Condo Vs. House: Which is the Better Option?

Condo Vs. House: Which is the Better Option?

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:

  • Costs
    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.
  • Location
    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.
  • Lifestyle
    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

Luxury Condos for Sale in Downtown TorontoThe 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.

For more information about our new condos for sale in downtown Toronto, be sure to give us a call at 647-360-9588 or register online to view our floor plans.

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