Selling your Toronto condo and thinking of going it alone? Be careful Last week, while…
There are house people and then there are condo people. If you happen to be among the latter, read on for 7 brilliant reasons to buy a condo in downtown Toronto.
- Sell the lawnmower – Why spend your weekend maintaining a yard? Mowing, fertilizing, aerating and over-seeding lawns eats up gobs of your leisure time. When you own a condo, there is a maintenance crew that takes care of all that stuff. From pool cleaning to maintaining the landscaping and shovelling snow, your fees to the association buy you hours and hours of free time.
- A fatter piggy bank – Sure, there are downtown Toronto condos for sale priced comparable to single-family homes, but there are also those that are a fraction of the cost of a house. The more amenities a community offers and the larger the condo, the more you’ll pay. But it will, in all likelihood, be less expensive than a single-family home, and offer a quicker commute.
- Expand your social circle – It’s much easier to meet your neighbours when you live in such close proximity to them. Now, this isn’t ideal for some homebuyers, but for others, who love interacting with their neighbours, it makes buying a condo a no-brainer.
- Unlike renting, you’re building equity – Some economic experts call mortgages a form of “forced savings,” and they have a point. Since you are forced to pay your mortgage every month (if you don’t want to lose your home, that is), and since a portion of that payment goes toward paying the loan’s principal, buying rather than renting helps you build equity in the home – a sort-of savings account and a definite wealth-builder.
- Condos have attractive amenities – Many downtown Toronto condo communities offer amenities you can’t find in lower-priced single-family homes. These include onsite fitness facilities, pools, guest suites, clubhouses and more. The average homeowner who wants to access similar amenities may pay far more to do so and will have to leave home to do so.
- Security – Unless you live in a posh, high-end enclave of luxury homes, living in a single-family home doesn’t offer the same security as living in a downtown Toronto condo. Many offer secured entries, surveillance, doormen and 24 hour security guards. This is especially valuable to anyone who lives alone and has safety concerns.
- Convenience – You can’t find a more convenient location to live in the GTA than in downtown Toronto. When you live here, you’re within walking distance to shopping, entertainment, eateries, public transportation and even work (if you work downtown).
If you would like help finding a great condo for sale in the GTA, feel free to contact us.