Home Buying - Condo Apartment Or Freehold Home

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

Condo ownership offers purchasers a few benefits over owning a free hold property with affordability becoming a important factor. First time purchasers particularly generally cannot afford to buy a freehold home, so a condo is a fantastic and inexpensive stepping stone for those looking to enter the real estate market. Condos also provide a low maintenance lifestyle 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 being the only separation in between you and your neighbor, ultimate privacy is extremely tough to come by in a condo. You park in an underground parking lot with the rest of the residents, you ride the same elevator as your neighbors and unless you have a totally unobstructed view, much more frequently than not there is an additional condo building in sight. Condos, usually speaking also tend 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 concept?

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

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