Most of us imagined our first house to be a charming, spacious single-family home with a large yard. However, the present real estate market and sky-high home prices have painted a much different reality for us. With the average price of single-family homes reaching almost $2M, first-time homebuyers have been compelled to give away their dream of owning a detached property. Instead, they are looking at a different way to achieve their Canadian homeownership dream: condos for sale in Brampton.

What Are the Differences Between a Condo and Other Housing Types?

Condos -

Structure - A condo or condominium is a residential property that consists of individual units within a larger building or complex. 

Ownership - A Brampton condo owner has only the interior space of the unit under their ownership. However, the exterior area, the land the building sits on, and the common areas are collectively owned by all the individual unit owners. 

Maintenance - Condo owners are typically responsible for maintaining only the interior space of their units. The HOA looks after the upkeep of common areas such as hallways, lobbies, elevators, and exterior structures. The HOA fees, paid by condo owners, fund these property maintenance activities.

Privacy - Condos offer less privacy as compared to a standalone home because of shared walls and common spaces. 

Single-Family Homes or Detached Properties - 

Structure - A standalone building with no shared walls.

Ownership - Unlike in a condo for sale in Brampton, the owner of the detached property owns both the interior and exterior of the house, as well as the land the home sits on. 

Maintenance - The homeowner is responsible for all maintenance and repairs, both inside and outside. 

Privacy - There is a high degree of privacy in a single-family home because of the lack of shared walls and space.

Semi-Detached Homes -

Structure - Share one common wall with an adjacent house.

Ownership - Just like single-family homes, owners have full ownership of their property and the land it sits on.

Maintenance - Owners of semi-detached houses are responsible for their own property but may share maintenance responsibilities for the shared walls.

Privacy - More private than condos because of fewer shared walls but less so than detached homes. 

Townhouses -

Structure - Multi-floor homes that are attached to adjacent units in a row, sharing one or two walls. 

Ownership - Owners have full ownership of their units and the land directly beneath them.

Maintenance - Townhouse owners are responsible for the maintenance of the interior and exterior of their units. However, the maintenance of common areas may be handled by the HOA.

Privacy - More private than condos for sale in Brampton because of fewer shared walls. These properties usually have private entrances and small yards. 

Is a Condo a Good Option for a First-Time Homebuyer?

A starter home is a property through which an individual steps into the world of homeownership. It’s usually bought by people who are just starting out in their careers or young families who don’t need a lot of living space yet. 

Even though a starter home may not have all the bells and whistles like a second or third home, it allows an individual to build equity over time. As your financial situation improves and your needs change, you can use that equity from your starter home and move on to a larger, more permanent home - what some might call a “forever home.”

But what makes a property a good starter home?

First off, a starter home should be affordable. First-time homebuyers often have limited savings and usually haven’t reached their peak earning potential yet. A starter home’s lower price point means a smaller down payment and more manageable payments for them. 

Condos for sale in Brampton with their smaller size and shared spaces often come with a lower price tag as compared to a single-family house. This makes them a perfect fit for someone who is starting out on their homeownership journey.

Next up, a starter home shouldn’t have many maintenance responsibilities. After all, you don’t want to spend all your time as a new homeowner fixing leaks or mowing a big lawn. 

A condo takes care of this maintenance hassle for first-time homebuyers. Since you usually only own the space inside your condo unit, the building’s management takes care of the maintenance of the shared spaces. For instance - the roof, hallways, and the outdoor space. 

Another thing a first-time homebuyer should prioritise is location. A starter home should be in an area where you can easily reach places like your office, shops, or other necessary amenities. The good news is that most condos for sale in Brampton are often located in downtown areas or bustling neighbourhoods near amenities and conveniences. 

The next important thing is space. A starter home doesn’t have to be too big. But it should have enough room so you can comfortably live in it. Condos may not have a sprawling yard like a detached home but they often make up for it with clever layouts that maximise space. 

Lastly, a starter home should be a solid investment and condos are exactly that. True, their value may not increase as much as a single-family home but they can still go up significantly over time. This means that you can sell your condo later on and make a profit, just like with any other type of home. 

So, Does a Condo for Sale in Brampton Meet the Requirements of a Starter Home?

As you have learned, in many cases, a condo is the perfect option for a first-time homebuyer. They’re often affordable, low-maintenance, conveniently located, space-efficient, and can also be a solid investment. 

However, while condos can be a good option for most first-time homebuyers, they might not be the best choice for everyone. One reason why a condo might not be a great fit for a first-time homebuyer is because of their monthly fees. These monthly HOA fees cover things such as maintenance and repairs for the building and common areas. There are chances that these HOA fees may increase over time, making condo ownership more expensive for a buyer than it seems at first. 

Also, the less space of condos may not be suitable for first-time homebuyers with growing families or those who need more room. Finally, condos for sale in Brampton often have rules and regulations set by the condo association. This may be a turn-off for some first-time homebuyers who do not want to have restrictions regarding their living space.

In conclusion, the best way to decide if a condo is the perfect starter home for you or not is to carefully assess your needs and lifestyle. Weigh the pros and cons, visit at least 4 to 5 condos and speak with current residents to get a better understanding of the lifestyle in a condo apartment. Ultimately, choose a starter home that aligns best with your needs and preferences and homeownership goals.