Is Condo VS House Good For Your Big Ticket Items?

Is Condo VS House Good For Your Big Ticket Items?
Residential area in the city, modern apartment buildings

The subject of which is: Which is better – a condominium or a house? Well, there is no simple answer to this common question. But one thing that you need to understand is the difference between a Condo and a Home. A Condo is generally defined as a residential property located on a main road and under the jurisdiction of a Condominium Corporation. Home on the other hand is defined as an unfenced residential property that is usually built on a lot of land. Both of them provide the same facilities but are clearly separated by a wall.

There are some important factors that one has to consider before making an educated decision as to which is better – a condo vs a house. The major difference in these two is that a Condo has to deal with a lot more maintenance issues and thus is priced higher than a house. Another important factor to note is that most Condos are located on prime locations and thus tend to sell at a premium over houses. A Condo is also safer to live in and is preferred by some singles as it helps them save on commuting time.

The location of the building is also an important factor that most people overlook. The reason being that many buyers want to get closer to their place of work and thus prefer a detached house. The other reason for preferring a Detached over a Condo is that you do not have to share the common areas of a Condo; hence no common problems occur. However, both of them are excellent choices if you want to enjoy the convenience of having a home but do not want to share the common areas with others.

There are some other factors that you have to consider when deciding between a Condo vs house. One important factor is the monthly dues involved in each of the respective packages. In case of Condos, monthly dues are comparatively lower than that of a detached condo vs house. The other important thing to note is that most homeowners in Toronto prefer to live in Condos as they have lower down payments and higher resale value.

One important factor to note when looking at a Condo is to check out the terms and conditions related to the ownership plan. Most of these plans offer a lower monthly dues and zero interest for the first few years but then you will have to pay a certain amount of interest on your capital. A major benefit with these plans is that you will get to avoid paying high property taxes and other dues associated with owning a house.

Once you make the final decision between the two options, you need to focus on finding the best Condo that suits you and your family. For those looking to have a quiet, peaceful and clutter free lifestyle then a condo is the best choice. However, if you like to have a big piece of property surrounded by lush greenery and beautiful flowers then look no further than a detached house. You can also buy both condos and houses in different parts of the city depending on your preference.

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