Are you interested in buying a property in Canada? Well, ask the best realtors in Toronto since there are so many things to consider before buying a home. One of these is deciding whether you prefer the privacy of a house or the convenience of a condo. So, before you make any decision about which way to go, it’s best if you will establish your priorities when it comes to your living space. You should also consider how much time and money you are willing to spend on maintenance and future repairs.

Now, when you buy a house, you will be the one to shoulder all expenses for its maintenance and repairs. This is on top of paying the mortgage, utilities, property taxes, and insurance. The upside is you own not just your home, but also the land it stands on.

Meanwhile, if you buy a condominium unit, you will only own your unit’s interior space and maybe a parking space. Although you won’t have to handle the maintenance and repairs yourself, you will have to pay a monthly fee that will cover such things as water, heating, building insurance, landscaping, pest control, and amenities. A part of this fee will also be set aside for repairs and upgrades.

If you are still undecided about whether a house or a condo is best for you, here are some more information that may be of help:

Things You Need to Consider in Buying a Condo

The Price

Condo apartments in Toronto, Montreal, Vancouver, Calgary and Victoria have increased by 10.4% compared to the third quarter of 2019. This means that condo units in Canada now go for prices between $590,000 and $810,00.

The Location

Condominium buildings are more often than not located close to the city centre and to amenities. This is especially true for those in the downtown area where shopping, dining, entertainment, and even job options are nearby. As a result, condo owners usually go through shorter commutes compared to homeowners who may be living in the suburbs.

The Onsite Amenities

A lot of condominium developments now offer a whole lot of shared amenities along with their units. These usually include gyms, clubhouses, swimming pools, tennis courts, pet parks, and even jogging trails. So, if you live in a condo, you won’t have to commute or drive to public facilities to enjoy such amenities.

The Social Networks

If you are the kind of person who thrives on connections, then living in a condo might be most ideal for you. As you will be living in close proximity with your neighbours, then you won’t have any problem in making friends. With the shared amenities, it will even be easier for you to share common interests and even to hold such activities like pool parties.

What You Need to Know in Buying a House

The Price

Home prices across the country have reached an average of $607,280. This is 18% more compared to that of December 2019. However, you have to remember that this includes the land. And, while you might be the one responsible for a house’s repairs and maintenance, you can develop it and the land around it according to your wishes. You can have a garden or build a pool in your backyard, where you can host parties. You can also place a fence around your home so it will be safer for your kids.

The Room to Grow

You can add to your home to keep up with the growth of your family. You can knock down walls and put in an additional room. You can even build a deck or a guest house if you have enough land.

The Ability to Beautify

If you are the kind of person who wishes for your home to showcase your personality, then you can definitely do this with a house. You can paint it anyway you like and build around it as much as you want. Customization is very easy if you buy a house.

The Power to Adapt to Life Changes

When certain things need to change in your life like working from home or bringing your business to your home, there is no easier way to accomplish this than when you own a house. Because you have the independence and freedom to do whatever you want in your home, there is no reason you cannot start a landscaping or a plumbing business right there.

 

So, as you can see, there is no simple formula that will help you decide whether a house or a condo is the better choice for you. It still all boils down to weighing things not just according to your preferences, but also to your needs and your priorities. You also have to consider where you are at in your life right now before you can make a decision. This, as the needs of someone who’s single is definitely different than someone who is married and who may have kids.

 

follow us on
instagram

LEASED

Liberty Village

LEASED

Ocean Club Waterfront Condos

LEASED

1 Yorkville

SOLD

Reina

Social media & sharing icons powered by UltimatelySocial