Should I buy a condo or a house in Toronto? Actually, that’s the question faced by so many beginners who are taking their first steps into the real estate investment industry. People, who are looking to buy a property for living purposes, may also ask this question. Everything depends on location, lifestyle and, of course, budget. In this blog, we’ll provide you with some kind of comparison – condo vs house in Toronto? Hopefully, this will help you come up with the right answer and make a smart choice.
Pros and Cons of Buying a Condo in Toronto
– A condo is a cheaper alternative to a house. So, you should definitely consider a condo property if your budget doesn’t allow you to buy a more expensive house.
– The vast majority of condos in Toronto come with additional amenities such as bowling alleys, gyms, swimming pools, big screen theaters, party rooms and so on. You’ll get the easy access to all these amenities if you buy a condo. So, it makes a lot of sense for you to consider a condo if you need these types of amenities.
– You’ll have to pay less for insurance if you buy a condo. You need to know that traditionally condo corporations insure condo’s walls. So, you’ll have to pay only $20 – $25 monthly for your condo insurance.
– If you buy a condo, then you’ll have limited living space.
– Also, you’ll have to deal with neighbors if you decide to live in a condo. That means that you will have to follow certain rules and policies when living in a condo. So, your freedom is likely to be limited.
Pros and Cons of Buying a House in Toronto
– A house gives you more space and privacy. So, it would be better for you to consider a house if you need a living property for a big family.
– A house gives you more freedom. In other words, you will have an opportunity to personalize your dream home.
– Another big advantage of buying a house is that you’ll not have issues with neighbors.
– If you choose to buy a house, then you’ll definitely have to pay more for property maintenance. You’ll have to pay for cleaning services, plumbing services, electrical services and landscaping services by yourself.
– You may have unexpected costs if you decide to buy a house in Toronto. Your house may have leaky roof, flooded basement, sewage 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, upgrade plumbing, replace electrical outlets and wiring in a newly renovated house. If you are going to buy a house that needs to be repaired or renovated, then your costs will increase dramatically.
– Buying a house also means higher insurance costs. If you are planning to buy a house in Toronto, then you must be prepared to pay about $100 – $150 a month to an insurance company.
Who Should Buy a Condo in Toronto?
A condo is the perfect choice for those Toronto residents who can’t afford to buy an expensive house. You should also buy a condo if you don’t want to pay high property maintenance costs. If you buy a condo, you will not need to pay for property maintenance and repairs, upgrades, renovations, etc. Are you an active lifestyle enthusiast? If so, you should definitely consider a condo with facilities like gym, pool, etc. These types of amenities will make it possible for you to enjoy sport activities every day.
Who Should Buy a House in Toronto?
You should definitely buy a house if freedom and independence means a lot to you. A house is a good option for those who would like to have control over design. You’ll be able to design your house and decorate your exterior design in your own style. On the other hand, you shouldn’t forget that you must be prepared to pay more if you would like to buy a house.
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