Owning a single-family or a detached home was long seen as a dream for many Toronto homebuyers, but nowadays, we see many buyers turning to the instead, happily trading a big backyard and the extra square footage for a more convenient location and a more convenient downtown lifestyle.
Juggling between their work, family obligations and social commitments, many find that a condo better suits their needs than a detached, as the latter usually means more work around the house and more responsibilities., and that's why a.
If you are deciding between buying a Downtown Toronto condo and a Toronto detached home, here are a few reasons you should consider buying a condo.
Condos are more affordable than detached
A detached house may offer more privacy and more space, but the entry point starts at a higher price. The cost of the land most often exceeds the value of the structure itself so often times enough the home requires some work. If you are looking for backyard space and parking, the cost continues to go up so it is harder to break into the higher-priced detached market, especially in Toronto where competition is high.
The condo market, however, is the most affordable form of real estate. Still, its popularity is not only based on more affordable prices but also the multifold benefits get in return. Buying a condo comes with lower property taxes, lower home insurance premiums and utilities if compared to a detached. To put it simply, owning a condo costs less in the long run than owning a detached.
Downtown Toronto condos are generally in more convenient locations
Living in a Downtown Toronto condo means that you will have access to all the best perks the city has to offer. You will be able to run most of your errands on foot as you will probably live in the vicinity of a supermarket, a daycare, a park, a great restaurant, etc., given that pretty much each comes with its own set of superb amenities and owning a car becomes less important also adding to the savings.
Since detached homes are found in more secluded locations, detached house owners usually have to rely on their cars and commit to commuting most of the time, either if it is going to work, a dentist's appointment or a shopping mall.
Condos are low-maintenance
Detached homes naturally require more maintenance in and around the house. Any repairs, like a roof, water leakages, windows etc. have to be taken care of by the owner. This means not only paying for the service but also finding an experience tradesman to do the required work. Downtown Toronto condo owners, however, can rely on certain repairs and issues to be handled by the without paying extra, like elevator maintenance, roof repairs, window replacement and trash removal (and many others that are covered by the monthly condo fees).
Downtown Toronto condo living does not require any outdoor work as there is no backyard or a driveway to take care of. You are only in charge of maintaining your unit, whereas the common areas are looked after by the condo management. Owning a detached, however, requires more work around the house. For example, house owners have to shovel snow off their driveway in the winter, mow the lawn in the summer (if they have one), maintain the backyard, etc.
One of the best perks is condo amenities
Condo amenities especially in Downtown Toronto, have shaped condo living into a highly appealing and unique lifestyle that prioritizes the needs and wants of its residents. Top buildings offer many conveniences and easy and fast access to services. From indoor and outdoor pools, various types of fitness facilities and gyms, wine storage rooms, movie theatres and children's playrooms, condo amenities have become a crucial part of condo living, and they contribute a lot to the overall value of the individual condo units. (To find out more about amenities suitable for kids in Downtown Toronto family condos,).
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