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TORONTO, ON, April 09, 2014 /24-7PressRelease/ -- It is common knowledge that Ontario in Canada and the GTA (Greater Toronto Area) in general rate as one of the world's most preferred places for investors, immigrants and residents. It is also common knowledge that this area is on the charts for one of the harshest winters in the world.
This is one of the reasons why condo living in the GTA and Mississauga in particular is a greater option for many. This has found favoured especially among new immigrants from Asia who find it harder to cope with snow shovelling, house maintenance and commuting.
A condo lifestyle is now a norm in many parts of the world. Affluent urban people relish the idea of green, landscaped surroundings, plush gym and welcoming pool at the end of a tired day. Nowhere has it found more favour than in Canada where commuting to work often takes up hours and covers large distances. What's most attractive is that all conveniences are at your fingertips with no hassle in maintenance. All you need is a locally experienced real estate agent to help you find the right one for you.
There is a wide range of condos in Mississauga. Contrary to popular belief, condos do not define just high rise buildings loaded with amenities. There are a good range of condos to choose from. Amit Kalia, a Mississauga real estate broker explains further. "A condo in Mississauga can refer to an apartment, townhouse or a unit in an apartment house which is individually owned. There are many types of condos in Mississauga: townhouse or row house, apartment, semi-detached, detached and even hotel suites. Each owner receives a deed for their condo in Mississauga, enabling them to mortgage and sell it independently of the owners."
All well and good! But how do we pick out the right condo from this wide range? What is it about the Condominium Act that we need to know?
Amit: A condominium corporation is governed by the Condominium Act, and is run by a board of directors elected by the owners. When you buy a condo in Mississauga, you take the title to your unit and have all the privileges and responsibilities of ownership, including the payment of monthly taxes and cost of servicing, maintaining and repairing common areas shared with others such as lawns, basement, and garage -- as well as the individually owned units.
Condos don't allow you the same freedom and privacy you could enjoy in a single-family dwelling. However, you can modify or beautify the interior of your condo within condo regulations.
Condos have many restrictions for residents. The monthly condo maintenance fees are also considered a tad too high. That stops many investors from living in a condo themselves and give it out on rent instead.
Amit: The condominium board's function is to manage the corporation. Condominium associations may set restrictions on owning pets or outdoor barbecue. Many owners of condos in Mississauga consider participation in community decision-making a benefit that comes with a condo lifestyle.
Condo fees might seem steep at first glance, but it's likely you would spend more on maintenance in a house. Assuming that your condominium owners' association is operating as it should, your property will be well maintained. This ensures that the value of your unit remains high over time. And don't forget the all-important luxury of living a condo in Mississauga - your weekends will be spent swimming and playing tennis or golf - without having you clean out the pool or mow the lawn! Isn't that unbeatable?
True. But why are condos in Mississauga?
Amit: Affordability is the prime reason for the popularity of condos in Mississauga. Freehold home prices are almost unaffordable for most first time buyers. Condo living is also a preferred choice of home owners who are downsizing. Once the adult kids move out of their condo in Mississauga, parents seek a more comfortable, convenient lifestyle. Many adults choose to do less home maintenance (lawn cutting, snow shoveling, gardening, raking leaves etc.) and spend quality time on enjoying amenities and pursuing other interests.
Another reason for the increase of condos for sale in Mississauga lies in the economy. There is an acute shortage of affordable rental apartments in the GTA housing market. Yet there is a great demand for rental housing. This rental shortfall is met by condo investors (individual owners) who buy condo apartments for rental purpose.
How do we choose between condo townhouses and condo apartments?
Amit: There are certain things to look out for regarding condos for sale in Mississauga. Maintenance charges are less in condo townhouses as compared to condo apartments. Also, the owners are generally responsible for their own utilities in condo townhouses such as for heat, hydro, water etc.
The fees of high rise condo apartments seem higher simply because utilities are covered in the condo fees with a few exceptions (cable/telephone or hydro). But don't forget the other exclusive benefits that come with a condo lifestyle such as 24 hour security, club, gym, sauna, racket, tennis, party rooms, guest suites etc. depending upon the condos for sale in Mississauga!"
If you are looking to buy, sell a freehold home, move into a condo townhouse or apartment, it sure helps to consult a real estate broker to make sure you are on the right track.
Editor's Note: This press release is compiled by Joyeeta Dutta Ray with information provided by Amit Kalia, a real estate broker in Mississauga and his www.condopundit.com.
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