Are you living in a space that feels like it’s just too much? Do you want to downsize your home but don’t know where to start?
You might ask yourself, “Should I buy a house or a condo?” As a real estate agent who’s helped many seniors and their families navigate this transition, I understand how personal—and sometimes overwhelming—it can be.
In this blog, I will explain what you need to know to make informed decisions, and how to determine if it is it better to buy a condo or a house.
Know What You Want
Understanding the pros and cons of buying a condo vs a house is important in choosing what’s best for you. Before crunching the numbers, ask yourself: “What lifestyle do I want”?
- Condos offer convenience. Having security, no more snow shovelling, and no stairs to climb.
- A freehold house offers more independence. There will be more space to host family events. You have more control over how the property is handled and more privacy.
I recently worked with a senior client living alone in a multi-level house with many stairs. The house was also too big for her to maintain. When we discussed the idea of buying a smaller house, such as a bungalow, versus a condo, she decided purchasing a condo was a better option for her lifestyle. During our consultation, her priority was security and one-floor living without stairs.
The third part was that she loved gardening and wanted a place to have a garden. We found her a condo on the main floor with a terrace so she could continue her passion for gardening. The part she underestimated, but has become equally important, is that she found a great community of like-minded people at the condo she purchased.
In the process of downsizing your home as a senior? You may find these other blogs helpful!
- Can Downsizing Actually Save Me Money?
- 5 Tips For Downsizing Your Home
- Understanding Assisted Living Costs
House vs. Condo Cost Breakdown
| Expense Category | House | Condo |
|---|---|---|
| Purchase Price | Often more expensive than buying a condo. | Typically less expensive. |
| Monthly Fees | It is à la carte, but you have all the control over what you are willing to pay for and what you’re doing yourself. Home maintenance costs can be budgeted by adding 1% of the home’s value. | Condo fees are based on size, amenities, and the type of property maintenance included. Some condos also include all or some utilities. |
| Utilities | A larger space generally equates to more expensive utility costs. | Usually less costly because the space is smaller. |
| Property Taxes | Lot size, especially frontage, has a significant impact on property taxes. | Generally less expensive, because you won’t have your own lot. |
Are condos cheaper than houses? In a city like Toronto, I’m seeing condo fees rise. I could once find condo options with maintenance fees ranging from $500 to $800 per month, which seemed reasonable. In today’s market, maintenance fees for those properties have increased to $800-$1,000 monthly, sometimes more.
What is a Condo?
In the simplest terms, a condo is a multi-unit dwelling with individual units and separate owners. The condo corporation governs the bylaws and rules that all owners must follow and abide by.
Maintenance
This is a common reason for most older adults I meet to buy a condo vs. a smaller house. As we age, the work around the house becomes more difficult to do on our own, and depending on the condition of your current home, you must consider the cost of maintaining it yourself or hiring people to do it for you.
The most common dealbreaker I see when it comes to house maintenance is snow shovelling. There are several reasons for this:
- It’s too physically demanding.
- It presents an increased health risk: Heart health, slips, trips, and falls.
- Liability risk. They can’t get out fast enough to clear the snow on heavier snowfalls and don’t want someone to injure themselves on their property.
- Paying a contractor to do snow removal is too expensive for them.
Buying a condo is beneficial because maintenance is handled for you and is covered by monthly maintenance fees. This includes things such as:
- Landscaping and snow removal.
- Exterior window cleaning.
- Housekeeping of the common areas.
I recently worked with a retired couple who wanted to downsize their house in Scarborough to a condo because the home maintenance was becoming too much for them to handle. Things like cutting the grass and cleaning the house were becoming harder and harder just because the space was too big for them, and the effort required was wearing them out.
Plus, their priorities changed. They focused on what their life would look like 5-10 years from where they were. Once we found the condo building that offered the lifestyle they wanted, we pursued that. They love their condo and the life they’re living, and I’m happy to say that whenever I speak with them, they always say they wish they had made this transition sooner.
Community & Amenities
When consulting older adults and their children about moving to a smaller house vs. buying a condo, you should focus on location and consider the community’s amenities.
- How far is your doctor from where you live?
- Are you in a walkable community, or do you need to have a car?
- Is there a built-in social life, or will you feel isolated living in a community where the demographic is young families compared to an age-targeted or gated community?
Another example – I recently assisted a woman who decided to purchase a condo over a house. The main reason for this decision was that during our viewing of a specific condo building, we were fortunate enough to meet many residents who were setting up a meeting in the building’s party room.
All the people were very welcoming and were like-minded with my client. Since she was alone, she valued the condo’s sense of community. It wasn’t a retirement home, but most residents were retired, which made the apartment a perfect fit.
Helping a loved one sell their home? Explore these related blogs for more helpful advice.
- How Long Does Probate Take in Ontario?
- When Can You Sell A Parents’ Home After They’ve Passed Away?
- Preventing Family Conflict When Selling Your Parent’s Home
Aging in Place & Accessibility
A condo can be an excellent option for aging in place. Here are some features you want to consider:
- Condos have elevators, flexible floor plans, and fewer stairs, making it great to age in place.
- When considering a house, having a long-term viewpoint is important. Will you be able to manage and live in the house independently in the next 5-10 years from now?
- With a house or a condo, you must consider that it may be necessary now, or in the future, to make improvements to make your home accessible. Items such as walk-in showers, stair lifts, and grab bars.
If you’re going to a house, ensure the floor plan, doorways, and hallways are large enough to accommodate you. Maybe you will have a walker or a wheelchair. Make sure you can turn 360 degrees with plenty of space. Understanding this is hard to foresee, but incredibly important. I have met people who become frustrated with their house because they can no longer maneuver around it without assistance.
Whether downsizing or exploring living in a condo vs. buying a smaller house, I’m here to help you prepare for your next chapter. As a Senior Real Estate Specialist (SRES), I understand your unique needs and have the network to support you and your family.
Ready to start your downsizing journey? Give me a call at 647.283.2127 or email stuart@stuartnodell.com to get in touch.
Your Personal Market Guide
See how I simplify your real estate experience with personalized plans and total project management.
