Highly debated is whether you should buy a house or buy a condo. Both have their benefits and both have their drawbacks. But knowing this information will help you make a better informed decision as to buy a house or buy a condo. First, let's go over some common questions regarding condominiums.

If I buy a condo, does that make me a tenant?

No, when you purchase a condominium, you are not a tenant. What you are doing is buying a part of the corporation. As as a result, you become an equal owner. Now, when you purchase a condo you do agree to abide by the condo association rules. So yes, it's true that you can be forced to move, if you are really disturbing the other owners, or causing problems, for example. But this can also be true of residential homes as well. If your neighbors constantly complain about odor, health concerns, or even criminal behavior, then you may be forced to move.

If I buy a condo, can the condo association board can force me to pay thousands of dollars arbitrarily, and without notice?

At first glance , this may seem to be true. But remember that the condo association is made up of owners who have the same goal as you -- Having a comfortable place to live. The board members of the condo association do not make any income from their positions. They happen to be owners like yourself, simply volunteering their time. There can, however, be a special levy brought about by unexpected maintenance in the building, or similarly an increase in your condo association dues. But this could just as easily happen with a house as well; it's just that the expenses come from a different place. Anyone who owns a home can tell you how much it cost them to replace their last furnace. Or the repair costs for a water leak, or for replacing the roof shingles. The benefit of being a part of the condo association is that you get to share these costs with the other owners, and are forced to save money in advance for these repairs, through the reserve fund.

Aren't condo fees too much every month?

They can be in certain condos, but not all. It depends. You'll have to research various condos in the area that you are thinking of purchasing and find out the condo association fees per month. But think about this. If you added up the total amount that a family spends over 5 years to maintain their house, you'll probably notice that it equals more than 5 years worth of condo fees. Most condo associations pay for their monthly expenses as a group. Heat, water, insurance, and maintenance are examples of these expenses. Through group purchasing, condo associations can many times get these services at a lower rate than a single home owner could.

Doesn't condo living mean living in tight quarters?

This is probably true more often than not. Condos aren't for everyone. Each person has to make his or her own decision based on their own lifestyle, likes and dislikes, order of preference -- now and in the future. For example, if you have 3 big dogs, 4 kids, and 4 cars, then a condo probably isn't for you. But, if you're a young profesional who works 70 hours a week, or you're retired and you travel most of the year, then maybe a condo is the right choice for you. Again, it all comes down to your preferences, but to help you, here are some things to consider:

1. Do you spend a lot of time at home?

2. Do you mind shoveling the driveway or mowing the lawn?

3. Do you prefer having space between you and your neighbours?

4. Is the condo association that you're considering favorable to your children's lifestyle?

5. Do you want a low maintenance home, or do you like tinkering in the yard and garage?

6. Who's going to be living there? What are the neighbors like?

Actually, these are issues to consider for any type of home, not just a condominium. It's just as easy to get bad neighbors when you buy a house as it is when you buy a condo. Research your choices, and try to be objective when deciding on a home. Think about how much you're looking to spend, whether you prefer to have a newer place. Think about resale, and find out what are selling faster in the area you're loooking to buy in. Do you plan on renting the home out? This is another consideration.

In the end, it's all about what would be best for you.

This article was prepared with the help of John Carle & Sharon Gregresh.