Buying your 1st home in Canada sounds exciting! We had bought a home in North Carolina, USA and sold it when we immigrated to Canada. It was a good investment because we had bought it in a good area at a good price. So, we have been researching real estate. Lots of similarities to what we saw in the US.
Condominium or Condo
This is an apartment that you own. You 'd be sharing the building and the facilities with others. Usually these are under 1500 sq ft. You would have all rooms on 1 floor and so no stairs. With shared facilities the condo is usually managed by house owners association i.e. HOA. They help you if there is anything that needs to be fixed.
Pros
1) No backyard/lawn/driveway - It is a lot of work to maintain a lawn. No need to clean the driveway during winter.
2) Gym/other recreation facilities - A gym membership can be really costly. Having it in your building is a real benefit.
3) Low maintenance - Ultimately it is less work for you personally if you own a condo. The HOA fees you pay enables you to have service should you need anything fixed around the house.
4) Garage - Many of them offer parking garages.
5) These are usually cheaper in price than townhouses, semi-detached, or individual family homes.
2) Gym/other recreation facilities - A gym membership can be really costly. Having it in your building is a real benefit.
3) Low maintenance - Ultimately it is less work for you personally if you own a condo. The HOA fees you pay enables you to have service should you need anything fixed around the house.
4) Garage - Many of them offer parking garages.
5) These are usually cheaper in price than townhouses, semi-detached, or individual family homes.
Cons
1) HOA fees - You typically pay a monthly fee since condo is part of the association. It is by and large at least over 100 CAD. Depending on the construction you may incur a much higher monthly fee. Keep an eye on that when you buy it.2) You are sharing the building with many families and so might sometimes have to adjust. ( Adjust your television volume, might hear kids if any etc. )
Regardless of the type of home you want to buy, it is a huge investment. Please research all the home types before you start looking. We will write more blogs for the same and even on the process. Stay tuned!
Disclaimer - We are not real-estate agents but are sharing our research with you. Please do your own research before you proceed forward. This blog post is to be able to point you in the right direction.
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