Over the last decade, the face of downtown Toronto has changed dramatically. Where parking lots and vacant land used to be, you can now find condominiums in various shapes and forms. With so many options to choose from, how will you determine which type of condo is best for you? Let us look at your options.
When you purchase a condo, what you are really buying is a particular unit along with shared ownership of the common elements. These include the lobby, parking, elevators, hallways, pool, recreation areas, etc. The maintenance fee you are asked to pay every month goes to a fund that will then cover such things as maintenance, building insurance, upkeep, security, property management, etc. These maintenance fees are based on the size of your unit but can vary depending on the age of the building, its location, and its size.
One of the most popular type of condominium is the condo apartment. In this case, you are buying one unit in a complex that houses many more units. Condo apartment buildings can range from a few stories and a few dozen units to very tall skyscrapers with hundreds of units. A condo apartment can be a flat, a two story unit or even a loft. The size of these condo apartments can range from a small 300 square foot studio for a 2,000 square foot three bedroom unit. Most condo apartments are relatively small and offer one or two bedrooms. They are often located in the downtown core but can also be found along the waterfront and in various neighborhoods across the city. Condo apartments can be ultra luxurious with high finishes and spacious layouts. However, these particular condos come with a very hefty price tag. Condo apartments are popular with young professionals as well as baby boomers looking to downsize.
Another very popular type of condominium is the condo townhouse. Much like the condo apartment, the owner of a condo townhouse will own the interior of his home while the exterior is shared among all the unit owners. Maintenance fees are paid monthly for the maintenance of the exterior and common elements. Generally speaking, maintenance fees are lower for condo townhouses. This type of homes are often two or three stories tall and feature two or three bedrooms along with a garage and patio or deck. Townhouses appeal to young families because it offers them the space and convenience of a single-family home without the higher price tag and the maintenance required from a detached home. Condo townhouses can be found in the city center as well as in the suburbs.
Finally, we have the co-op option. In this case, you are buying shares in a corporation which then leases an apartment to you. You do not own the specific unit that you live in but instead own a portion of the overall building. Co-op condos are a little less popular than the other two options because the ownership is not unit specific but also because a higher down payment is required, often 30 to 50%.
Before setting out to shop for your next condominium, take a moment to look at your lifestyle and housing requirements. Are you a young twenty-something buying a first property where location and affordability are more important than space? Then a condo apartment may be the right choice for you. However, if you are starting a family and would like to have space and a more traditional home setting, then the condo townhouse may be the best option for you.
Todd Black is a full time real estate professional who specializes in Toronto condos and lofts. Feel free to visit the site to search for available condos and lofts as well as updates on market information an real estate related articles.
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