Buying a new home in London, Ontario is a big decision and you need to carefully consider every last detail. If you are single, have a roommate, or a small family you may be thinking about buying a condominium instead of a home. In cities, condominiums are usually more prominent, especially for first time buyers. But there are many different things you need to consider when choosing between buying a condo or a home. Whether you are looking at a single family dwelling or a condominium unit in London, be sure to understand all of the facts before you buy.
It's a well known fact that buying a condominium is a good investment in the long run because you can rent it very easily, especially if you are in a prime location. Some people even refer to condos in downtown cores as money makers. While this fact can be very true, there are some downfalls about condos that people forget to consider. For the most part, it's difficult to resell your condo for the amount you paid for it. You also should consider how important solitude and privacy is to you. Obviously, your privacy can diminish when you have immediate neighbours in a heavy populated building. This could be a great thing if you have great neighbours. But you have to consider that you may move in next to a musician who plays his very loud bass at all hours of the day. Your peace and quiet is only as good as your neighbours.
But enough about the negative stuff, condominiums have so many great aspects. Any professional real estate agent will tell you that the amenities in a condo are a big selling point. Think of how great it can be to live in a building with amenities like a pool, hot tub, gym, sauna, pool table, or entertainment room. If you take advantage of these amenities, you may even be able to save some cash on your monthly gym membership! Another great thing about condos is that they are usually very centrally located. You could be seconds from your local coffee shop, bank, grocery store, public transportation, and more.
Even though condos have great perks, you should consider the great things about buying a small home as well. You can have the freedom to live unrestricted. There is the option to have a yard with a garden and for your children to play in. There is also no chance for noisy neighbours banging on adjoining walls. Two obvious cons to buying a house are the fact that they require maintenance inside and out and are generally more expensive.
Whether you are looking at lofts, condos or townhomes, or detached homes, there are three factors that should help you when determining what type of home you should purchase. How much do you want to spend? How much privacy do you want? And do you want to have a good renting option? After you consider all of these questions, the answer should be right in front of you. When you're ready to start your home search be sure to contact a local agent for help.