It does not matter if you are looking at Riverdale Toronto real estate or at pieces of property here in Fontana California, one thing will become immediately clear: you have a lot of options. From townhomes to apartments, lofts to mansions, today's home buyer is beset with choices as far as what kind of property to buy. In this article, we are going to point out some important things to consider when one is trying to decide whether to buy a home or a condo.
Household Size
The most important consideration when it comes to the home versus a condo debate is the size of your household. Couples and singles may prefer the condo option, as you can more easily manage a smaller space. For couples with two kids or more, however, condo purchases might be something you have to wait on until everyone has moved out. Fontana high rises have this in common with condo real estate in Toronto; the best buildings are located in very urban areas. There is not a lot of room for kids to play, and generally the schools are lacking as well.
So, if you have a family, then condos are probably out for you.
Resale Value
An important factor people fail to fully take into account as far as buying a condo or a house is the resale value of that property. Homes for sale in Lorne Park will always appreciate in value, just like those in Fontana.
This is not always, or often, the case with condominiums. Sure, condos are being hailed as great investment opportunities, but keep in mind that in the big real estate picture, that investment is fairly short term. Today's latest condominium masterpiece may be selling units at $200,999 today and that may go up to $350,000 over the next five years. But, once the next greatest development goes up, prices on the older buildings start to stagnate. Condos are trendy, and trendy doesn't always mean long lasting value. It's a fact that is as true talking about Fontana real estate as it is with Mississauga real estate.
Additional fees
One of the big points often used to sell to condo investors is the fact that they do not have to worry about property taxes. When you buy a home, you own the land that home is on. That land is taxed by municipal authorities. Scarborough homes are taxed at much higher rates than those here, but you can still expect to pay a significant portion every year.
You don't own the land your condo unit is on, so you won't pay property taxes. But before you get sold on that idea, find out how much fees are going to cost you each year. All condo owners pay strata fees for the upkeep of the building, the grounds, and yes the property tax the company pays for owning the land. These fees will generally be less than property taxes would be, but it's worth it to compare them first.
You will hear a lot of hype about condominiums in Fontana and similar cities, but don't believe all the high points you are told. The fact is, your decision should really rest on your lifestyle and no other factor. If you like the quick access to the city and the community a condo unit affords, think about buying one. If you have a family and want some space, then a house is probably right for you.
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