It’s not hard to find luxury properties in Canada, especially in regions that are major business hubs, like British Columbia’s lower mainland or Southern Ontario. Choosing the perfect dwelling for your needs, however, can be another task altogether. Should you invest in one of Toronto’s new luxury condos? Or a spacious waterfront home on Vancouver Island? When making your decision, here are some of the things you’ll want to consider.
The best luxury home gives you more of the lifestyle you love. Ask yourself how you prefer to spend your time. Are you an urbanist who wants to be close to work, theatres, shopping and dining? Finding a detached house in an urban center might not be an easy task. Likewise, if you prefer mid-town or inner suburban locations and enjoy spending time in a sprawling backyard or entertaining at home, maybe a detached home outside the core is your best bet.
In a luxury condo, any exterior maintenance is handled by the building, as is upkeep of common areas, like pools or fitness centres. To cover this, you’ll be on the hook for paying monthly maintenance fees, but if a low-maintenance lifestyle is more your thing, a condo could be an excellent option. If you’re one of those homeowners who appreciates the meditative aspect of yard work or gardening, however, a house might be worth it to you.
What you gain in terms of the convenience of a downtown condo, you might have to sacrifice in square footage. Some luxury penthouses can span a couple thousand square feet, but they’re still likely to be more compact than a sprawling home outside the downtown core. Likewise, a detached luxury home is likely to offer all the indoor and outdoor space you might crave, but the trade off may be a longer commute and more upkeep on your part.
At the end of the day, only you can decide if a house or a condo offers the right lifestyle for you! Make sure you weight the pros and cons of space, convenience and amenities to make the best choice.