Have you ever thought of buying a new house, building a custom luxury home, or even buying a condo in Toronto? Each of the ideas you ever had for your real estate investment can be beneficial. But, in this article, we want to show you that will it be a good deal for you if you invested your money in buying a condo? So, we have provided all of the pros and cons of buying one.
Advantages of Buying a Condo in Toronto
One of the primary reasons people consider buying condos is that they can often be more affordable than buying a new house. Additionally, you can have home renovation services on your condo and add value to your property. Let’s take a better look at some of the advantages of buying a condo in Toronto.
Buying a Condo Creates a Flexible Living
You can buy a mid-size condo which will help you downsize from a larger home and decrease the time you spend on maintaining your home.
Condos are More Affordable than Single-Family Homes
If you want to live in large cities, including Toronto, buying a condo can be a good choice since it can be more affordable than comparable houses. Sometimes, owning a condo can be cheaper than renting an apartment.
Buying a Condo will Help You Have Cheaper Insurance.
When you buy a condo in Toronto, your homeowner’s insurance only needs to cover your house interiors, as your monthly fees will help ensure the building that you live in. On the other hand, a house requires insurance inside and outside, meaning that your condo insurance cost will be cheaper than the required insurance for a home.
Perfect Sense of Community
Most of the condos in Toronto have communal spaces such as kitchens, rooftops, and patios, where residents can gather around and know one another.
Proximity to Entertainment
One of the essential advantages of condos is that most are built in or around downtown areas, so if you buy a condo in Toronto, you will have access to nearby entertainment or business centers.
You do not have to buy an expensive and large home to enjoy amenities since most condos have community spaces such as fitness centers, terraces, and pools which you can use without worrying about the upkeep.
Appliances are Included in Condos
When you buy a condo in Toronto, you do not need to purchase appliances as you do for a house. Most condos have pre-furnished appliances such as ovens, refrigerators, dryers, and washers. Additionally, in some cases, the devices’ repairs are covered by building maintenance, which is a huge advantage.
Maintenance is Not a Problem
When buying a condo in Toronto, you do not need to hassle with yard work, shovel snow, or even repair anything. Everything in condos is taken care of by cleaning, repairing, or maintenance staff.
Most condos in Toronto have secure entrances and also have surveillance cameras. Additionally, your condo has security guards or doorkeepers who can keep an eye on your building and keep you safe.
Disadvantages of Buying a Condo in Toronto
Although buying a condo in Toronto can be beneficial in many aspects, there are some disadvantages that you should know.
Condos Do Not Have Outdoor Spaces
Although you do not need to work on the yard when you buy a condo, there is no green space for you to sit and enjoy.
Lack of Privacy
Like standard apartments, condos share walls, so you might hear neighbors walking across their rooms or having a party. So, if you want a place where you can relax and have peace of mind, condos are not a good choice for you.
Although most condos in Toronto accept pets, there can be limits on the size and number of pets, which can be a disadvantage for pet lovers. Some condos will require extra payment for having pets.
Since most condos are located downtown, parking is almost always an issue. You can only reserve a parking spot, making it difficult to find a place for a guest vehicle.
Lack of Storage Space
If you need a place to store your items, condos are not the best choice for you since they do not have a garage, attic, basement, or additional closets.