Condo Dilemma: To Be or Not To Be

Confused, whether to buy a condo or go for a freehold?

A condo is very convenient option for the variety of reasons. Especially in the urban centers such as Mississauga, it is quite convenient and an affordable choice. Another reason associated with the condos is that it comes with no additional baggage as you don’t have to do the exterior maintenance such as dealing with the snow in winter, roof leakage in the rain or doing the yard work. Some of its highlighting attributes also include a proper dedicated parking space, more enhanced security and deluxe recreational facilities.

The reasons are endless but whatever they may be, you should always know all the cards on the table. Condominium is often confused by many people. Well to give you a better understanding; a condo is a unit which is similar to the house minus the exterior appearance and its associated upkeep, and including areas co-shared by the residents of other units. Additionally, a monthly cost of maintenance is prescribed by the Condominium Corporation comprising of the condominium unit owners.  Having a condo can certainly boost your investment as you wholly own the condo while sharing common elements with the other unit owners with the comfort of living in the metropolitan skyline of the city or more of a classically styled townhouse.

Whereas, the freehold units brings different things to the table as compare to the condominium. You can modify the place according to your living preferences. Unlike in a condo, you do have to look after for the exterior upkeep as well in case of the freehold unit. You can minimize your monthly incidental expenditures by doing some of the outdoor work by yourself instead of hiring expensive labor.

Another characteristic of the condo is that it is governed by the by-laws which are laid down by the particular Condominium Corporation. It foresees things such as the alteration boundaries of the condos and limitations to your right of property associated with your unit in the condominium building. There are many things to keep in mind before buying a condo instead of going for freehold. At the end of the day it is about the life style preference which is the main factor in deciding whether it should be a Condo or a Freehold home. To further clear your dilemma on this, you would need the services of a good and experienced real estate agent specializing in the market of condominium in the GTA.