If you’re on track to become a first-time home buyer, purchasing a house in the GTA might not be within your budget. Whether you’re familiar or not with the condo market being a great alternative to buying houses, one essential element to remember in the real estate world is to buy or lease a property that you can afford at the moment.
However, if you’re debating between putting your savings into a condo unit or buying a house, here are some worthwhile advantages of condo life to consider.
Ready to become a first-time home buyer? Here’s a look at why condos can serve as beneficial options for you:
Living in a condo supports your finances
Opting to live in a condo opens the door to earning equity gains, and this is at play by simply living in the condo unit. While your bank account is dealing with mortgage and condo fees, the invisible income of equity is being earned, and this is a notable contributor to building wealth. Due to this benefit, a condo can be thought of as an investment.
The lifestyle and amenities to experience
House ownership brings with it a range of perks, but calling a condo home removes extra upkeep from the equation. Activities like lawn mowing or shovelling in the winters would not be necessary for a condo resident. Many of these condo buildings also have a fitness facility, outdoor common areas, and co-working spaces.
Staying connected with the city landscape
Selecting a condo for your home lets you stay closely connected to the life of the city. Based on the kind of condo that’s purchased, a grocery store or alternate retailers will likely be attached to your building. Plus, it’s always good to focus on parts of the city that’ll support one’s lifestyle. If local restaurants and pockets of the entertainment scene are important for you to be close to, then you must consider condo-buying over purchasing a house.
In addition to choosing a certain form of living space for purchase, the debate of buying vs. renting a home often confuses first-time buyers. Contact Real Pavel today for expert insights into both the rental and condo markets in Toronto and the GTA.