It can be difficult to decide between a home or Toronto condominiums. You have the option of owning each type of dwelling and each has its own taxes and mortgages. For both types, you will probably also require some sort of loan or financing, as they can both be pretty pricey.
However, there are differences, especially when it comes to the type of ownership you have. With Toronto condominiums, you own the interior space of the unit, but you don’t own the land, grounds, fences or facilities. In some condos, you do not own the walls, meaning you can’t paint or hang things without consent, just like with most apartments. With a house, you won the land the house sits on and everything inside your property lines.
Another difference is that condos usually are separated by a common wall. On the other side is another condo. A house is detached from all other dwellings. However, detached condos are becoming more and more popular, so this might not be as much of a concern.
As mentioned before, many times condo owners can’t remodel as one could in a house. There are many rules for condo owners and these may prohibit you from making large changes without consent. This is usually meant for outer areas of the home, such as exterior painting, but you would need to check your specific rules to find out what you can and can’t do. With a house that you own, you can practically do anything you want. You can even knock down walls, if you prefer.
With a house, you are responsible for regular maintenance on the home. This can include any problems, such as plumbing and air conditioning, as well as sewage. However, when you own a condo, you pay maintenance fees, so these things are taken care of. With a home, you would have to mow your own grass or find someone and pay them to do it; with a condominium, they have groundskeepers to handle mowing and gardening.
With Toronto condominiums, you may also have some utilities included with your monthly maintenance fee. These types of utilities are usually things such as sewer, water and garbage. When you own a home, you must pay all bills yourself.
