Thinking of Getting a Condo Unit in Toronto?

If your job is taking you to Toronto, a condo unit might be what you need in this bustling city. Toronto is one of the busiest places in Canada with lots of attractions. No doubt that housing is a big deal in this part of the country, as it welcomes new visitors regularly. When you come to Toronto, you can choose to live in a regular apartment or Condo. Rent is high in this part of Canada, and that is why most people prefer to buy their own home. Condos are believed to be a luxury, but when you look closer, you will see that it saves you money.

Thinking of Getting a Condo Unit in Toronto?
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If you happen to be a very busy person, getting a Condo should be top on your list. Before you decide on a Condo, you must know the pros and cons of living in a Condo.

Pros of Getting  a Condo

Lower Taxes and Insurance

The cost of insurance and tax for a detached house is far more expensive than a Condo. With Condos, you share every cost which takes your expenses down to minimal. It would be cost-effective paying for a Condo than bearing the expenses for a bigger house.

Amenities

If you invest in a detached house in Toronto, you will spend a lot get your home to have most of the modern facilities you find in Condos. Some condos are built with state of the art gym facilities, and even a party room. You have the play areas and parks where your kids can have fun.

There is also an indoor pool, and you get to meet lots of people while enjoying these amenities. Condos are in high demand in Toronto because of the comfort this type of home offers. They are usually built to meet up with modern technology, like the Oshawa pre-construction condo units that come with smart home installation and tech upgrades.

No responsibilities

Living in a Condo takes the stress away when it comes to looking after the property. There is usually a maintenance board that handles all the work in the property. They take care of its lawns, plow snow, and undertake all the repairs except for the ones in your condo unit. You only pay a fee for maintenance which of course is shared by everyone living in the property.  

Cons of Getting a Condo

High Condo Fees

Depending on the number of amenities available in the Condo, you may end up pay very high fees. You have to consider these fees before investing in a Condo in Toronto. The fees never come down, but you should expect that they will likely go up with time.

Slower Appreciation

If you plan to resell in the future, don’t expect the value of the condo to up like detached houses. Condos involve fees that buyers consider, and it can be tough reselling.

Regulations

If you want to live in a Condo, expect to be bound by lots of rules. There are many people in the property hence the need to set guidelines. You want as much freedom in a Condo because you own only your unit. For instance, you can’t decide how you want to decorate the corridor or your neighbor's door.

Condos are the best, especially in a place like Toronto. They are gaining popularity and are more affordable. Despite the strict rules, you will enjoy living in your unit.