Buying a condominium

When it comes to taking out home loans, there is no shortage of options on what types of properties to purchase. Some buyers may be hoping for a detached house with a yard, while others might prefer the simplicity and convenience of a condominium. If you find yourself in the latter camp, it's important to understand the ins and outs associated with purchasing a condo.

What is a condo?
A condo acts like a combination of a private home and an apartment complex. An owner's residence is owned privately, but common areas are owned collectively by all of a complex's residents.

Condos also feature associations that manage common areas and certain aspects of all properties.

Benefits of a condo
In areas with high property values, a condo can offer the comforts of home ownership at a more affordable price. Additionally, for buyers who may not need an excessive amount of space, condos offer tax incentives available to homeowners without worrying about constant upkeep and maintenance of a large property.

Condos are also often located in convenient, central areas that are close to offices, shopping centers, restaurants and entertainment venues. Continue reading

The differences between condos and houses

Houses and condominiums are often grouped together, used as interchangeable units in housing statistics and real estate guides. The truth is, there are major differences between houses and condos. For Canadian consumers in the market for a home, recognizing those differences is vital to making an informed decision.

Houses and condos each offer their own set of advantages and disadvantages, and deciding which is better is best left up to each prospective homeowner. However, there are some general pros and cons for each type that homebuyers should keep in mind before filling out a mortgage application. Continue reading