Differences Between a Condo and Townhouse You Should Know

For most first-time buyers, a townhouse and condo are perfect starter homes. That is because they are more affordable as compared to detached and semi-detached houses, particularly in big cities. Condos, such as KI Residences, are desired owing to the high property costs. In this post, a condo refers to the condo unit that is owned by a separate condo owner with an association managing the building. The townhouse refers to a condo townhouse. Both have fees and an association. These are the differences you should know.

Number of Levels

With the condo unit, there is only one level. For the townhouse, there are multiple floors or levels. If you have mobility issues, you are physically disabled or a senior, the number of floors is a vital thing to consider.

Roof

Usually, townhouses have their own rooftops or even space outsides. However, condos do not have an individual rooftop. You should note that the condo building has a shared roof for all units.

Feel

Condo units have a feeling of an apartment or hotel, including elevators, shared amenities, security, and concierge service. On the other hand, a townhouse feels like a single-family house. In this case, you have a feeling of freedom that you get from being a homeowner.

Space

Usually, a condo has less space as compared to a townhouse. Therefore, there is a need to utilize the most of each square inch by using condo living ideas for the small spaces. A townhouse has more space. That explains why condos are ideal for couples or singles, whereas townhouses are ideal for families. It is a good idea to know all the floor plans when purchasing a condo as space is limited.

Property Value

Although townhouses are worth more, condos are known to appreciate at a higher pace. For instance, the average increase in prices of the condo is 6% whereas townhouses is less than 2%.

Parking

It does not matter whether you have a vehicle or not; it is a good idea to purchase a townhouse or condo with a parking slot. That is because parking can increase the resale value of your property. However, it also comes with incremental costs. Usually, condos tend to have underground style parking, whereas the townhouses can have dedicated parking under them.

Unit Height

If you are living in a condo building, you may find yourself living high up depending on where your unit is situated. That can be a pain if the elevators breakdown or even the power goes off. Moreover, elevator waiting times can be long, particularly during rush hours. With a townhouse, you will live on the ground floor.…

Useful Tips When Choosing a Condo

Purchasing a Verdale condo has some notable benefits over other properties. These units are located close to the town center, and they are affordable and attract less maintenance.

When buying a condo, it’s imparted to consider several factors that will guide your decision. Consider the following tips when purchasing a condo.

building

The Neighborhood

After locating an ideal condo, you need to go a step further and consider the neighborhood. Where is the property located? Probably you’ve been attracted to the unit due to exceptional interior finishing, a magnificent kitchen or other features in the property, but don’t forget the neighborhood as well. A majority of buyers will fix their eyes on the specific unit and forget about the surrounding area. You need to get answers to the following questions before making your final decision. How far is the highway from the property? What about the crime rate in the locality? Are there significant conveniences in the area like a pizza shop, restaurants, shopping centers, schools, hospitals, etc.?

Extra Amenities

Besides the unit, you need to also look at amenities in the condo. Which extras does the property have? Do they have facilities such as a gym, swimming pool, playing ground, Jacuzzi, etc.? These amenities spice up the lifestyles of the residents in the condo.

Convenience

You need to consider the number of elevators in the building. Are they sufficient for the tenants in the unit or you‘ll have to queue in the morning and evenings to get to your destination? There needs to be a balance in the number of elevators in the building and the occupants. If not, you should choose a unit in the first few floors from the ground.

The View

When selecting a condo, you should also consider its orientation. You should go for a unit that allows you to have a view of the scenery of the region. Avoid units that have an obstructed view of the neighborhood. Best units are those that offer a breathtaking view of a green reserve, riverbank, Water Park, or the city’s skyline.

bedroom

You’ll enjoy these scenes as you sip your coffee in the morning, evening, or at night. As you choose the perfect view, you should know units with an exceptional view of the neighborhood are priced higher than ordinary units.

Size

Although the size may not be a major factor when purchasing a condo, you must know that the closer you draw to the town center, the smaller the units. At least you should buy a condo that is approximately 1300 square feet unless the condo is extremely lowly priced you should avoid extremely small units. Should you decide to sell the unit, you may face challenges.…

Factors Considered When Buying a condo or Home In Canada

There is a high demand for condo units and new homes in Canada. Buying a property in Canada in one of the worth investments that you can make. The average price for a home was 419,699 USD in 2013. This is according to the data given by the Canadian Real Estate Association. The following are the essential things that need to be considered when buying a property in Canadian cities.

The Real Estate Market Could Fall

The price of homes in Canada has been rising over the years. Home buyers who bought properties in the past few decades have greatly profited from the rising process of houses. However, the prices of homes can fall. Most people are known for considering the rising part. For instance, a sharp fall in house prices was recorded between 1990 and 1996 which left many people with properties worth less than want they had paid for. Many people lost money, but the prices have recovered since then. Both Moody’s and Bank of Canada have warned that something similar can happen in the near future especially if the Canadian economy continues to slow down.

Transit Lines Can boost the Home Value

It is evident that people like using the shortest routes possible. Properties that are located near the transit lines have a higher value than those located far from major transit lines. Such places are very convenient especially for those people who are using public means of transport. However, buyers should be careful not to choose homes that are near a railway station as this might subject you and your family to noise and dust. The proposed transit lines should also be considered.

Buying a Ready Home Might Could be Very Risky

ready made home

A pre-constructed home can be appealing to new buyers. Sometimes this can be very risky. Ideally, you should avoid buying a plan if you don’t know what is there. For instance, some people buy condo units, yet they don’t know the other people who are in that building. Buildings that have many renters are dirty and noisy. Furthermore, you should remember that is easier to predict the fees of a condo that has been ruining for several years.

How Long Are You Planning to Stay

Every potential buyer should ask him/herself how long he plans to stay. You can reduce the risk of selling your property at a low price by staying longer in it. Individuals who are planning to stay in a home or a condo unit for a short period, like one year, should consider renting instead of buying.…