An Affordable Living in a Condo by Taking Care of the Price Factor
You will find numerous articles on the Internet about the benefits of living in a condo or something against it. But the majority of them will favor condos as you can’t find many disadvantages of living in such a type of accommodation. There are not many choices in a big city like Toronto if you are looking for cheaper or more affordable living. That’s where condos always come in handy.
Right from the early days when there was an economic slump across the North American region, the market was ripe. There are many reasons for this, but one of the most important ones is that the price and facilities that those offers are unparalleled. Anyone can find a place to live in a condo with state-of-the-art features or just about average ones. There’s something for everyone and within their budget, and that’s the biggest advantage of living in a condo.
Living in Dangerous Times
The deadly coronavirus has wreaked havoc across the globe, and Canada has also not been spared. With the economy taking a beating, every sector has seen a downside. Real Estate is probably the first to react to adverse economic scenarios, as many factors contribute to it. Other Industries like construction, painting, steel, etc., are badly hit whenever there is a slump in the real estate sector. That’s why the current scenario can balloon into something really dangerous for the overall economy.
The current decade can be termed as an exception because of the deadly coronavirus, but if you can get the data or stats for the last decade, you will be amazed to see how much boom the condos’ real estate market has seen. Also, the profit margin is one of the best and only second after the luxury real estate market. Thousands of condos and construction right from the early 2010s, and virtually all of them were sold or are currently on rent.
According to the latest market research, those are still one of the top three types of real estate when you talk about the Canadian or specifically the greater Toronto region. With the demand and supply pretty much equal, it is one of the most lucrative projects for real estate developers. And people coming from different cities or migrating from other countries, condos fit the bill perfectly.
Price Range of Condos
Price for a condo isn’t an issue as many people look for a comfortable living. On an average, the covered area of a condo is considerably less than a duplex/semi-detached house; the price is also not that much. And when you compare it with a huge mansion, just like the celebrities’ homes and the super-rich, it is not more than peanuts.
If you want a 4-5-bedroom condo just like a luxury penthouse, you will have to shell out a huge amount. But for a 2-bedroom place just like an apartment, there are many options for the people looking for competitive prices. You can get a good condo for between 200,000 and 300,000 thousand dollars.
Final Word
Going for a condo is always a good decision for people who like to live in a place that is not that expensive and offers all the features for comfortable living. There is always the option for anyone to upgrade to a better living and move to a better place. You can always switch to a 3-bedroom spacious condo instead of a single bedroom once you have the finances and are eager to move to a better place.
Think about your priorities and what you can easily afford. Otherwise, you would be burdened with lots of loans that you will find it difficult to pay in the future. There is nothing wrong with taking care of this aspect as it is better to indulge in such activities. Any price for real estate can be a significant factor for a person with meager earnings and a future not looking so bright.
If you think that you can add something valuable to this blog or want to ask a question, then you are more than welcome. For any feedback too, please use the comments section below.
