Lifestyle

Condo vs House: Which is Best for Your Lifestyle? Some people love living in condos, while others swear by detached homes. When it comes to deciding between the two, however, you can’t always rely on someone else’s word.

Sometimes it’s as simple as understanding and assessing your lifestyle to make the best choice, since condo living and home ownership are two radically different experiences, and thereby serve two very different types of lifestyles and personalities.

Here are a few considerations if you’re trying to decide whether you should invest in a house or a condo.

House: Best If You Have A Furry Friend

Do you have a furry friend or two that are an integral part of your family? Depending on their size and species, you may want to consider a detached house over a condo, simply for the amount of space available.

If you have dogs, you should consider that many condominiums don’t allow certain numbers, sizes, or breeds, and this could be just another reason you opt for a house. Having a backyard for your dogs to play in, and being able to avoid the daily elevator rides, are just more reasons to add to the list.

Condo: Best If You’re A Busy Business Person

If you’re a busy businessperson who’s rarely ever home, you may want to consider condo-style living. You will be able to save on mortgage costs, which will certainly help you reach your financial goals, and you will have fewer worries involved than you would if you owned a detached home.

Full size houses require significant upkeep, which is a major time investment. In contrast, a condo is a turnkey living space that gives you the amenities you need without the responsibilities of home ownership. If you hardly entertain and would like a space to enjoy yourself during your off time, living in a condo might be just the perfect setup for you, the busy business-minded individual.

House: Best If You Like Privacy And Control

If you’re someone who adores your privacy and likes to be in complete control of the maintenance and care of your home, a detached house is certainly the best option for you. Having your own detached house means living with added privacy, as you won’t have neighbors as close by as would be the case if you were living in a condominium.

You’ll also be pleased to be the sole decision maker when it comes to the upkeep and maintenance schedule of the various aspects of your home. Rather than ask a strata manager for permission to, say, paint your front door, you can simply paint your front door.

Condo: If You’re A Single Minimalist

Condo living can be great for single people and minimalists. If you prefer to live on the lighter side, with fewer responsibilities and chores, a condo setup can be extremely rewarding. All of the big stuff will likely be taken care of, and all you’ll have to worry about is the minimal space inside of your four walls.

If you decide to travel for an extended period, it’s much easier to find short-term tenants for condos than for houses.

It can be difficult to decide whether a house or a condo is best suited to your lifestyle. Don’t be shy to ask your friends and family what they think of your personality, and do your due diligence to discover which home is best to accommodate your daily life. Once you’ve made your decision, contact a real estate professional and find the home that fits your lifestyle.

The term Golden Handcuffs is often used to describe a financial incentive that keeps an employee from leaving a company. The employee is locked into such a sweet high paying position that they simply can’t afford to leave.

However, this term can be applied to your position in life as well.

Escalating Expenses

When most people get high paying jobs and start earning a lot of money, the first thing that they will do is increase their standard of living to match their new wage. The new flat screen television, the recent model car, the larger house, and the expensive hobbies all start rolling in.

With an increase in salary comes a brand new lifestyle. After all, no matter how much money you are earning, it is the easiest thing in the world to spend it all.

However, what happens when you are sitting on your brand new leather couch, sipping wine from your designer stemware, and you realize that you don’t actually like your job? In fact, you hate it and you wish you could be doing anything else.

You wish you could be able to start your own business, go travelling, or follow your passion to a more rewarding career.

Trapped in a Lifestyle

Unfortunately, if you are spending everything that you are earning (and even going into debt) you are literally trapped in your high paying position. You would love to quit and try something different, but you know that other options out there will not be as high paying as your current position.

With your high mortgage payments, car lease, utility costs, and paying off that new TV you would be bankrupt within a week if you dared to give the job the slip. Any major job change would require stripping your lavish life down and getting rid of all of the luxuries you and your family have become accustomed to.

Avoid the Trap

So how do you avoid this nightmarish scenario? Don’t let yourself get trapped by the Golden Handcuffs in the first place. The trick is to avoid inflating your living expenses to match your income, and always living well within your means. To put it simply: Always spend less than you earn.

It seems simple, but so many people in modern society have been handcuffed. Don’t let yourself become trapped!

If you had taken the high paying job, but stayed in your smaller home with your old car (which works just fine) as well as held off on buying items you could not afford, you would be able to easily make a career switch later on without having any impact on your lifestyle.

In fact, you would probably have money in savings that you could use to travel, start up a business, or pursue your dreams.

Isn’t freedom sweet?

Condo Vs House: Which Is Best For Your Lifestyle?

Sick and Tired….Escaping the Golden Handcuffs

Escalating Expenses

Trapped in a Lifestyle

Avoid the Trap