When it comes to investing in real estate, Ontarians are split on whether they buy a home or buy a condo in Ontario. With advantages and disadvantages with both options, it can be difficult to choose which will suit your needs the most.
Here are some factors you should consider before deciding between being a home or condo owner.
Cost
There is a big difference between purchasing a condo and purchasing a home. A condo is an individual living unit and it is usually for use for purposes of living, while a home has the ability to be used for purposes of living or investment purposes.
Depending on where you are seeking to buy a home or condo, buying a home is typically more expensive while purchasing a condo may be more cost effective. Determining what location in Ontario you’d like to be can give you a better insight on where prices lie in that specific real estate market.
Maintenance
The cost and amount of maintenance needed between owning a home vs a condo can be quite different. In general, a home is typically larger than a condo which means you’ll have more area to maintain. You can also expect higher maintenance costs in addition to this.
Outdoor maintenance should also be considered. When owning a condo, you may have an outdoor space however, it will generally be smaller than the space you can expect when owning a home and it is likely the building your apartment is located within will maintain this space.
With homeownership, you can expect to maintain not only the exterior of your home like the yard, roof, and pavement but also the landscaping.
Size
One factor that condo owners typically prefer is the smaller size of the condo compared to a home. They see this as an opportunity to have less space and therefore less upkeep and need for items.
On the contrary, others may be seeking to have a larger space which is where buying a home comes in. Homes come in many sizes and therefore can be better suited to fit your specific needs.
Land
The amount of land that typically comes with a property varies. However, when owning a condo you can expect to not have any land. You may be lucky to purchase a condo with an outdoor space but if you are interested in having a large plot of land then purchasing a home can best meet those needs.
Which is Best for You?
Ontario is one of the most expensive places to buy property. Due to this, many people are considering buying a condo instead of a home. It is important to know the differences between the two options before you decide which one is best for you.
Once you have decided if you’d like to purchase a condo or a home, begin by searching for Real estate in Toronto to find the best options available today.
