Is it better to buy a Toronto condo or a house?
Should I buy a condo or house in Toronto? Actually, that is the question faced by so many beginners who are taking their first steps in the real estate investment industry. People looking to buy a property to live in, can also ask this question. It all depends on the location, the lifestyle, and of course the budget. In this blog, we will provide you with some kind of comparison: Condo or house in Toronto? Hopefully this will help you find the correct answer and make a smart decision.
Pros and Cons of Buying a Condo in Toronto
– A condo is a cheaper alternative to a house. Therefore, you should definitely consider a condo property if your budget does not allow you to buy a more expensive home.
– The vast majority of condos in Toronto have additional amenities such as bowling alleys, gyms, swimming pools, big screen theaters, party rooms, etc. You will have easy access to all these amenities if you buy a condo. So it makes perfect sense for you to consider a condo if you need these kinds of amenities.
– You will have to pay less for insurance if you buy a condo. You should know that condo corporations traditionally secure the walls of condos. Therefore, you will only have to pay $ 20 – $ 25 per month for your condo insurance.
– If you buy a condo, you will have a limited living space.
– Also, you will have to deal with the neighbors if you decide to live in a condo. That means you will have to follow certain rules and policies when living in a condo. Therefore, your freedom is likely to be limited.
Pros and cons of buying a home in Toronto
– A house gives you more space and privacy. Therefore, you would be better off considering a house if you need a living property for a large family.
– A house gives you more freedom. In other words, you will have the opportunity to personalize your dream home.
– Another great advantage of buying a house is that you will not have problems with the neighbors.
– If you decide to buy a house, you will definitely have to pay more for the maintenance of the property. You will have to pay for the cleaning, plumbing, electrical, and landscaping services yourself.
– You may have unexpected costs if you decide to buy a home in Toronto. Your home may have a leaky roof, a flooded basement, sewer problems, etc. And of course, you must be very careful to avoid these kinds of unexpected surprises.
– Keep in mind that you may need to renovate bathrooms and kitchen, update plumbing, replace electrical outlets and wiring in a recently renovated home. If you are buying a home that needs to be repaired or renovated, your costs will increase dramatically.
– Buying a home also means higher insurance costs. If you plan to buy a home in Toronto, you should be prepared to pay between $ 100 and $ 150 a month to an insurance company.
Who should buy a condo in Toronto?
A condo is the perfect option for Toronto residents who cannot afford to buy an expensive home. You should also buy a condo if you don’t want to pay high property maintenance costs. If you buy a condo, you won’t have to pay for property maintenance and repairs, improvements, renovations, etc. Are you an active lifestyle enthusiast? If so, you should definitely consider a condo with facilities like gym, pool, etc. This type of comfort will allow you to enjoy sports activities every day.
Who should buy a home in Toronto?
You should definitely buy a home if freedom and independence mean a lot to you. A house is a good option for those who want to have control over the design. You can design your house and decorate your exterior design with your own style. On the other hand, you must not forget that you must be willing to pay more if you want to buy a house.