Should I buy a condo or a house in Toronto? Actually, that is the question faced by so many beginners who are taking their first steps in the real estate investment industry. People looking to buy a property to live in may also ask this question. It all depends on location, lifestyle and of course budget. In this blog, we will provide you with some kind of comparison: condo versus house in Toronto? Hopefully this will help you find the right answer and make an intelligent decision.
Pros and cons of buying a condo in Toronto

Advantages:
– A condo is a cheaper alternative to a house. Therefore, you should definitely consider condominium ownership if your budget does not allow you to purchase a more expensive home.
– The vast majority of condominiums in Toronto have additional services, such as bowling alleys, gyms, swimming pools, big screen cinemas, party rooms, etc. You’ll get easy access to all of these amenities if you buy a condo. So it makes a lot of sense for you to consider a condo if you need these kinds of amenities.
– You will have to pay less for insurance if you buy a condo. You should know that condominium corporations traditionally insure the walls of condominiums. Therefore, you will only have to pay $20 – $25 per month for your condo insurance.

Cons:
– If you buy a condo, you will have limited living space.
– Also, you will have to deal with the neighbors if you decide to live in a condo. That means you’ll have to follow certain rules and policies when living in a condominium. Therefore, your freedom is likely to be limited.

Pros and cons of buying a house in Toronto

Advantages:
– A house gives you more space and privacy. Therefore, it would be better for you to consider a house if you need a property to live in for a large family.
– A house gives you more freedom. In other words, you will have the opportunity to personalize the house of your dreams.
– Another great advantage of buying a house is that you will not have problems with the neighbors.

Cons:
– If you choose to buy a house, you will definitely have to pay more for the maintenance of the property. You will have to pay for cleaning, plumbing, electricity and landscaping services yourself.
– You may have unexpected costs if you decide to buy a house in Toronto. Your home may have a leaky roof, flooded basement, sewer problems, etc. And of course, you must be very careful to avoid these kinds of unexpected surprises.
– Keep in mind that you may need to renovate bathrooms and kitchen, improve plumbing, replace electrical outlets and wiring in a newly renovated home. If you are buying a house that needs to be repaired or renovated, then your costs will increase dramatically.
– Buying a house also means higher insurance costs. If you plan to buy a house in Toronto, you should be prepared to pay around $100-$150 per month to an insurance company.

Who should buy a condo in Toronto?

A condominium is the perfect choice for those Torontonians who can’t afford to buy an expensive home. You should also buy a condo if you don’t want to pay high property maintenance costs. If you buy a condo, you won’t have to pay for property maintenance and repairs, upgrades, renovations, etc. Are you an enthusiast of the active lifestyle? If so, you should definitely consider a condo with facilities like a gym, pool, etc. This type of comfort will allow you to enjoy sports activities every day.

Who should buy a house in Toronto?

You should definitely buy a house if freedom and independence mean a lot to you. A house is a good option for those who would like to have control over the design. You will be able to design your house and decorate your exterior design with your own style. On the other hand, you must not forget that you must be willing to pay more if you want to buy a house.