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Vaughan Condo Sales - Why Condos are Hot Right Now
You have a lot of choices available to you when it comes to purchasing a home. While single-family homes are popular, condos have been getting a lot of attention lately. Condo is short for condominium, which is an apartment-style dwelling. Instead of renting an apartment, however, you purchase it just like you would a single-family home. Here are a few reasons why Vaughan, Thornhill and Toronto condo sales are hot right now.
Reduced Responsibility
As the Baby Boomer generation ages, many of them want to escape the hassle of owning a single-family home in the GTA area.With adult children often living far away from them, a lot of people in this age group donít have the help they need to maintain a house. Condos offer the best of both worlds. Residents own their home, but the common areas and the exterior grounds are maintained by the condo management company. This translates into less time and expense for condo owners.
Investment Opportunity
Another reason Toronto and Vaughan condo sales are hot right now is they offer a great opportunity for residual income. Many condo associations allow tenants to rent their homes. A person can earn quite a bit of income renting out the condo, especially if it is located in a high-demand area. Income from this type of arrangement can supplement retirement earnings or help pay the mortgage until the owner is ready to live in or sell the space.
Save money
People today are realizing that they donít need a big house to live comfortably, especially if they donít have children. People who switch from a single-family home to a condo experience lower utility bills and often enjoy access to amenities they would have to pay separately for, like exercise facilities and swimming pools. They also donít have to shovel the snow or mow the lawn.
Vaughan and Toronto condo sales have been taking off for these reasons and more. If you are considering purchasing a condo, talk to a knowledgeable real estate agent, like myself, Judi Kohn, Sales Representative, Royal LePage that can help you get the best deal on your condo.
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