Condo vs. a Stand-Alone House

When buying a home, you have the option of buying a stand-alone house or a condo. With a condo, you get a portion of a house in a big building. A stand-alone might be a townhouse, villa, or beach house. Condos are common in big cities with housing problems.

In a big city, the land is scarce, and contractors are forced to build condos because they take less space. If you are planning to buy your first home, there are chances that you are confused about whether to buy a condo or stand-alone house. You can find condos for sale in West Toronto. Here are some of the things that you need to know:

Cost

The cost of buying a condo is lower than the cost of buying a home. However, some factors might influence the cost of the condo, such as the size and also features. We have luxury condos that are quite expensive to buy because of the luxury features that are added.

The location and the neighborhood might also affect the cost of the condo. A stand-alone house is expensive because you have to pay for the cost of the house plus the land around it.

Maintenance

Maintenance is also an aspect that you need to check when checking between a condo and a house. With a condo, you will not be responsible for the maintenance of the house, but you will have to pay for some monthly fee.

With a stand-alone house, you are responsible for everything, including care and maintenance. You need to set aside some time to take care of the house.

Resell

In case you decide to sell your property, a stand-alone house is easy to sell. People are willing to sign papers for a house than for a condo. Since a condo is a shared property, there are a lot of procedures to go through before you finally complete the sale.

It might also take some time before you can find a buyer for a condo. Selling a house is easier than selling a condo because the property market is not yet responsive to the condo market.

Investment

When it comes to investment, buying a condo is better. It is advisable to buy a condo for investment purposes because it is easy to rent it.

It is easy to get a tenant for your condo. Getting a tenant for your house might be difficult. A condo will give you value for money.