If you are looking to purchase a property, the first question to ask yourself is whether you should buy a condo unit or a house. With people preferring to live in high-rise buildings, condo developments in Toronto have grown in the past decade. Before we discuss whether condos are worth buying and if investing in them is better than buying a house, let us take a look at what types of buildings are considered condos.
What is a Condo?
A condo, also known as a condominium, is a residential unit in an apartment-like building. The units share common areas and amenities such as swimming pools, a community hall, garages, laundry rooms, and more. It is maintained by the condominium board or association. The owners are required to pay monthly fees to their association as a contribution to the maintenance expenses of common areas and facilities.
Buying a Condo Vs. Buying A House
With many new houses and condo developments available for sale, it is crucial to decide which is a better investment option when it comes to purchasing a property. To make this decision less complicated, you must consider the following essential factors:
Buying a condo has many advantages including the facilities such as security, concierge services, and other luxury features. Although buying a condo may seem expensive at first glance, most people fail to consider the following aspects that can make buying a house more expensive:
- Maintenance - The cost of maintaining a unit is less than a house, especially if it is older and requires frequent repairs.
- Insurance Expenses - The cost of insuring a home is more than a condominium because the condo corporation covers the cost of damage to the building including common areas and outdoors.
- Cost of Utilities - Gas, electricity, and other such services tend to cost less when living in a condominium as compared to a house because the condo fees include water, heat, garbage, sewer, and even electricity expenses in some cases.
As far as the neighbourhood is concerned, you must take into account the following three features:
- Transportation - Condos developments in Toronto tend to have some of the best locations in the city, offering owners easy commuting options to work and other places.
- Schools and Hospitals - Since condos are built in prime locations, you can find clinics, hospitals, and schools nearby.
- Proximity to Restaurants, Shops, and Other Services - Condo units are all about luxurious living which means you will have easy access to many facilities such as convenience stores, daycare for children, and more.
Living in a condo unit comes with amenities such as fully equipped gyms, lounges, play areas, and more. It is characterized by a comfortable and luxurious style of living.
The Davies Offers Luxury Condos for Sale in Downtown Toronto
The Davies is a well-known name when it comes to condo developments in Toronto. We offer artfully designed suites that come with a variety of amenities for a luxurious and comfortable life including high-end features such as private access elevators, chef-inspired kitchens, spa-inspired baths, a rooftop lounge, reading room, and more.