Advantages of Owning a Condominium versus a Single Family Home

Home ownership on any level is wonderful. Nothing gives you a sense of pride like owning the place you live in. But when it comes to ownership, there are distinct advantages to owning a condominium versus a single family home.

Even though the housing market as a whole has gone down, the biggest advantage of condominium or "condo" ownership over a single family home is the price. Because you are buying a single unit from the building itself, as a general rule, condos will cost less than their typical single family home counterparts. Many times you can buy a condo near or on the water for the same price or less than a house that is nowhere near the water. With a lower price of purchase usually comes a lower price of insurance and taxes as well. Because condos were overbuilt during the last real estate boom, many now sit empty and the developers are just waiting to give unbelievable deals to those who qualify. While it is true that condos have what is known as "association fees", the savings in the purchase price, plus lower taxes and insurance may just make the purchase financially worthwhile.

Location is another benefit of condo ownership in Toronto. Due to the demand for condominiums during the last housing boom for both living or investing, many developers built on some of the most highly sought after property in the city. The prime locations of many of the condominiums make them ideal places to live. Because condos are often developed near the "center of the action" in bigger cities, they are prime places for commuters and city dwellers alike.

Many condominiums have become more and more like their own communities. Many a tight knit group of friends can be woven with the condo living lifestyle. With such a close group of residents, a sense of security is generally felt knowing that you will always have good people around you to help you with whatever life throws your way. It is not uncommon for there to be social events that are usually held at a clubhouse of some sort. And many condos these days have swimming pools for a fun family getaway right in your own back yard. Neighborhoods with houses however are rarely designed to be a close knit network and many residents tend to stay to themselves. As for a pool, if a house has one, you can bet you will pay big bucks for it.

But probably the greatest advantage to owning a condo over a house is low to no maintenance. Remember, with a condo you will pay an association fee but that fee will go towards things like lawn maintenance, landscaping and general upkeep of the property. With condo ownership, gone are the days of spending your entire weekend just trying to keep your residence up. With less maintenance to do on your property you free up more time to spend with your family and friends or to just plain relax.

Clearly condo ownership is not for everyone, but then again, neither is owning a house. The pros and cons should be considered carefully before you decide what to purchase. But if you want the most location for your dollar, enjoy the company of others and want little to no maintenance then condominium ownership might be right for you.

About The Author
Paul J Coulter has an extensive background in real estate and understands the benefits of condo ownership. For condo listings and information in Toronto, visit Toronto Condos for more information.