Friday, February 15, 2008

Should you buy a High-rise Condominium Or Detached Home? Which one Is Right and the Best For You?

Should you buy a High-rise Condominium Or Detached Home? Which one Is Right and the Best For You?

The Toronto, Mississauga and GTA condominium market is flourishing, with modern towers and low mortgage rates luring would-be home buyers with the possibility of building equity at rent-like prices.

Due to the advantages of home ownership compared to renting your property, many people like you will soon be reaching a point where you want to buy a detached home. However, you may not be sure whether you should actually buy a house or if you should look in to buying a condo instead. This is especially true for younger home buyers who might want the benefits of living in the more communal situation of the condo.

Thus, you have a decision to make. Should you purchase a condo or go for a more traditional detached home or semi or townhouse? You should consider many factors such as your lifestyle and then consider the pros and cons of each choice before deciding which to buy.

Of course you decision is not life long as you can always sell the property and switch, but it's best to consider some major factors before diving into your purchase!

You may wish to purchase a detached home, semi or townhouse when the following items hold true:

You don't mind the occasional maintenance item and actually enjoy spending time and money and investing into your home
You currently have or plan to have a large family.
You are a very private person who does not like living close to your neighbours or having your home choices regulated by an association.
You are investing in home ownership primarily for the purpose of resale of the home in the future (since property values are usually higher than condo values).
You are seeking to purchase a large home and / or you need outdoor grounds areas for things like large pets.
You enjoy maintaining your own yard or garden.
You may live in a rural area or in a location where there are not many condos on the market.

A high-rise condominium may be the better choice for you if:
You are a single individual or a couple or an empty nester that is looking for a small home rather than a large property.
You don't have a lot of money to spend but still want to invest in home ownership.
You are interested in being part of a small community living in the same building or complex.
You are comfortable living in close proximity to your neighbours.
You don't mind having certain aspects of your property ownership regulated by a group of elected people who form the condo association
You live in an urban area where condos are very common, affordable and gives you much choice
You run a busy lifestyle and prefer to enjoy amenities like a pool or a shaded grounds area but aren't able to maintain such amenities yourself either because of the time that it takes or the cost.

A high-rise condominium may be best for single individuals or couples who have neither the money to invest in a house nor the time to maintain the upkeep of the larger home. These tend to be young people enjoy the benefits of apartment style living in close quarters with their neighbours, who are comfortable having some regulation by the home owner's association and who enjoy sharing common areas with others. Often, condo buyers are first time home buyers. If, in contrast, you are an older adult who has (or may soon have) a family and would like the freedom and privacy of a home with its own property, then a house is probably the right choice for you."

There are many items to consider when choosing between a high-rise condo and home purchase. Regardless of whether you buy a house or a high-rise condo, it's important to do your research and consider the future of the neighbourhood you're buying into. Whether it's a condo or home, the old saying of "location, location, location" remains true for either choice. Either choice is a significant investment for you and you need to find a vibrant and safe neighbourhood that will ensure a good return on your real estate purchase and investment into the future.

Read more tips about buying a home

Read more about:Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,


A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
8 Website :

Homes for Sale

No comments:

Post a Comment