Most homebuyers in Canada prefer buying townhouses, semis, or detached houses because of the space they offer. However, with rising house prices these types of properties have become unaffordable, especially for first-time home buyers in Brampton. Living in a condo in Brampton has its perks, despite being smaller in size.
Before you make your final decision, take some time out to read this article. I’ve highlighted five benefits of purchasing and living in a condo in Brampton:
1. Way more affordable
The average price of a 3-bedroom townhouse in Brampton is $1.1 million (March 2022) and that of a 3-bedroom detached house is $1.3 million (March 2022). On the other hand, the average price of a 3-bedroom condo in Brampton is $792,000, which is a $400,000-$600,000 difference.
Older condos in Brampton are massive and spread across 1,200 square feet (for a 3-bedroom condo), which is enough space for a family of 4. Even if you work from home, you can convert one of the bedrooms into a home office.
2. High walkability score
Living close to every-day amenities including grocery stores, banks, hardware stores, and recreational areas is a major plus. Canadian winters are brutal and you wouldn’t prefer travelling a long distance to get groceries.
3. Better social life
When you live in a neighbourhood, you don’t come in daily contact with people on your street. However, when you live in a condo, you often come in contact with your neighbours. It could be in the parking lot, waiting for the elevator, or when you take kids out to play. Also, many condominium associations host activities throughout the year, where you can socialise and make friends.
4. Lower insurance costs
Like all other expenses, condo insurance in Brampton is much lower than insurance for other types of properties. Condo owners pay $345/year in insurance, while detached house owners pay $1250/year on average. The lower price is because in condo insurance, you only insure the inside of the unit but in other types, you insure the structure, front yard, and backyard (if you have one).
5. Lower cost of living
Purchasing a condo requires a lower down payment because it costs less than other types of properties. This also means your monthly mortgage payments, property tax, and maintenance cost will be lower.
Why purchasing a condo in Brampton is beneficial for first-time home buyers?
If space is a constraint, consider moving away from the city. However, please know that most homes sold today are sold unconditionally. This means, if you find some leakage or wall cracks after you move-in, you’re responsible to fix them. The previous owner isn’t liable. This could cost you hundreds to thousands of dollars.
If this will be your first-time buying a property, strongly consider a condo in Brampton. Over the next few years, you’ll build equity and the price will go up as well. During this time, educate yourself about different cities you’d like to live in for a longer time or permanently.
For more information on which condominiums are best, please reach out to me today. I’ll give you detailed information about management, amenities, and general demographic living in these condos.