From The Condo Bible for Canadians, Everything you must know before and after. This chapter tells the story of Mr. Jones and Mr. Smith as a case study of renting vs. owning. By learning about the cost of maintenance fees, realty taxes, prevailing interest. Preet Banerjee sold his house and rents.
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It is no different when it comes to either buying a condo vs. renting a condo. When you purchase a house or condo, you are the “owner” (and I put it in quotes because the bank is really the owner, if you purchase using a mortgage, until you finish paying off the mortgage).
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There are advantages and disadvantages to both types of housing, and lifestyle and cost can help determine whether a single-family house or a condo is a more suitable dwelling for your needs.
A condo is managed by a group of condo owners (the condo’s board of directors) who make all the decisions about how the condo fees collected from owners will be spent to maintain and improve the property. The downside of this idea is that in many cases bad management can lead to a low quality condo property.
According to research done by Royal LePage, the median price for a condo in Canada at the close of 2017 was $420,000, versus $522,000 for a house. Moreover, maintenance fees can be less with a condo versus a house, and easier to budget for since they’re a set monthly cost (so no scrambling for cash if your furnace breaks down in February!).
My husband and I are interested in a condo. Is buying one very. it makes sense to work with a real estate salesperson because they can read and explain the building plans, estimate the various.
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When comparing the cost of a condo and condo fees vs house expenses, condos tend to come out on top. For example, the Toronto Real.
A condominium is one of a group of housing units where each of the homeowners owns their individual unit space and a share of common use areas.
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