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House vs condo how do house & condo resale values compare
'islnijíiir H : it Listings
HOUSE VS CDNDO HOW DO HOUSE C: CONDO RESALE VALUES COPAPARE”
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House vs Condo: How do house &
condo resale values com pare? ,OURRÉALEHATEUPDAE
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Now _you can sell your home i-vithout paying the seIIer's side oi the Commission
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investment knciw' that llcrcation iwliile *iuigely important), is not the
only factor that impacts the resale value of a hcime.
From the timing of selling a home to the age 'f the homre, there are a
slew cif facto-s that infliiuence hi: v' much your prciperty 'Willi sell fcir,
ivhen yciu decide to put it on the market. Home type is among the
daily listings for free.
mos: i m pcirtaríit factors.
fi/ ith than in mind, we chose tci answer the foi civiing ¡JJÊSÍIOHI How
do resale values compare for a house versus a condo?
Wh e llifestyíe ichciices are instrumental in deciding »whether you
shoulifl buy a ircau iondo, rcir this pcist we iused cin the
, e .
investment side by icciking at resale ixaliue.
House vs condo: How do resale values compare?
House advantages for resale value
o Higher price appreciatíon
Apa't from rare excepticins, 'nciuse prices appreciate at a lnigher rate
than condom i n i ii m apart m ents.
ÂCCC/ iicillllig to ReaINets llatest report, prices of CJVi/ 'i/ *TÍSÉ 'icimes in the
GTA lfiwhich ncllude ijetacherj, Seliilnjrãtaiíhàd and tciwnhiaiises)
clim bed up by 80a in 2014, ccimpareij tci 4% icir condos.
il/ h y 7
In Tcircantci, a key reascin is suppiy. Wnille the ccincdo market is keeping
pace *with demands of biiyers, thanks tci record breaking number of
new Condo completions, the same can't be said foi' houses.
fi/ ith houses in tight supply, the market fails address the demand
of buyers eageriy in search of a single~family resiidence. This in turn,
puts greater pressure cin existing stock and cirrves up res, le va ue
faster for houses vs ccinrjos.
, onc- main factor' cones into pllay ~
Vilhen llOOkllií; at r
By buying a hciiuse, yciu not only own a home but more importantlly,
Ciwninig land is the iricist lLlCTõÊllVE par: nf your hcruse purchase,
because the demand fizir a plo' of Ianc will always increase. As the
supply of land is fixed and demand is cinlly set tci gci up. Ythanks to
Lirbanization and popullaticin grgivtli), land proves tci be a primary
driver behind higher resale viall ue of lhouse. In a confio, you cinlly
share crwiier'si“iiip in the commcin areas.
- Opportunity to renovate your house. means higher resale
In a hciuse, yciiu have ciimplete and utter freeccim to transform the
space any way you wsh - with the Linbriidled pcitential tci grow yciiui
investment. Viiiietlier' that means Lindertaking a kitchen redesign.
installing a ceck or even constrructing a new addition ici tlhe hciuse.
Llnciertaking hcime improvements rjoesn 't only enhance the design
and livability cif a house, but hellps drive up the resale 'iaalliue, iynen it
comes time : ci sell.
It's important to choose the best home upgrades foi' resale properties Get Customüed
to ensure that you get the highest return on iniviestment. Typicalillyp listings for free.
renoviations made to the kitcnen and pathrooms increase the hcime s
value the most.
Linlke houses, condos ciffei' very few «gpporturmties to ini. :rease the .
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resa e *value through renovat ons. Apart from putting up a new izcrat of
paint cir installiing light fixtures, by Iaws there are restrictioiis on the
kind cif changes that can be make to a condo su'
Condo advantages for resale value
o Keeping a condo in good condition is easier
A hc>me in gocid condition will rescinate better 'iuith buyers and is
likely get snatclhed ifr' tire market quicker' - iaverall, increasing its
resa e ivalue. After' ali, *who wants to mcive into pocirly mainta ned
hcrnnes riddleij 'with cracks and icilamages.
and piping repairs to garbage pickup and Ianijsraping, By ensuring
the puiilrjing is 'viell m anac_ ed and in a tcip~notch conijiticiirr, your
investment and resale 'value remains strong.
