Hi Everybody,

I am thinking of buying a shelter in Mississuga. Though I want to go for a detached house after 4-5 years, in the interim, I want to buy a house instead of renting.

My thinking is that

1. High rise condo: Maintenance is high, Low in appreciation, and difficult to sell.

2. Semi or Detached House: High Initial Cost, and Loads of other work to do which I don't want to do for a while.

So can Townhome Condo be an answer ?... I have not seen too much write up about this, Is this because people don't prefer to stay there. ?

In comparison to High rise .. I feel the maintenance is low and if I am right no much work involved . I would like to have some inputs on this

Thanks

A condo townhome is definitely a good bet for a first-time home buyer, because not only it is reasonably priced; less than a freehold property of same size and comparable location but also it appreciates in value, as per the TREB stats of condo townhomes sold in GTA since last 10 years.

Like any condominium corporation, the condo fees cover the building insurance and common area maintenance fees. In townhomes, the utilies are paid by the unit owners; as per their individual hydo, gas and water meter readings. In condo apartments normally all the above is mostly covered within the condo fees (these days you can find new hi-rise condo apartments with individual hydo meters).

A 3 bedroom condo townhome (1500-2000 sq feet, less than10 yeas old) in Mississauga cost approx. $ 230,000 to 275,000, at the time of writing this post. The condo fees range from $100 to 300 per month. (depending upon what is covered within the condo fee, e.g. some condo corporations even take care of changing /replacing roof, roof shingles, external doors, windows, furnace, snow removal, roads inside the condo complex, parking, garage doors, landscaping, lawns and external structure's repair and up-keeing etc.)

The major principle of choosing the condo townhouse corporation is similar to that of any other condo apartment building, i.e.; to go through the condo status certificate and have your lawyer read and explain to you the condo reserve fund and documentation.

A good Realtor will always protect the home buyer's interest by including a conditional clause in the agreement of purchase and sale, that will allow the condo staus certificate to be reviewed by the buyer and his lawyer .

Read more: http://www.canadiandesi.com/article.php?AID=61&SID=4

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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/

Amit,

I just clicked and read your article on buying a house versus a condominium.

It was helpful and easy on the brain- thank you.

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*Don't expect me to be perfect all the time, but please recognize it when I am. -Ashley Brilliant (#4114, c1987)