The Pros and Cons of Toronto Condo Rental Versus Ownership
Let's take a quick look at the pros and cons of a Toronto condo ownership versus renting a unit. If you've been having questions about both the benefits of renting and owning your own property, the following information may put some of your questions to rest.
When you're looking for the newest upgrade features...
These are usually to be found in a condo development. These places are made to be sold quickly and with updated bathrooms, kitchens and appliances they are able to sell faster. There is a lot of competition in the condo market and it’s a lot easier to find the best granite or quartz countertops in a Toronto condo for sale. As for rental units, the landlord is less motivated to offer upgraded features since he knows that many tenants are not going to be treating the unit with the utmost care.
The amenities found in these property types
If you're looking at newer apartments and condominium complexes, both can offer the same types of luxury amenities including a pool, gym room, party room etc. If you're looking at the older buildings, however, it may be harder to find all the amenities you want in an apartment building versus a condominium block.
Covering the upfront costs of ownership
You'll require a down payment to get started with Toronto condo ownership, which is one of the main reasons why so many people continue to rent. In order to start renting an apartment all that will be required usually is the first and last month rent and perhaps an additional security deposit. As well, there will be closing costs associated with condo ownership.
Taking care of the units
With a condo you'll have the responsibility of handling any appliances that break down while the landlord will be responsible in a rental unit. In most cases though, you may not expect to see your appliance fixed in a hurry in an apartment and you may be in for a wait. With a condo unit, however, you'll own your own appliances while with a rental you are just being given temporary usage of them while you occupy the space.
Owning a condo is an investment in your future
You can generally expect any Toronto condo you buy to appreciate in value over the years. While it's going to be cheaper to pay rent every month on an apartment, you will never see this money come back to you. With a condo, even though you will have to pay a larger amount on a monthly basis to cover both the mortgage and the condominium fees, you'll be quietly building up a nice nest egg of equity for yourself and your future.
What it all boils down to is putting a plan together to make Toronto condo ownership something real for you. Getting over the initial hump of putting together the down payment needed to purchase the right condo can sometimes be difficult but it's definitely worth the effort when you consider the final payoff in terms of equity value.