When you're looking to buy real estate, especially when it's your first home purchase, there is the question of what type of home is right for you. Some factors may be decided for you, like location or price range, but you always have some choice in the matter. How do you know if you're better suited to a standalone unit or a condo? Well, hopefully this guide can help you sort decide between that condo at 208 Queens Quay or the home of the quiet street.
The first big difference is the amount of privacy and independence that you get with the real estate. If you're someone who likes the thought of renovating and really making your property your own, a condo is probably not for you. Condos come with several rules put in place by that building's condo board. Each board has different limits to how strict they are but you can bet there are going to be some major hoops to jump through if you ever want to get a construction crew into your Toronto condos. Standalone homes do require permits for major renovations, but on the whole your space is your space.
Privacy is a similar issue with many people living the condo life. These units are very close together and with a standalone property, even if it were downtown Toronto homes, you get that little extra bit of room to breath. But some people appreciate the community feeling in condo buildings. The building owner might even organize events for all residents where they can meet and mingle. If you're a social person, a condo might be ideal for you.
Next to consider is location and size. If you're looking for something in downtown Victoria, this is where a condo might come out way on top. For the same price, you're likely getting a newer and larger unit closer to the core of the city. Condos were designed to be placed in the most populated areas to allow residents shorter commutes and easy access to all amenities. While there are plenty of condos is the outskirts of large cities, like Oakville Ontario real estate they are still quite reasonably priced in comparison to the standalone homes.
Many people stay in their first home purchase for less than five years. This is another consideration when choosing which style of home to by. The resale value of condos is sometimes less than the original buying price. If you're working with a Victoria or Etobicoke real estate broker you may want to inquire at what rate the condo or home unit has appreciated or depreciated in the last couple of years.
Lastly, you want to look at what kind of life you're planning on living in that home. If you're someone who mostly uses your home to store your belongings and sleep, a condo might be the perfect choice. You don't have to worry about maintenance (other than paying for the monthly fees). If something is broken there is someone associated with the building that can fix it. If you're living in a house, you have to take care of all of the upkeep yourself. Also, consider if you're planning to raise a family in that location. Single homes allow for more growth in your family than a condo does.
Once you have narrowed down the style of home you're after, it's just a matter of getting out there and finding that perfect home for you! Happy hunting!
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