For decades, the housing market was simple. Either you rented an apartment or you owned a house. Now all of a sudden there are so many other options. Town houses. Condos. Time shares. What's it all about? Why do so many people choose to live in condos for sale in Toronto rather than getting their own house? We'll outline some of the reasons for you here.
If you choose to buy a condo rather than a house, you can live in a convenient or beautiful area that's in high demand. Building condos in Toronto allowed many people to enjoy views of the Toronto waterfront while being a short walk away from their jobs instead of just a select few. Additionally, condos stop urban sprawl by concentrating living space vertically rather than horizontally.
Safety and Security
Property crime and personal attacks are more prevalent in big cities and if you own a Toronto condo townhouse you may have more space, but you're vulnerable, especially if you live alone. Secured buildings with 24-hour security on duty give peace of mind to condo residents. Many condo buildings also have secure underground parking, so not only do you have a place to park but you don't have to worry about who might be lurking nearby.
In big cities, only a very small percentage of people can afford to have their own weight rooms, indoor swimming pools, theaters, or laundry facilities. However, when you share these services with all the residents of your complex, they become affordable. Common amenities in many urban condo towers include spas, rooftop gardens, games rooms, conference rooms, guaranteed parking, and concierge service.
How much do you think it would cost to buy a house in the downtown area of a big city or in a popular vacation destination? Often, it's more than a million dollars. Very few people can afford to pay that much for property, while a large number of people need to be near these areas. Do they all put themselves heavily into debt? No! Condos cost a fraction of the price of a home yet include most of the amenities you would get in a house.
When you buy instead of rent, your payments go toward a property you can later resell and make back most of your money. You're making an investment rather than paying for a service.