A home is a long-term investment. The decision on the type of house you will purchase is a major and critical decision in your life, which may affect you for many years to come. For potential homeowners in Toronto and other major cities, there is always an ongoing debate on the better option to purchase – a condo or house? Doing a comparative analysis between the two will usually end up in you choosing the option that best suits your needs, which include your lifestyle and budget.
The Pros and Cons of a Condo and House
Condos
Condo buyers love this housing option because generally, there are always condos located near one’s place of work. In many instances, the condo owners do not need to commute to get to their office. Condos are also stone’s throw from shopping centers, malls, entertainment, schools, hospitals, public transportation, and many other important amenities, many within walking distance. Condos offer the conveniences you wouldn’t normally have without commuting.
Owners of condos usually do not want to spend much time on house maintenance and would rather spend time on more productive activities. Condo owners usually do not mind sharing common areas. They also find it easy to budget as they are set monthly cost.
The young people prefer condo living. Many of them also buy condos and live there for years until they can financially afford to move to more expensive detached houses. Recently the trend is slowly changing though. More and more old couples and empty nesters who are hoping to downsize become condo fans.
House
The current cost per square foot is almost the same for a house and condo. However, the ticket price for a house is higher.
House owners prefer more space and privacy they have with their detached house. They also enjoy more flexibility in personalising their home. They can usually spend their money and time on maintenance. They are willing to take the tradeoffs with a house away from their place of work and public amenities. They do not mind to commute longer.
Costs
In 2007, the median in Canada for a condo was $420,000 against $522,000 for a house. Maintenance fees can be less with a condo compared to a house. The cost difference can be more significant when you compute the many years of incurring transportation and vehicle maintenance expenses, not to mention the lost hours in commuting daily.
The decision is yours to choose your better option.
Should you go with condo housing, First Access Condos offers hundreds of condo units in Toronto and Greater Toronto area, including Mississauga, Maple, Oakville, and Concorde. Toronto is ranked as one of the best Canadian cities worth investing in for real estate.