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Toronto Waterfront Condos: Why Condo Lifestyle Differs From Other Types of Apartments

Choosing where to live can be quite daunting. If you have to choose between renting a condo or an apartment, you’ll want to know which option is best for you and your family. We consider how the condo lifestyle differs from other types of apartments. This eye-opener will help you get familiar with possible changes to expect if you consider renting a condo instead of an apartment.

Ownership

Condos are often owned by private individuals who are seen as landlords. They can be bought on loan by the resident. Condos are managed under the aegis of the Homeowners Association (HOA). Apartments, on the other hand, are often owned by corporations and leased to individual tenants. Real estate firms usually manage the rentals and maintenance of apartments.

A tenant may buy a condo if the landlord is offering to sell it. You will find a list of landlords consisting Waterfront Toronto condos for sale. Apartments may also be bought, but they are mostly for rent. Hence, if you desire long-term accommodation, you should consider getting a condo. If you are renting a condo, you may be able to negotiate better with the landlord. Besides, you may eventually buy the condo you rent later when the landlord decides to sell.

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Amenities

The basic amenities you will find in both apartments and condos are similar. However, you can expect more amenities in bigger condos. These may include a lounge, pool, concierge, and outdoor spaces. The amenities are shared and are maintained by charging each condo occupant maintenance fees. Condo owners have the responsibility of repairing faults within their units. This means major repairs may take longer in condos than in apartments, especially if your landlord is not always available. However, condo deals allow tenants to take on some simple repairs when the need arises.

Flexibility

Owing to the difference in ownership, condos offer tenants more flexibility than other apartments. Condo tenants have more freedom to customize their accommodation to suit their preferences than those living in rented apartments. Also, units in apartments tend to be more or less similar in size, shape, and look. However, there is a variety of units within condos. Since the individual owner can customize the unit at will, tenants may have a different experience when switching to another unit. Hence, home ideas that reflect religion or culture, such as Zen, can be showcased in condo units.

Cost

Many people think the cost of renting a condo and an apartment is the same. This is only half-true. Bigger condos that offer more amenities often charge more than others. You may need to see a financial advisor to determine if you can afford to live in a bigger condo.

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Condos can be bought on loans. You can choose to buy a condo as a long-term personal residence or a form of investment in real estate. Either way, you should look out for Waterfront Toronto condos for sale.

Conclusion

The condo lifestyle is the dream of many. However, you need to understand the impacts a condo accommodation can have on your lifestyle before you get it. The drill is simple. When thinking long-term, think of condos.