Townhouse Versus Condo: Which Should You Buy in Toronto?
Posted On July 7, 2021
Buying a house is a tough decision. Deciding on the location, getting pre-approved for a loan, and negotiating the price are the latter part of the house buying process. Before even beginning to plan these steps comes the big question – “what kind of house do you want?” If you find yourself stuck in this dilemma, you have reached the right spot. Read ahead to find the difference between a townhouse and a condominium and which one might be better for you!
Townhouses in Toronto
A townhouse is a form of housing where many separate and similar houses are arranged in a row. Townhouses are an excellent option for a single-family residence. Toronto townhomes often have a front and back yard, providing plenty of private outdoor space.
Some families prefer townhouses over detached homes because of the independence and freedom they provide. Townhouses are a good middle ground for owning and staying in a detached single-family home. They are less expensive than detached single-family homes, but they are slightly costlier than condos. If you own a townhouse, you will be able to take advantage of the yard, as well as more space and maybe a garage. A townhouse can be ideal for those looking for more space and greenery than a condo can provide without the maintenance costs.
Is a Townhouse your right choice?
People who want to downsize from a larger single-family home but need more space than a condo can offer will choose a townhouse. If you have pets and children but can’t afford or don’t want to buy a single-family home, townhouses can be a perfect option. A townhouse can be more conveniently situated and comfortable than owning and staying in a more conventional, detached single-family home, depending on where you live. There are separate exits and parking areas for each of them. Townhouses would have their own open space, making it a private residence ideal for family life.
Why buy a Townhouse?
More independence: Residents in townhouses have more space and liberty to glorify their homes.
Higher resale value: Thanks to increased demand, townhouses have a higher resale value.
Selective maintenance fees: Residents who live in townhouses pay maintenance fees based on their needs.
Why go for other options instead…
Security: Townhouses are less safe than single-family homes because their windows and doors open directly into the street. It can be costly to purchase your own security devices to secure your house.
Higher costs: People would not only have to pay a premium price for a townhouse, but they would also have to pay extra for utilities.
Condos are apartment-style high-rise places that are trendy in Canda real estate market, especially in Toronto and Vancouver. A Condo is a style of common ownership of a certain building with exclusive access to some regions of that building. They are rental units owned by citizens rather than tenants.
Condominium owners have exclusive access to the property’s interiors.
The condo market in Toronto has exploded in recent years due to globalization and a strong labor market. A condominium leased out to renters or buyers such as yourself and is usually situated in a residential building or neighborhood, but the unit itself is privately owned by an owner who becomes the landlord of that house. Since the condo owner has complete control over who is approved to rent their unit, renting a condo is a more intimate, one-on-one experience than renting an apartment.
Is a Condo your right choice?
Condos are an ideal choice for those who enjoy the hustle and bustle of city life. Condos also have a higher level of protection for their residents. A condominium’s proximity to the city is also a significant draw, mainly if you commute to work. It’s ideal to find a condo that’s just a short walk from college! Besides, the number of condos in Toronto is exponentially growing. This is primarily due to the high demand for condos and the lifestyle opportunities they offer.
Why buy a Condo?
Maintenance: Condominiums don’t take much in the way of upkeep. Residents would only be responsible for their own homes, not for the open fields.
Safety and cost-effectiveness: Condos are safe and secure owing to the height. In general, the amount paid on repair costs in a condo is less.
Neighbourly advantages: Living in a condo allows you to expand your social network.
Why go for other options instead…
Less jurisdiction: Condos in Toronto are governed by the condo corporation’s bylaws. Residents aren’t allowed to make improvements to their homes as a result of this.
Customization is difficult: Extending the land or even knocking through any walls is relatively simple in a townhouse.
Condominiums in Toronto might give you cozy, and snug feels, while Toronto townhomes could satisfy your whim of an independent house that resembles one straight out of a storybook. Now that we have narrowed it down for you, it all boils down to your decision!