Looking For Condos??? Read Before Buying or Renting
Tuesday Apr 05th, 2022
Most people are confused about buying or renting a condo because it requires a considerable
investment. Also, it is called onetime investment as people give their efforts, honesty, sweat,
and money to buy a place for their future. First of all, many people asked a common question,
what a condo is. It is the place or apartment owned by an individual in a building or other
complex residential units.
Should I buy a condo or rent it?
The condo is the best place to invest money for first-time homebuyers as the price for one
condo is much cheaper than buying an apartment. Also, it is a standalone property for initial
buyers with a great location and maintenance.
Also, because first-time buyers are worried about the money installments and down
payments, a one-time investment in a condo seems to be much cheaper than keeping that
property for the long term.
Like, if we talk about the average listing price in Toronto is $956,428. It seems by some data
that condo prices are acquired and will have a growth of 12% in 2022.
Whereas in Mississauga, the average price cost $576,898 in April 2020. Condo prices in the
city are up 15 percent year-over-year. At the same time, Condos in Vaughan are at very
reasonable price people can buy easily.
Central core for buying or renting a condo-
One person should have a stable income and employment source.
One can afford the cost price and do not get worried about down-payments.
One should keep in mind that he/she stay in the same locality and area for almost the
rest of their life.
One should not change their mind about staying in the same area for a very long.
What are the pros of buying a condo?
Buying a condo has a plus advantage over renting a condo because in terms of rent
increases per year. so there will be abundant profit for the homeowner
Homeowners have a right to break the tax as per their requirements which is not
possible in case of a rental basis.
Some people love to live in a small place, not a huge one, so a condo is perfect for
As Condo is compact, so it is very easy to clean, manage, furnish it easily.
Condo owners do not need to worry about the exterior maintenance cost. Extra pay is
given to society in other places for that. But in this case, Homeowner Association
(HOA) takes care of that thing.
The Condo also offers perks like- a gaming area, swimming pool, park for infants.
They also provide security to the next level that is not given by normal apartments.
What are the cons?
When someone rents a house, they have to pay only a security deposit, but if one buys
a house, he/she needs to give their whole savings account. That's the main
It is recommended for those homebuyers who are willing to stay in the same locality
for at least 4-5 years.
.Also, monthly rent is much cheaper than mortgage payments.
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