Homes for Sale in Toronto: What Type of House is Most Suitable for You?

LUCKY ARUL HOMES
July 4, 2020

Saturday, July 4th, 2020

When you are looking for homes for sale in Toronto, you will have a variety of property options to choose from – each comes with its own price range, style, features and amenities. Before you begin the search for your dream home, let’s take a look at the options available and their unique features so you can decide what type of house is most suitable for you and your family.


Townhouse

A townhouse is a building complex situated in a row of similar looking houses. They are attached or built very closely. In each unit, you share a wall on either side with the neighbouring townhouse unit. Townhouses can be 2 or 3 storey tall. Townhouses in architectural structure can be like traditional houses with slanted rooftops or stacked condo townhouses which are more modern in structure bearing box-like geometrical shape. Townhouses differ from condominiums in that townhomes allow for ownership in the land on which they are built. Townhouses usually come with front space and backyard, giving plenty of private outdoor space for you to enjoy. Townhouses are also less expensive than houses in Toronto and cost $882,929 as of July, 2020.


A condo could be blacklisted for a plethora of reasons such as:


• The condo corporation has taken loans to compensate for the common expenses deficit required to maintain condo amenities like pools, gyms, general building maintenance, and so on.


• There are liens against the property. A lien is a form of security interest granted over an asset such as property to repay a debt or some other financial obligation.


• The condo corporation is facing legal charges.


Condominiums

Condominium or condos are residential units in a multi-complex building that are owned by individuals instead of landlords such as in apartments. Condo-owners have rights to the interiors of the property. The communal area, parks, amenities, etc. are generally owned by the Homeowners Association (HOA) for which condo-owners have to pay HOA fees. Apart from lower hassle of maintaining the property, condominiums also come with added amenities such as gym, pool, social gathering spots and so on. They are also the cheapest when it comes to buy a house in Toronto making it great for first time buyers, empty nesters and investors. The condo market in Toronto has seen a great boom over the years.


Detached house

A detached house is a traditional house that stands on its own and tends to be the most expensive type of homes for sale due to the land costs. You own both the house and the land. As a result for any repair or maintenance, it is you the homeowner who has to bear the liability. Homeowners enjoy privacy and are free to make changes to their house, interior and exterior, while adhering to local bylaws and applying for renovation and building permits as required. Single family houses appeal to a huge number of people, including families with many children as they provide ample space and privacy but tend to be costlier in price as well as hard to maintain. Current Toronto MLS® stats state an average house price of $1,059,953 as of this month.


Semi-detached house

Semi-detached house is similar to detached house except the home is attached to another house on one side, hence the name semi-detached. Owners are typically responsible for the care and maintenance of their portion, and have rights to their side of the property, including the land just like detached properties. Semi-detached houses are usually less expensive than detached houses and appeal to homebuyer who want their own home and privacy but in a more affordable price range.


Ready to start the search of your dream home? We can help you find the right property from a wide range ofhomes for sale in Toronto or anywhere in GTA. Call Lucky Arul Homes at 4165189782 today or send email to [email protected]