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Apr 20, 2021 · Houses in cities such as Toronto or Vancouver can be expensive for first-time homebuyers, yet they might not appreciate in value as much as a condo would. On the other hand, if you are in a suburban or rural area, a house could give you the lifestyle you want. A house is also a good choice if you’re looking for some freedom to make changes to ...
- Steps of Buying Your First Home
Happy house hunting! What does it cost to buy and own a home...
- Steps of Buying Your First Home
- Key Points
- Condo vs House: Major Differences
- How Condo Fees May Affect Your Mortgage Amount
- Pros and Cons of Condos
- Pros and Cons of Houses
- Condo vs House: Which One Should You Choose?
- Final Thoughts
Condos are usually more affordable than houses, come with various amenities, and are often located in urban areas.Houses are typically bigger than condos and come with more flexibility and freedom, though their initial price tag is typically much higher than condos.Deciding between a condo and a house ultimately comes down to your budget and lifestyle preferences.There are significant differences between condos and houses, particularly in terms of the following:
Not only should you be mindful of how much condo fees will cost you every month, but it’s also important to consider how these fees can impact your mortgage approval. Lenders consider condo fees during the mortgage approval process, as these fees directly affect your monthly housing expenses. The higher the condo fees, the lower the loan amount you...
Condos come with several perks and drawbacks. Make sure you weigh these before deciding what type of home to purchase.
Owning a house comes with its own set of advantages and disadvantages to consider before getting into the housing market.
As you can see, there are plenty of perks to both condos and houses. So, which one is a better choice for you? The answer depends on your lifestyle and needs.
Choosing between a condo and a house depends on your financial situation, lifestyle, and personal preferences. Make sure to consider these factors to make an informed decision that best suits your needs.
First-Time Home Buyer’s Tax Credit. $750. According to Ratehub’s land transfer tax calculator, if you buy your first home for $500,000, your land transfer tax will be $4,475 in Toronto, $2,475 in the rest of Ontario, and $0 in BC. If you buy your first home for $350,000 in any of those places your land transfer tax will be nil.
- Mortgages
Oct 30, 2024 · PRO: Lower Initial Costs. Certain costs associated with closing the sale of a home may be lower with a condo, like home inspections or land transfer taxes. Because many fees are a percentage of the purchase price and the cost of a condo is typically lower than a house (depending on the area), you may pay less for these services and taxes.
- Amber Dowling
Generally speaking, a condo is more affordable than a house in the same area, however the gap is much wider in some markets than others, and may not be all that different if it’s a common elements condominium, for example. In cities like Vancouver and Toronto, your willingness to sacrifice a more central location for a lower price will play a ...
- Stefani Forster
Aug 25, 2023 · 5. Property Aesthetics. Condo: Typically, within the confines of your unit you are permitted to decorate as you see fit. However, you have very little control over the exterior look of the units as that is decided collectively by the condo board. House: You have control over both the interior and exterior look of your property.
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Cons of Condominium Ownership. You may not be able to decide when maintenance and repairs get done. You may have to pay for amenities that you might never or rarely use. Less privacy in some condominium units and possibly more noise. Possibility of special assessment charges for unexpected repairs.
