Condominium or house? There are benefits and obstacles to both condos and Houses. To make your choice easier we have investigated both the condominium and home owner. Although the profiles we put together are based on an average, we hope they will help you figure on the option best for you. This first article looks at an apartment buyer.

Hari wants a apartment.

Hari is an on the go professional who has been leasing an apartment for a couple of years after departing the nest. Many of his friends still lease, but some have gotten into long term relationships which led to bigger condos and even homeownership for them. Now most of his comrades are moving ahead, his home is feeling restrictive and boring. He is now looking to the years ahead. A more spacious place, one that he can call home. A place he can entertain, decorate and buy some furniture for. Hari works drawn out hours at the office, so it’s important for him to minimize the commute and the time spent running chores, shopping, picking up healthy take-out, grabbing his dry cleaning, and going out for fun. Hari isn't looking for lots of room that requires money and upkeep as he has no hobbies that need it. Anywhere to put clothes and a large wall for his TV are his needs. He enjoys clean lines and new accessories. Looking after an outdoor area is not something he would like to do. He needs a apartment that has all inclusive services so if something goes faulty its fixed and at no extra charge. Hari gets on well with other people but he’s not all about building lifelong attachments with his neighbors; he’s fine keeping to himself. He accepts that racket now and again is part of life. But he draws the line at personal security – that’s why he really likes knowing that the apartment building he’s considering is patrolled and monitored 24 hours a day. Fitness is important and a apartment that has combined facilities of a gym and/or pool would be an added bonus. Access to a parking space will help with the resale value even if Hari does not buy a car. He needs to think of the years ahead as there is always a time when someone moves on. Who knows what the years ahead holds? For someone in this situation now, the benefits of apartment life make sense.

A maximum of 30% of your net monthly wages should be allocated to condo fees, taxes, mortgage and insurance. Have a real estate lawyer examine your contract or inquire with the Homeowners Association (HOA). Make sure that any fees you pay either on a on-going basis or at particular times cover you for repairs to the building and facilities. What is contained in your fees? If there are extra amenities included do you really require them? Make sure your prospective building is pet-friendly if that is an matter for you, and find out the rough utility costs for anything not covered in the apartment fees (i.e. heat, hydro). The monthly fees may seem low, but if for example your unit has walls of windows and heat is not included, this may drive your monthly expenses up significantly.

The usual house owner is our next profile.