I get this question all the time – what is the difference? Ok, lets see!
1. You get the house, land belongs to condo corporation
2. Will appreciate less then freehold
3. You have to pay maintenance fee
4. You can not change the exterior without written permition of condo corp.
1. Often your maintenance fee covers the exterior maintenance, meaning you don't have to worry about grass cutting, snow shoveling, roof / window changing, pavement maintenance
2. The value of your home will be relatively easy to estimate, based on the upgrades you have done.
3. Due to the condo restrictions, the exterior will always look uniform
4. Usually contains additional amenities – playgrounds, pools, tennis courts
1. You own the land
2. Will appreciate more then condo
3. No maintenance fee
4. You can do with interior or exterior whatever you little heart desires
1. You will have to mow the lawn, shovel the snow, take care of your windows, doors, roof and driveway
2. Value would be a lot more difficult to estimate if a lot of changes were made
3. If your neighbor decides to paint his garage door pink with green polka dots, it might negatively impact the value of your home and there is nothing you could do
4. Usually no additional amenities.
Need to know more about Townhomes?
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Condo in Toronto under 200K – Promising Investment Properties
Investment Properties Under 200K
Compliments of Marina Gavrylyuk
Real Estate Agent with Sutton Group Summit Realty