A lot of people who are looking to get into the real estate market will start out with a basic home
A lot of people who are looking to get into the real estate market will start out with a basic home within city limits. Often, these homes are townhouses or condominiums that offer easy acce to local hot ots as well as job markets. Like any major metropolitan center, Mi i auga has a wide range of condos and townhouses available for first time buyers, with plenty of models and prices from which to choose.
Condominiums
Condos are highly sought after by first time buyers because they are easily resold when the time comes to move up. In recent months, however, there have been questio as to just how great a deal it is to invest in one of these buildings. The first knock agai t them is the high monthly fee these fees are only likely to increase as the years go by. Sure, it is nice to have a pool and recreation facilities, but you must weigh the costs agai t the frequency with which you will use these amenities. You should also co ider the future, when it comes time to leave your condo for a standalone unit. With new condo projects being started all the time, older condominiums are not as likely to gain in value as many developers would have you believe.
De ite recent warning sig , condos remain popular due to their acce ibility and the creature comforts they provide. Some new complexes within the Mi i auga area include King ridge Garde (one and two bedrooms), King ridge Garde Circle (1 to 3 bedrooms), Erin Center Boulevard, and Burnhamthorpe Road. It should be noted that the developments on the harbour of Lake Ontario are likely to cost more, but often also come with much better amenities such as central air, 24 hour security, and better recreational facilities.
Townhouses
For those who like the idea of the proximity and low maintenance needs that a condo has to offer, but do not want the added costs of membership fees and higher strata, a townhouse might be just the thing. Townhouses have some similar drawbacks to condos, in that new developments continually being built tend to dampen some potential gai in the long run. Neverthele , townhouses can be perfect for small families just looking to crack their way into the market within a good distance to centres of employment.
Townhomes are available at an incredibly vast range of prices in Mi i auga, from a low of $118,000 at a complex on Roche Court (with three bedrooms) to a who ing $939,000 asking price for a three bedroom home on St. Lawrence Drive.
As the prices for both condos and townhouses illustrate, the definition of starter home greatly depends on who is doing the starting. In general, both types of homes are more affordable than stand alone houses in the same neighbourhood, and are therefore co idered suitable for new buyers in order to gain a toehold on the market. First time buyers should always make sure to carefully research housing trends in the neighbourhood, and for the type of property in which they are investing, before completing the sale.
Condominiums
Condos are highly sought after by first time buyers because they are easily resold when the time comes to move up. In recent months, however, there have been questio as to just how great a deal it is to invest in one of these buildings. The first knock agai t them is the high monthly fee these fees are only likely to increase as the years go by. Sure, it is nice to have a pool and recreation facilities, but you must weigh the costs agai t the frequency with which you will use these amenities. You should also co ider the future, when it comes time to leave your condo for a standalone unit. With new condo projects being started all the time, older condominiums are not as likely to gain in value as many developers would have you believe.
De ite recent warning sig , condos remain popular due to their acce ibility and the creature comforts they provide. Some new complexes within the Mi i auga area include King ridge Garde (one and two bedrooms), King ridge Garde Circle (1 to 3 bedrooms), Erin Center Boulevard, and Burnhamthorpe Road. It should be noted that the developments on the harbour of Lake Ontario are likely to cost more, but often also come with much better amenities such as central air, 24 hour security, and better recreational facilities.
Townhouses
For those who like the idea of the proximity and low maintenance needs that a condo has to offer, but do not want the added costs of membership fees and higher strata, a townhouse might be just the thing. Townhouses have some similar drawbacks to condos, in that new developments continually being built tend to dampen some potential gai in the long run. Neverthele , townhouses can be perfect for small families just looking to crack their way into the market within a good distance to centres of employment.
Townhomes are available at an incredibly vast range of prices in Mi i auga, from a low of $118,000 at a complex on Roche Court (with three bedrooms) to a who ing $939,000 asking price for a three bedroom home on St. Lawrence Drive.
As the prices for both condos and townhouses illustrate, the definition of starter home greatly depends on who is doing the starting. In general, both types of homes are more affordable than stand alone houses in the same neighbourhood, and are therefore co idered suitable for new buyers in order to gain a toehold on the market. First time buyers should always make sure to carefully research housing trends in the neighbourhood, and for the type of property in which they are investing, before completing the sale.
