It is said Home is where the heart is which means your home will always be the place for which you feel the deepest affection, no matter where you are. But getting a home in the Super Hot Toronto Real Estate Market is getting difficult day by day and option to choose a heart soothing home is getting limited day by day.
The Toronto home buyers are now wondering whether to buy a single family home or Condo. While average home prices in Greater Toronto Area soared to $730,472 as reported by TREB, Condo sale was at the highest level making one should I buy a Condo or a home. Before going deeper into that, let’s discuss the difference between a home and Condo or also know as Condominium.
Condo vs. House
A single-family home is a stand-alone building and includes full ownership of the land and improvements. There are no shared common areas or expenses with other owners, except in those areas where covenants mandate—as part of the purchase agreement—that each property owner carries a responsibility for common ownership and liabilities of specific areas (such as park areas, trails, club house, sports facilities, exercise rooms, and meeting room areas, for example).
A Condo on the other hand is a property which the buyer together with the other unit owners, buys an “undivided interest” in the common elements of the building or development. Common elements generally include the land on which the building stands, the lobby, public halls, driveways, access roads and parking areas; and the electrical, mechanical, heating, and air-conditioning systems that service the building.
Coming back the choice, it all depends upon your affordability and style of living.
House detached or semi
- Your own private yard
- no waiting for elevators, just move in
- No monthly maintenance fee
- You have total control of your property
- You pay high taxes, all hydro and water bills
- You are responsible for all insurance costs.
- Pay separate to hit the gym or Swimming pool
- You clean your Yard and also remove snow
Condos
- You share common elements such as pools, main entrance
- More affordable to buy as compared
- Less appreciation of property value as compared to home
- Pay monthly condo fees
- Pet restrictions at some Condos
- No BBQ allowed at some Condos
- No separate maintenance expense
- Exterior maintenance including snow removal and landscaping is taken care of by the condo association
- Insurance will cover the exterior and the building structure
- You enjoy great features such as Swimming pool, Gym, Spa and won’t pay for all these utilities
In the end both have their pros and cons. You need to decide based on your budget and likings. If you looking to buy a home or a Condo, contact us at your earliest opportunity. After all Real Estate investment is the best investment one can make.