House vs condo how do house & condo resale values compare

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House vs condo how do house & condo resale values compare

  1. 1. 'islnijíiir H : it Listings @TheRedPin HOUSE VS CDNDO HOW DO HOUSE C: CONDO RESALE VALUES COPAPARE” Search The Pulse: Q te, House vs Condo: How do house & condo resale values com pare? ,OURRÉALEHATEUPDAE JT-iEFiEÍFPIW EÊBRULFV 30 3015 Join TheRedlPin neiysietter' nummg mmmmn GTAs H ousii ng Market l llllll Get customized, daílv lístinas for free. Now _you can sell your home i-vithout paying the seIIer's side oi the Commission . .cr. ,,t, pc. ,., .s rcrrsk. ..g ga. .. c r. . r , JLLIL/ 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, Get customized, 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? Sign 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 land. 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 value 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 l 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 . Sign up Now 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 the shcirt-term. lwiy 7 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. T0 stay on top of real estate tips, Subscribe to TheRedPin Newsletter Commentse Mike FÉ"“l, l'›'iF ' L1 GClOiÍl info 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 s s 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. TheRed Pin , ¡ 'JJAPCH c LT 7 4D PM Hi Eugiene, Wed lliike to thank you for your feedbacki Ycru bring Lip a valid pciiht, it's ciften : ne case that ccrnijci e e maintenanc fe s do increase in time. Yet, fees ijlc›n 't necessarr y Get customized, daily listings for free. IEMMUI 2 ket as a number' of condcis experience very reasonable year> sibly avoiding 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 Cr tir influence crver irow rríuclh maintenance fees increase, su a may t' it O s critiical you do your research and yicirk h . n expert iealtor' pr e Toy Lcifts have been sci expertly manat_ ed that main w 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 the (STA. Thank you and if ycru have any rather' piziints you'd like : ci ccimmriunicate, ple: e feel free tn contact our brcikerage civei' the s phone at (416) S00 0812 or email at info@theredpii'i. com x Leavea Reply Your email address will not be published. Required fields are marked * Name' Email' Website Comment Submit