Toronto Condos -- Should You Own Or Rent?

By Author: Robert J Wilk
Total Articles: 41
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Downtown Toronto condos are becoming an extremely popular housing option in the city. In recent times, numerous luxurious condo towers have been constructed around Lake Ontario. These Toronto condos can be owned or rented, depending on which is convenient for you. Both the options have their pros and cons. The decision finally depends on your purpose of staying in the city. Knowing the advantages and the disadvantages of owning versus renting will help you select your option wisely.

Owning Toronto Condos

Owning a condo is an ideal option if you are planning to move to Toronto on long-term basis. It will be your sole property and you live as you like. You can bring your friends, keep pets and personalize your home interior. You don’t have to worry about paying rents or dealing with prying landlords. Owners of Toronto condos can settle in the city without worrying about moving homes if the landlord’s requires them to. The market price of downtown Toronto condos increases with time, making it a huge investment. You keep the equivalent fixed compensation when your condo builds in value. On the downside, ...
... you are responsible for the maintenance of the property, paying off utility bills and paying off the mortgage.

Renting Toronto Condos

If you are moving to Toronto for education, job or any transitory purposes, then downtown Toronto condos are best rented. By leasing a condo, you don’t have to worry about its maintenance, utility bills or the mortgage. If you are unhappy with the condo, you can move without worrying about selling the property. However, renting may come with more setbacks. The landlord of the owner tells you how you should live in his or her condo. Unlike owning, renting drastically limits your options. You cannot refashion the interiors without the landlord’s consent. You are limited from inviting friends or keeping pets if he or she disagrees. Rents for Toronto condos are usually unstable; they can increase anytime. In short, renting a condo requires you to please the owner, especially if he or she is unmerciful.

Owning Vs. Renting For Families

The decision to rent or own also depends on whether you are single, married or have a growing family. While renting maybe a comfortable choice for singles and married couples, it will be difficult if children are involved since you are limited in your actions. Although
Toronto condos may suffice for small-sized households, a family that is expanding may not find a condo to be the best option. Children enjoy a spacious home where they have the freedom to live without a landlord putting up rules. It is only natural for owners to worry about their property when couples with kids move in. Nonetheless, downtown Toronto condos offer extremely comfortable living space for qualifying residents.