First-Time Condo Buyers: Is Condo Living Right for You?
Written by: Erica Mary Smith
Posted on: May 2, 2016
With more condos for sale in Toronto than ever before, an increasing number of people are embracing the condo lifestyle. Toronto condo buyers have been scooping up units, gaining access to luxury suites in prime locations throughout the city. But if you’re buying a condo, you may want to consider whether it is the right choice for you. Condos have many advantages, but some people still opt for a traditional house. There’s no right choice between a house and a condo, though some people prefer one over the other. Before you begin browsing condos in Toronto, it’s important to know if the lifestyle is for you.
The Benefits of Condo Living
Here are some of the things to consider before looking for new condos in Toronto.
One of the great things about condo living is that you can enjoy a greater level of security. Most condominiums have concierges or doormen, as well as other security measures, such as gated entry, security cameras, and even guards. With these security measures, you don’t have as much to worry about. In addition, in a condo complex, you are also close to your neighbours, and while some people prefer the seclusion of a house, for many people that live on their own, this aspect of condo living offers a greater sense of security.
When it comes to condos, you have to consider more than the unit. Most condos come with access to a range of amenities, including indoor gyms, pools, theatres, community rooms, underground parking, and terraces. For less than the price of a house, people can enjoy a greater level of living, with access to these amenities and other luxuries. Of course, when deciding on a condo, people have to consider whether they will make use of these amenities, but for young professionals, they are often a big perk.
One of the biggest ways that condos differ from homes is that they are mostly maintenance-free. When you own a condo, you don’t have to worry about regular maintenance; the condo complex handles all repairs, maintenance, and upkeep (not including cleaning your own unit, of course). For most people, this is a huge perk, although some homeowners do like to keep busy with maintenance projects. One thing to note, however, is that condo owners do have to pay maintenance fees to help cover the work that is done by building management.
The prices of houses and condos can differ greatly from city to city. In Toronto, condos are currently the most affordable real estate option on the market. The cost for traditional houses has been rising significantly in Toronto, while condos are offered at a range of prices, including those which are competitive for families and young professionals looking to enter the real estate market. Condos are more affordable as a greater level of living can be achieved for a much lower rate. However, some people prefer houses, even with the higher prices.
When considering buying a condo, think about your day-to-day life. First of all, condos are often in prime real estate spots throughout the city, either downtown or along major transit hubs; this will be the location where you start your day from. Second, in a condo, you will have many neighbours living close by, compared to a house, which can be more secluded. Finally, while condo units are usually smaller than houses, you will have access to a wide range of amenities not available to homeowners. Consider all of these things when deciding between a house and condo.
Condo Chicks from Stomp Realty Inc., Brokerage is a dedicated team of realtors who are behind some of the most prestigious and prominent condominium sales in the Greater Toronto Area. We take pride in negotiating on your behalf to represent your best interest. For more information, please call us at 416-366-3033.