Owning a condominium is quite different than buying a home, however even though they are different, owning a condo is a great way to get into the homeownership game.
What is a condo?
A condo describes a system of home ownership rather than a type of building. In Toronto particularly, the majority of condominiums are found in apartment-style buildings. However, condos can also be found in town-homes, detached homes with multiple units, or low-rise buildings.
What do condos cost?
Condominiums are typically smaller than homes by square footage, and as a result often cost less than a house. However, there are additional costs to owning a condo in the form of monthly maintenance fees. These maintenance fees are paid by each condo owner and cover common element costs like pools, gyms, gardens, landscaping, security and more.
Are there restrictions to living in a condo?
When it comes to buying a home or condo, one is not better than the other. However, which of the two you choose depends entirely on your budget and lifestyle.