For those seeking an affordable way to achieve homeownership, condos and lofts are a good option to consider. They offer affordable pricing and are low-maintenance. This allows for more free time away from home projectsand gardening. If one wishes to live in the heart of the city this could be an attractive option.
The terms are often used interchangeably, they are both single units inside of a complex that contains multiple properties. A loft tends to have a more open floor plan and some are so open that the owner can section off rooms as they desire. Lofts can be warehouses that are turned into residential spaces and can be very beautiful.They often have many architectural features such as open duct work, brick walls and factory windows.
Owning a condo or loft has many advantages, the main one being the purchase price. They will cost less than adetached residential home and are a great option for first time buyers or people who are seeking lower loan payments. They are also a great option for whose who wish to down-size after their children have grown and moved away. Many are selling their large homes and opting to buy a smaller residence and are using the proceeds to fund their retirement.
Not everyone is handy with home improvementprojects, the condo or loft option is good for this type of person. If painting and minor improvements are more your style, this is something to look into. Homeownersassociations handle all exterior repairs and maintenanceallowing the condo or loft owner to spend their free time relaxing.
This style of living is great for people who travel a lot due to their line of work or just because they like to travel. Salespeople and those working for the airlines will findthis to be a worry-free style of living as they will not need to worry about upkeep on their property. One can enjoytheir free time swimming and relaxing instead of mowing the lawn or cleaning out gutters on the weekends. For busy professionals this is an ideal way to live.
One thing to take into consideration is that one will live inclose proximity to their neighbors. But they also will havethe option of living close to the city and this is often very desirable. Finding the right location with the right HOA fees should be considered when looking for this type of property.
If one is gone for long periods of time this could be a greatsecurity solution. It is not as obvious when one is gone for weeks and months when living in a condo or loft. Neighbors tend to keep an eye on units that are close-by.
When in the market to purchase a home, the advantagesof Toronto condos for sale are excellent for those who are looking for an affordable solution. The price per square foot is often less than that of a detached home and the monthly payment will be less than rent on an apartment of similar quality and size. There is no lease to worryabout, it belongs to the owner. There are no cleaning costs associated with pool usage and there are often such amenities as racquetball courts, gas grills and exercise rooms. There are social advantages as well because the residents are all owners and one will have long termneighbors. There is a significant advantage in property tax and it is a good investment.