Genworth Canada, the largest private mortgage insurer in the country, recently released a video that lists some of the Pros and Cons of living in either a house or a condo. If you’re someone who is looking for a new home, we’re sure you have wondered which would be a better fit for you.

The Pros and Cons of living in a house

A couple Pros that Genworth Canada’s video outlines is freedom and privacy. With a house, you can choose to make any renovations that you like, such as upgrading your kitchen, installing new flooring, etc. You own the land, you can build a jungle gym in your yard or a pool, and make any landscaping options that you please.

Living in a house, you have more privacy; at most, you’ll have a neighbour on each side of you. And, all your living spaces are your own, you don’t need to share them with neighbours like in a condo.

One big Con that Genworth Canada's video points out is that all repairs are your responsibility. If you’re not handy around the house, repair costs can really add up. There is way more to worry about, as far as maintenance concerns go.

The Pros and Cons of living in a condo

Speaking of maintenance, a condo has very little, and that’s one of the biggest Pros of living in one. There’s no yard to tend to, no roof to re-shingle, you don’t have to take care of the pool - it’s ideal for those who aren’t that handy.

Another Pro is that you’re living in your own tight knit community that just happens to also be located within a larger neighbourhood. You have hundreds of neighbours, you share common spaces, and you see them all the time.

Now, a Con is...you see your neighbours all the time. Some people don’t like the idea of sharing common areas with a bunch of other people. Some people want their own pool, and their own lounge or billiards room.

Genworth Canada’s Video