3:41this video or found it helpful – hit the thumbs up, remember to comment and
72. 3:45remember to subscribe. Thank you, and we'll catch you next time.
73. 3:49- That's another edition of
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