VERSUS 
Do you save more by chosing condo or freehold property?
One of the common factors which greatly affect Buyer's decision in choosing to purchase a condo or freehold is the cost of monthly condo maintenance fees. In the Toronto real estate market, first time buyers often consider a small condo unit as their gateway to home ownership due to price affordability. Condo is a method of ownership where you only own the unit, and the common elements are shared amongst owners including the utilities for those areas. Condo fees for each unit is calculated based on per square foot cost. So if you are one person who lives in a larger unit, but never use the amenities, you may be interested to compare living in a freehold. Of course, you have to balance the cost with your lifestyle choice as well. When it's time to move up to a bigger home, it may be worthwhile to assess which is a better option for you based on your objectives.
How are monthly maintenance fees calculated for condos, and what do the fees cover?
Some condo buildings have all inclusive fees which includes utilities [water, heat, central air, cable], building insurance, maintainence of common elements and amenities [garbage and snow removal, landscaping and ground, window washing, garage washing, janitorial, staff salary, administration and property management, party and fitness room maintenance, pool etc, as well as your owned parking spot. Condo fees can escalate over the years, depending on the accumulative health of the reserve fund over time, operating cost, inflation, and existing warranties.
What are your objectives?
Regardless of whether you are shopping for a condo or freehold, the cost to maintain your home will vary from building to building, and property to property. An older freehold home may require a larger reserve set aside to maintain and repair big ticket items in need of repair or replacement like furnace, roof, windows, leaky basements, structural damage by termites etc. Home owners may be bounded by condo rules in a condo and paying for recurring monthly condo fees, but living in a freehold has it's own headaches and unexpected costs to maintain the home depending on how much work you are prepared to do. There are pros and cons for both. It is important to have an experienced realtor on your team who will listen to your priorities and meet your home search objectives.
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