Are you considering buying a home or condo in Toronto? There are a few different factors to consider if you’re having trouble making that final choice.

Your Budget. Condos are traditionally less expensive than homes, so they may be more suitable to people’s budgets. However, many people don’t consider the the monthly maintenance or condo fees that are due on top of mortgage payments. In some condos, these can be as much as monthly rent in any apartment and need to be accounted for.

Maintenance. While you do pay maintenance fees in a condominium, maintenance expenditures on a home can add up. You have snow removal and landscaping to take care of, and while you can hire companies to take care of this for you it will, of course, cost money. Home maintenance items can also come unexpectedly, in the case of an emergency repair for example.

Control. Homeowners have much more control over their living space compared to condo owners. They can remodel, knock down walls and more in the privacy of their own home without having to worry about the condo rules or disturbing others. There is also something to be said for owning a home where you also actually own property in the form of land.

Location. Condos are more likely to be found in downtown areas with a high walkability level.

Privacy. Would you rather live in a higher energy area, such as a condo building and community, where you can have a higher chance of hearing your neighbours? Perhaps you would prefer a  quieter home with a greater sense of autonomy and privacy? These are important questions to ask yourself when considering your options.

Like many things in life there are both pros and cons to the options you need to make decisions on.

The five factors above are a few of the variables to consider when choosing between a home or condominium lifestyle.

If you have questions about these or any other factors when making real estate decisions, feel free to contact us.

First published on Royal LePage Johnston & Daniel’s real estate blog “Muddy York”:

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Toronto-based real estate professional who creates and curates relevant online real estate content to help busy people stay informed.