THE CITY OF MISSISSAUGA 

Mississauga without a doubt has a growing real estate market. Mississauga real estate lawyers are always up to the ask of helping you close deals on the right condominiums. This sector has been doing well in the last few years. The city finds investors drawn into investing in their booming real estate market. Families from all over the country are moving to Mississauga for a chance at an all round better life. 

THE DIFFERENCE BETWEEN A CONDO, A HOUSE AND AN APARTMENT

There are a number of reasons why a condo might be the better option when you decide to buy a property. A big part of this reason is the cost. According to a real estate journal, the prices of condos tend to appreciate in value slower than family housing units, thereby making them making them much more affordable for buyers. 

Unlike renting an apartment, condo owners take advantage of tax deductions such as the interest on their mortgages. However, it’s not always about the money. Many buyers are usually attracted to the attractive lifestyle a condo presents. Individuals who are retired and want to experience the services at communities that cater to seniors usually prefer to live in condos. 

An advantage of living in a condo is the freedom you experience by not doing certain home ownership chores such as yard work and also maintenance of the exterior of the property. 

CONDOMINIUMS AS VACATION HOMES

Investing in a condo as a vacation home is great on the pockets. Instead of spending so much on a huge vacation home, you can own a piece of paradise by purchasing a condo. Condominiums are by far the cheapest alternatives when looking to buy a vacation home.

THE DOWNSIDE OF OWNING A CONDOMINIUM

There are some potential downside of owning condos. A perfect example is, paying for your condominium amenities even if you don’t use them. You will also have to pay for the many work done on the communal grounds.

Most of the time, condos have HOA fees which cover all these cost and and these charges raise annually. This can impact your long time budget as well. 

For individuals who dislike following specific set of rules, condominiums usually come with a long list of terms and conditions and sometimes, homeowners get frustrated by these rules.

Lastly, unlike houses, condos are harder to sell. For example some condos don’t allow you to have children which will let you lose a subset of buyers. Contacting a real estate agent to assist you when you decide to sell your condominium.

FREQUENTLY ASKED QUESTIONS WHEN IT COMES TO BUYING A CONDO

What should I know before purchasing a condominium?

It is very vital you read the terms and conditions before purchasing a condo. Also ask for more information on HOA fees and also you should be aware of separate charges that will be imposed down the line. HOA fees are simply reserved funds used for repairs and maintenance of the property.

Is a condo a good investment?

The short answer is yes condos can be considered as good investments. However, there are several factors to consider when buying a condo as an investment. First vital question you need to ask yourself is where the condo is located? Is it a highly sought after location? And does the condominium come with great facilities as well as low fees? A good real estate agent can help you chose the right condo to invest in.

Does a condominium appreciate in value?

Research has proven that condos do appreciate in value. Condos in good locations especially can provide great opportunities for an investor.