Should You Buy a House or Apartment?
– House or apartment: purchase price
– Cost of maintaining a house or apartment
– House or apartment: local taxes
– Setting up a house or apartment
The majority of Canadians own their own home. The
single-family home seems to be the preferred housing option, but both housing
types have advantages and disadvantages. Before buying a home, choosing a house
or an apartment is essential.
The choice is guided by several more or less subjective
criteria. Still, the most important one seems to be the financial criterion,
even if the setting also appears to be a determining factor.
Let’s compare the cost and the environment for the
purchase of a house or an apartment.
House or apartment: purchase price
With the m² of living space, the construction cost is
lower for a house than for an apartment.
The price of a house or an apartment varies according to
the structure of the house and the geographical area.
The cost of a house in the city center is much higher
than that of an apartment in the suburbs.
Cost of maintaining a house or an
The maintenance cost is a budgetary criterion that should
not be overlooked when deciding whether to buy a house or an apartment.
The maintenance of a house is the sole responsibility of
its owner, as well as the cost of this maintenance (heating, painting, garden
An apartment is under the status of co-ownership. Thus, there is a sharing of the cost of the charges by all the
A recent study states that the average annual charges and
maintenance costs are $2,844 for a house versus $2,100 for an apartment.
Heating costs are $1,788 per year for a house and $900 for an apartment.
In addition, the average cost of repairs and major work
to be done is $600 per year for a house and $300 for an apartment.
Thus, overall maintenance costs and expenses are much
higher for a house than for an apartment.
House or apartment: local taxes
The main criterion for determining local taxes (property
tax and housing tax in particular) is the surface area of a property. Thus,
they can be higher for a single-family house due to the existence of annexes
(garden, garage…). But this is not always the case because local taxes can
vary from one geographical area to another.
The setting of a house or apartment
This criterion is more subjective in the sense that it
– the composition of the family buying,
– the place of work (number of kilometres, means of
– the place of the school (number of kilometres, means of
– the habits of the family members (extra-professional
– their tastes (calm, countryside, city…).
Therefore, the property’s location is a criterion
specific to each buyer.
Hope you like this post. Visit our blog to read more
about home design, and don’t forget to leave your comments.
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