Vvhen iawiiing a hcruse, the task of ma ntaining the ccinijitivjn of the
property falls cin the ciivner. Security, insu| atic›n and plumbinc, allong
with laiyn Lipkeep is the responsibility cif the hcirrieciivner. Plus, 'nciiises
are 'ricire prone to damages with an expensive and time-intens fix,
- Condo advantages - Renting
Rather than having tci *wait years fcir prices to appieciate, as an
alternative ijptiijn, it is easier fcir ccindci ijivners t t
By "enting out a condci suite, the ccinijlci civiner has a ste: .iy flow of
money coming in, and has the cipticin tci sell »when the mark
stron gi .
Ir' the address or' the ccindci is in an ideall locaticin, this 'Wllllll attract
renters. Ideal llcicatiijn being clcise tci urban centres, grcicery stores
and transit. According to TREB, Tcrrontci landlrsrrjls earn an average
of 23'3i1:› more *ivhen renting condli) apaüments vs tciwirhciiuses.
o Condo advantages - A more affordable investment
In Tcironto, the price gap between a ccinijc› and a house is the highest
it has ever been, the rfiifference among the twci sits in : he mid
SZOOks. In adiditicin, the . averagie price foi' a detached prciperty in
Tcrrontci hcrvers just 'pellcivi' the $1 million mark, ivhich is *why so many
hcimebruyers are turninig tci condos.
As hciruse prices become increasingly out of reach, cont:
prove to be
the 'ncrre affcirdlable ciption for those keen on investing in real
estate. In partii: :ular, it's WISE fcir TITSÊrÍiiTWE home buye"s llociking to
make the Ieap from renting to cipt for a condo because cif their lciiyier'
price points. This way, you're strill able to builc your iziwn equity *ivith
. dable property.
ll/ liruie many iziirii' / ean to ONE side of the ibgic, those rn setarch of
a (rear-cut tansiaiei' to the tyuestitvn "house VS condo: lWiiCil? is a better'
. investment, " i-'. ii. i'/ not ríind an tanrswer. To earn the most nn your' rea!
estate investment and rnaxrrwiize the resale ixaiciie, it's [rest to speak
ivith a _professional Reaitorà ivhtv car: fierlp you namorar' dolu/ n a
procierty type, based on your peisonai' budget and lifestyirle choices
that are reieivant to you.
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House vs. (Zonidcr ccimpariscin yciu have idcine dcresnt take into
ccrnsideratizjn regular ettpenses. V-Jhile maintenance expenses for
house iusually do not dem , ns“rate substantial increase civer' the
years, condos' maintenance fees skyrocketing. Starting from 0.3
si' cçft foi' lVCiiÇllE-SÍ new midihiiglli rise «jevelciprnients it rjciiubles in
ccinccis' value. Renting out the condo can only be 'proftable' if aji
e property is purchased for cash, b) it is smalll e say Ibi' + den,
and cji it is ielatively new' - less than 5 years old.
, ¡ 'JJAPCH
c LT 7 4D PM
Wed lliike to thank you for your feedbacki
Ycru bring Lip a valid pciiht, it's ciften : ne case that ccrnijci
maintenanc fe s do increase in time. Yet, fees ijlc›n 't necessarr y
daily listings for free.
2 ket as a number' of condcis experience very reasonable year>
projects ivith high maintenance amen tres sucn as tennis cciurts cir
magor llandscaping. Doing your research about the condci is also
important, The condo ijlevelivper" and bciard f ijirectcrrs ciften have
tir influence crver irow rríuclh maintenance fees increase, su
s critiical you do your research and yicirk h . n expert iealtor'
Toy Lcifts have been sci expertly manat_ ed that main
before you pick your property. Certain @level
have fallen by 30 percent.
Wh ie house rriaintenranize doesn't increase on a regular' basis such
as rn condos, hciuses [particularlly older izines) are often subject tc:
bic ger and m cire expensive ijne~off maintenance JODS, such as
sudden iciof damage. Keeping up to eectrical CCiLiÊ changes or
even fixing tne roof can also set you back considerably.
If you approach yciur ccindci purchase frcim an nimestment angle. it
is c: ical that you pick the right ccinijci. If yciur focus is renting,
then picking a newer', smaller' ccindci in an urban centre is the
best way to gci as you mentionerj.
It's also important to ncite that condos are far mrore affordable n
terms of price vs your' average house, particularlly in the City of
Tcrrontci. Accciriâling to RealNet, the price gap between a nevi
ccinrjci and a hciiuse is nciw' hearing a reccird breaking SBÚIIOOI) n
Thank you and if ycru have any rather' piziints you'd like : ci
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