The Difference Between Buying a House vs. Condo
Written by: Erica Mary Smith
Posted on: April 22, 2016
When you’re looking to buy a home in Toronto you should compare the differences between condos vs. houses. Condos and houses are both great options with their own distinct advantages. In the hot Toronto real estate market, either one can make a great home or investment. It really depends on what type of home you are looking for. Some people are more suited to the condo lifestyle, while others would prefer living in their own house.
Whether you’re thinking about buying a Toronto condo or a house, you should sit down and consider all of your options.
House vs. Condo—What to Look For
When buying a home, it can be hard to choose between a house and a condo. By considering these three key things, you can narrow down your choices and find the right home for you.
Where do you want to live? While there are houses and condos all throughout Toronto, there are some neighbourhoods or areas that are more suited towards one of these types of home. For instance, if you want a place right in the Entertainment District or by the Waterfront, there will be more condos to choose from than houses. Likewise, other areas may not have many condo buildings.
How much time do you want to spend maintaining your home? With a condo, there’s a lot less maintenance involved, as usually the developer handles all of your maintenance. Of course, there are maintenance fees for this service. With a house, you are responsible for maintaining your own property.
How much are you willing to spend on your home and what does your budget look like? Condos range in cost, from more affordable units to very high-end luxury units. Houses can be quite expensive in Toronto, but they often make good investments. Prices often vary depending on location.
House vs. Condo—Which is Better?
There are advantages and disadvantages to both types of housing. By considering the type of living you enjoy and taking into account your budget, you can determine whether a single-family house or condo is more suited to your needs.
Advantages of Condos
Condos, even when they are lower priced, are often considered a more luxury option. When you buy a condo, you can also gain access to a wide range of services and amenities, including indoor gyms, pools, theaters, media rooms, and rooftop terraces. Since there are more condos than houses in Toronto, they are also often more attractively priced, but they also make very good investments in the current market. As well, when you buy a condo, you can live in some of the most attractive spots in the city.
Disadvantages of Condos
One of the biggest disadvantages of condos is actually the buying process. Buying a condo can be a lot more complex, confusing, and difficult than buying a house. You absolutely need a real estate broker to help you navigate the process. With pre-construction condos, you also may have to wait years to move into your unit. One downside about living in a condo is that you will have many neighbours. For some people, this is an advantage, but other people prefer more privacy. Most condominiums also have strict rules that need to be followed for residents.
Advantages of Houses
With a house, you have more freedom and more responsibility. This can be a positive or a negative. When you buy a house, you have a greater level of privacy. You are also free to do whatever you like, including major renovations. There are no strict rules you have to follow (besides those set by the city). Houses often feature garages, parking, gardens, and backyards, and they usually have more living space than condos, which is why they are often the first choice for families.
Disadvantages of Houses
The biggest disadvantage of buying a house is that they are much less affordable than condos. For the same price of a house, you can likely buy a very high-end, luxury condo with a higher standard of living. As well, when you buy a house, you are responsible for all of your maintenance, repairs, and insurance. Another issue is that you may not be able to buy a house in a prime location, as some areas have less houses.
Condo Chicks from Stomp Realty Inc. 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.