The following article was written by Michael McCann, who is a long time Toronto resident and real estate agent. He regularly writes for Zoomer magazine.
Remember when you were given the keys to your condo and the unit seemed huge and offered a spectacular view of the city’s skyline? Those were exciting times, living in downtown as everything that the city offered was just outside your building’s front door; shops, entertainment, restaurants and the nightlife. You pitied those poor house owners who came into the office complaining about slow transit, snow shoveling, house repairs and endless trips to Home Depot.
Now fast forward 5 years and it is funny how much you can change in that short period of time:
- your space is now shared with a partner
- every corner of the unit is chock-a-bloc with stuff
- weekends are filled with finding ways to escape the city
- your once skyline view is now filled with new condo towers and building cranes
Living in a condo offers you certain benefits, in that paying your monthly maintenance fees goes towards the repair and upgrading of common elements. The problem is that for these repairs you are one vote and for any upgrades it is a one size fits all. For example, repairing the underground parking works for the building but it won’t translate into a higher selling price for your unit.
If you are paying $700 per month in maintenance fees, plus monthly property taxes, it is almost comparable to the monthly expenditure for operating a house.
Typical average monthly household expenses for a 1800- 2,000 sq. foot house are as follows:
- Gas Heating – $170
- Electricity – $120
- Water/Sewer – $100
- Property taxes – $320
- Insurance – $60
- Maintenance – $250 (you want to keep up with repairs so they don’t end up costing you big time down the line)***
Total= $700 (does not include property taxes)
*** I would also suggest you take a look at a blog I did last month here which addressed budgeting for major/minor home repairs (this includes furnace, electrical, windows, roof, etc.)
What Are The Advantages of Living In a House?
- The possibility of getting stuck in an elevator is no longer a worry
- You now have the option to renovate on a major scale, including the opportunity to increase your square footage
- A larger outdoor space in the form of a front and backyard offers a great space for entertaining family and friends
- Add a garden or landscape with personal touches: including a myriad of flowers, fruit and vegetables
- Every neighbourhood is unique and whether metropolitan, suburban or rural you are sure to find one that fits your lifestyle
I have seen singles and couples buy houses and the one thing they share in common is a deep rooted pride in owning a house and not an address.