When choosing a type of home, there are many factors to consider and weigh out, whether you are looking at apartments, condos, townhouses or single homes. Geography, price, location and several other factors should play a big role in your final decision. Let’s take a look at some of the pros and cons for each type of home.
If you live in a market where the housing properties home extensions melbourne are not abundant, such as New York, Chicago, Boston and Southern California, condos are the best choice for many urban dwellers. The best units in any condo are always in high demand, which is proven by the many condo for sale in Arlington TX ads in the classifieds. But in many other metro areas, the number of traditional homes surpasses the number of condo units. And, when it comes time to sell, you’ll likely find potential buyers of traditional homes will exceed the number of buyers looking for condos.
Lifestyle is another issue. If you are not the type that enjoys cutting and raking the lawn, or dealing with daily maintenance issues, you are likely to choose condo living, where all of these things are taken care of for you. However this simplified life comes at a price, and condo maintenance fees can be very high, sometimes hundreds of dollars per month.
However those fees are put to good use. They go toward the daily upkeep of common areas such as swimming pools, tennis and basketball courts, exercise and fitness rooms, courtyards and gardens, storage areas, parking lots, and so on. Many Toronto condo real estate listings state this as well, so buyers are not in the dark when they sign their lease agreement. You have to consider whether or not you will use those amenities you’re paying to support, which will determine if it is worth it for you. You may be able to maintain your single family home in the suburbs for less than those monthly fees and still afford to hire professionals if any plumbing, electrical or other maintenance problems crop up.
If you plan to go the condo route, be sure to do your homework thoroughly regarding the building and its history. If the condo complex is aging and needs a lot of work, the condo board (which is made up of condo residents and anyone can join) may decide to charge an extra fee to cover construction or extra maintenance costs and you will have no choice but to pay up. You do loose a certain amount of financial freedom because of this reality of condo living, so weigh your options carefully.
Get a good idea of who lives at the complex, how well they maintain their homes and their level of pride in the building as a whole. Like in an apartment, your comfort and solitude may depend on the quality of your neighbors. Like many Mississauga homes, privacy is hard to come by in this type of close quarters, so do your best to know what you will be getting yourself into.
As far as the financial investment goes, some of the fastest appreciating condos are located in New Urban areas of a city where residents have easy access to restaurants, nightclubs, transit and other great amenities. You may prefer to check out a single home for sale in Rosedale if you are not so keen on living in this busy area. A compromise for you may be a stand-alone town home, which will probably have minimal yard space as well as a neighborhood association that handles maintenance. These have become increasingly popular among young singles, working professionals and Baby Boom empty nesters.
In general, condos have become secure investments for careful buyers over the last decade, and this is also true of single family homes as well. Even those with little or no real estate training have come out on top in the condo market. With diligent research on your part, you’ll be confident in knowing which type of home is right for you and your family.