Should I buy a condo or freehold for my first home?
Quick Answer
Short answer: Condos lower entry cost and maintenance; freehold builds equity faster but needs more cash and upkeep.
Detailed Explanation
Condos in Edmonton start around $170,000 for a two-bed, letting buyers enter the market sooner. Monthly condo fees cover exterior maintenance and insurance, easing budgeting. Freehold detached or half-duplex homes cost more up front but avoid condo-board rules and can appreciate quicker because land value is included.
Consider lifestyle: if travel and low hassle matter, a condo may fit. Families needing yards or future suites lean freehold.
- Mortgage rates identical for both property types
- Condo fees range $200-400+ monthly in Edmonton
- Freehold offers more renovation freedom
Disclaimer: This page is for general information only and does not constitute legal, financial, or real estate advice. Always verify details with a licensed Alberta REALTOR®, mortgage professional, or lawyer before making decisions. Buy in Edmonton assumes no liability for actions taken based on this content.
Tim Grover, RE/MAX Excellence • 780-288-5144 • 5607 199 Street NW, Edmonton, AB
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