CONDOS VS HOUSES
London offers a diverse range of both condos and houses, tailored to suit a variety of lifestyles and goals. Whether you’re a first-time buyer, looking to downsize, or seeking an investment opportunity, we’re here to help you find the ideal property type for your needs.
The main distinction between a condo and a non-condo (house/townhouse/apartment-style home) comes down to ownership and lifestyle. When you purchase a condo in Ontario, you own your individual unit but share ownership of common areas such as hallways, gyms, or recreational facilities. The maintenance of these areas is typically managed by a condominium corporation, which collects monthly fees from owners to cover upkeep. This setup is perfect for those seeking a low-maintenance lifestyle with shared amenities.
In contrast, owning a non-condo (house, townhouse, or freehold apartment) means you own both the dwelling and, where applicable, the land it sits on, giving you full control over the property. However, this also means you are solely responsible for maintenance and repairs. Non-condos generally offer more privacy, space, and flexibility, but come with greater personal responsibility for property management.
SHOULD YOU CHOOSE A CONDO OR A HOUSE?
This is a personal question, and it’s important to take the time to reflect on your lifestyle, needs, and preferences before deciding. If you have a large family and desire outdoor space for activities, a house might be the better choice. Similarly, if you value privacy and full control over your home, a condo may not suit your preferences.
On the other hand, if you lead a busy life and want to minimize maintenance tasks like yard work or snow removal, a condo could be ideal. Downsizing from a larger home? A townhouse-style condo offers a comfortable compromise between space and convenience. For first-time homebuyers, a condo is often a great entry point into the real estate market, allowing you to gain experience in homeownership without the added responsibility of a house. And remember, you can always upgrade to a house when your lifestyle demands it.
London’s Real Estate Market: Houses vs. Condos
London offers a wide variety of both houses and condos, each with distinct styles and benefits. While houses traditionally dominated the market, the demand for condos has surged in recent years, resulting in an abundance of new condo developments. Condo conversions have also grown in popularity across the country.
Apartment-style condos are perfect for those seeking less space and a low-maintenance lifestyle. Many offer underground or outdoor parking. Townhouse condos provide more space and privacy, with some offering garages. For even more privacy, bungalow-style detached homes in bare-land condo developments give the feel of a house with minimal maintenance responsibilities.
Pre-Construction Condos: A Valuable Opportunity
Another option to consider is purchasing a pre-construction condo, which can offer several potential advantages. You may be able to lock in current prices before market values rise and have the flexibility to customize certain design elements, allowing you to personalize your space from the start. Additionally, newer buildings tend to be more energy-efficient and equipped with the latest amenities, which can help reduce future costs. Pre-construction condos can also present an opportunity for future appreciation, as units often increase in value by the time they are completed.
Making a Smart Investment
Both condos and houses can be excellent investments in London’s growing real estate market. However, it’s crucial to understand potential maintenance needs for either type of property. When considering a condo, familiarize yourself with the condo corporation’s rules and responsibilities to ensure you’re clear on what you’re responsible for as a homeowner. With London’s real estate market expanding, condos offer an affordable and practical option for many buyers.
HOUSES
- Private yard.
- Maintenance outside is always required.
- Not required to ask anyone if you want to paint your outside door or put on a new light or a new mailbox.
- No condo fees.
- You are responsible for all insurance costs.
- You have total control (within the law) of what you can do to your property
CONDOS
- Generally freedom to do what you wish inside (within the law and your Strata By-Laws), but outside you normally need permission from the Strata Corporation for many changes and/or improvements.
- Exterior maintenance including snow removal and landscaping is taken care of by the condo association (from your monthly condo fees).
- Insurance that covers the exterior and the building structure itself are part of your condo fees (but you will need your own personal insurance for the interior and personal affects, much like renters insurance).
SHARED COMMON SPACES
Condos can often have restrictions put in place when the Strata Corporation was first setup or that have been voted on by everyone in the condo association.
Things to watch for are:
- Pet restrictions
- Age restrictions
- Rental permission, etc.
- Smoking Restrictions
- Use of Drugs
OTHER THINGS TO CONSIDER
- Do they have enough money in the reserve fund to cover maintenance and other issues?
- How do they pay for major improvements? (From reserves collected from monthly fees or from special individual/group assessments for small or large sums of money to put towards these improvements)
- Are there any plans for future improvements?
More and more people are considering condos, and as a result, there has been a huge rise in the development of condos in the London real estate market. It is important, though, that when deciding to buy a home, you determine the type that you want. Feel free to contact us at any time to learn more about the condo and house market, and we would be more than happy to provide additional information on the benefits of both types of home ownership.
Start Your Search Today
If you are interested in buying or selling real estate in London or the surrounding areas, we have the expertise and know how to help you achieve your real estate goals! Contact the MYLIE Group Real Estate Team today to get started!