Condominium – These type of homes are generally speaking in larger buildings, with at least 2 levels, and have multiple dwellings on each level. Most condominiums, especially in larger cities will be high rises. Generally, the more valuable the land, the more condominiums you will find as this makes housing more affordable for everyone. This type of home provides the most carefree living for the home owner. This is commonly very appealing to the business professionals who want to live downtown, but also retiring people who find they no longer want to maintain a home. Many newer condominiums have recreation amenities such as swimming pools, gyms, in some cases party rooms, security, and concierge for extra security. These conveniences however come in exchange for a monthly condo fee.
– Generally, the maintenance in the building outside of your unit is taken care of by the condo corporation. You are still responsible for the care and maintenance of your unit, but you don’t need to worry about painting the windows, replacing the roof, gardening, or shoveling the snow or vacuuming the common areas.
– Many condominiums have great locations, close to many amenities needed by most people.
– These tend to be more affordable than townhouses and any other type of house.
– Some have great facilities which may save you money on things such as gym membership
– Parking is usually underground, meaning you don’t have to clear the snow off your in the middle of the winter
– Some views from some units can be spectacular if you are not afraid of heights
– Your neighbour in most cases is just a wall away
– You have no backyard
– Some condominiums may have limits or restrictions on pets
– Taking the elevator can be uncomfortable for claustrophobic people and may not be for everyone
These are the least common type of dwelling in the greater Toronto area. It can be difficult to obtain a mortgage on this type of dwelling. In general, you own a proportion of the entire building, not the necessarily your own walls. Similar to condominiums, there normally is a monthly fee to take care of common elements such as cleaning of the hallways, gardening and clearing the snow. For more information about this type of dwelling, please contact me.
Is this it?
The above list is not complete, there are other types of homes, but the above covers most of what you will most likely consider.
Hopefully, the above helps with the question of, “What type of home is right for me”? Can you think of any other advantages or disadvantages for each property type that are important to you?