WHAT IS THE DIFFERENCE BETWEEN A CONDO AND A TOWNHOUSE?

Are you planning to buy a real estate property here in Scarborough?  Investors usually go for two of the most popular options. These include, condominiums and townhouses. Its always a big decision when trying to decide which real estate property type is the best fit for you. A real estate lawyer in Scarborough is always available to assist you in closing all your real estate deals.

The price of the property, the location of the property as well as the price of the property plays a big role in the decision making process when acquiring a real estate property.

According to a research conducted Royal LePage, 18% of people who are new to Canada prefer to buy condominiums. When it comes to townhouses, 15% of newcomers prefer to close the deal on the purchase. 

Depending on the parts of Canada you live in, either one of these properties may suite your needs depending on what you’re on a look out for.

It doesn’t matter if you’re looking for a townhouse or condo in Scarborough, this article will explain everything you need to know in order to make an informed decision when making a final choice. Niro law lawyers will also assist you with everything real estate related. 

 

POPULAR REAL ESTATE CHOICES

Across Canada, first time home owners as well as experienced real estate investors always opt for the option to buy a town house or a condominium. Both types of real estate properties have different traits and offer the buyer a separate experience.

In order to decide on what type of property you want, you’d have to identify the one that best suits your lifestyle. 

Let’s further explain each of these properties in details for you to decide which best suites your needs.

WHAT IS A CONDOMINIUM?

Condos can simply be explained as residential spaces that are owned by individuals instead of landlords. Condominium owners only have claim to the interior of their property. However, the social amenities such as the parks, pool areas, etc. are usually owned by the Home Owners Association. This means that, condominium owners have to pay HOA monthly fees.

If you’re considering buying a condo, you aren’t alone. Over the last few years, the condominium market has seen a huge increase. This is as a result of people from all over moving into the country and also, the booming job market. 

WHAT IS A TOWN HOME?

A townhome is usually built in a style where, multiple independent homes which are identical are built on the same plot of land usually in a row. Unlike condominiums, townhouse owners usually own both the interior of the property as well as the land their property is built on. Town homes are considered as the perfect single family home.

Homes that are built in this style, commonly come with a backyard as well as a yard. This means that there is a lot of private outdoor space free from neighbours and more private.