Although many people strive to purchase a house as their first property, houses can be decidedly more expensive and labour-intensive than condos. Below, we outline 4 key reasons why a condo is a great choice when it comes to your first home. Rather than settling, purchasing a condo can be a great decision, both financially and strategically.
If you're looking for your first home and you haven't even considered looking at condos, here are 4 good reasons to change your mind:
Repairs aren't as much of a financial responsibility
Owning a house means taking responsibility for keeping your home in good condition and any necessary repairs.
When you purchase a condo, some repairs are incorporated into your monthly fees so you can more easily absorb the costs of anything that breaks—and not have to worry about finding trustworthy contractors on your own.
It's fairly simple to find a condo in a prime location within your price range.
The cost of living in downtown Toronto has grown exponentially. Finding a nice house within your budget and in a prime neighbourhood can be difficult.
Condos, on the other hand, are everywhere, and because most of them are in highrise complexes, it's not too hard to find a condo for a good price close to downtown. The difference between a condo downtown and a house downtown can be several hundred thousand dollars, and the availability of less expensive units makes condos a great choice for first time buyers.
You have both your privacy and security guaranteed.
Condos have the added comfort of a security guard to help you sleep better at night.
Many condo buildings have at least one security guard on the premises at all times, which means if there is any trouble, they'll be able to help you out right away. Many condos also have screening processes for guests, so you can keep anyone who's caused you trouble out of the building.
Condos come with great extras.
Everybody knows that it takes a lot of money to put a pool in your backyard and maintain it properly. If you want to maintain an exercise routine but do it in the comfort of your own home, exercise machines can be a serious investment.Many condos actually come with these amenities built in, and you pay for them as part of your maintenance fees.
A condo can be a great investment, even if you eventually choose to purchase a house. Most have great amenities and tend to be less expensive than houses when matched by geographical location. If you'd like more information about how to choose the house or condo that's right for you, contact Shop a Property today at (647) 886-3462.