Purchasing a Condo can be a bit tricky compared to purchasing a house. It can turn a little more intimidating than it is perceived to be. However, if you are armed with the right knowledge and are fully aware of the risks associated with purchasing one, then the market has a lot more to offer and you don’t have to be scared anymore. Here are a few things which you need to consider before making a leap into the property world to purchase a condo instead of a house.
Here are some factors which can help you make a noteworthy decision.
Find out What is Available
In Toronto, Condo sales make up for just a small amount of home sales. As per the 2017 sales record, with more than 5.5 million homes existing in the National Association of Realtors (Directory), there are only 610,000 condos in total. However, the demand for condo purchases is not coming slow. 2017 marks the year where condos were sold 1.7 percent more than the previous year.
Understand the Average Cost
The average price of a condo is increasing! It increased to 6.4 percent higher as compared to last year. The price of an average condo is estimated around $246,800 which is relatively more than the average price of all existing homes in Toronto. Yet, they are still considered an affordable option for those who are seeking to purchase. Why? Because they are viewed as the best option by renters.
Maintenance is Not Your Problem
One of the biggest and most lucrative factors of having a condo ownership is the freedom of living which you entertain. When you are living in a house, maintaining a garden or shoveling the snow off the front porch becomes your responsibility; however, with a condo you don’t have to worry about such issues as these problems are commonly managed by someone else. Your condo fee covers the whole expense.
Major Costs Are Shared
When you pay up your condo fee, some amount of your fee goes into a condo reserve fund. This fund is mainly utilized when you require any big maintenance such as getting a window or a door changed. It works both ways because when the property is managed under the governance of a group of people. The costs associated with the maintenance is pretty much shared across everyone living in the building.
You Can Have an Amazing Lifestyle
If you want to experience an amazing lifestyle, then always opt-in for a condo because a condo gives you the liberty and the privacy of life you always desired. If you want to live on a single floor or in a one or two bedroom home, condos can allow you to rent your own space. Plus, some condos in Toronto have their own pools in which they can swim and they also have common areas and recreation rooms to socialize.
There is no denying to the fact that a Condo is a wonderful option for your living. In case, if you haven’t given it a thought then you can go through the condo listings in Toronto and find the one that fits best to your respective need.