Home Buying - Condo Apartment Or Freehold Home

With Interest rates at an all time low, it is a great time to buy real estate in Toronto. Home owners are upgrading and first time home buyers are taking the plunge. As a Realtor, a common query asked by many of my purchaser clients is what route to take purchase a condo apartment or a freehold home. My answer...well it depends.

Condo ownership provides buyers a few advantages over owning a free hold property with affordability becoming a key factor. First time purchasers especially generally can't afford to buy a freehold home, so a condo is a fantastic and inexpensive stepping stone for these looking to enter the real estate market. Condos also provide a low maintenance way of life as there is no cutting of the lawn or emptying of the gutters. A monthly maintenance fee is paid to the condo corporation to cover building expenses such as these.

One of the downsides about condo living is the lack of privacy. With walls becoming the only separation in between you and your neighbor, ultimate privacy is very tough to come by in a condo. You park in an underground parking lot with the rest of the residents, you ride the exact same elevator as your neighbors and unless you have a completely unobstructed view, much more often than not there is another condo building in sight. Condos, generally speaking also have a tendency to lack space, unless of course you are splurging for a large luxury unit. The living room is also the dining room which blends in with the kitchen and the laundry is in the front hall closet. Get the idea?

For those exactly where money is less of an issue or are looking to upgrade, freehold living might be the very best way to go. Detached homes particularly, offer the most privacy as owners have their personal land, own backyard and a private driveway. There is no sharing of typical components which also indicates no typical maintenance charges to spend. With that being stated, the owner is physically and financially accountable for sustaining their property. If the roof needs replacing, guess who's pocket that's coming out of.

Freehold condo means different points to different people, so take a look at our interpretation.