Duplex vs Condos

Real estate is a market that is interesting, exciting, and constantly evolving. Yes, there are times when it remains steady too. However, in a bustling city like Toronto, you are bound to witness quite a lot of changes often. One of the biggest debates when it comes to buying or renting an accommodation or housing option is ‘Condo Vs Duplex.’

The question that often comes alongside the debate is, ‘Which one is a better choice for me?’ This blog will get you familiar with all the concerns regarding Duplex vs. Condos. To begin with, the essential part is to understand the difference between the two.

What is a Duplex?

Explaining in the simplest manner, a duplex is a single building that has two separate units as a part of it. These two units share a wall between them.

These types of housing options are available in the Toronto real estate in two different types. The first one is that they are located next to each other. The other option being a two-storey one in which the units are one above the other.

In most cases, both of the living units look fairly alike. Apart from that, the duplex entirely is usually under the ownership of a single person. In Toronto, another scenario is observed. Generally, in the case of a duplex, the owner stays in one of the units and rents out the other.

This way, the owners plan out to get some additional income and get to keep a look on who is staying at their property closely.

Similar to condos in this way, these are a much better option as compared to single-family homes when it comes to affordability. In fact, there are a few duplex owners who are giving it out as an Airbnb property in Ontario rather than to tenants on a contractual basis. One thing to keep in mind regarding duplexes is the additional responsibility and duty that comes along with it in case you are the owner.

Pros and Cons of Settling in a Duplex

When we consider the aspect of living in a duplex, the individual residing here would get better freedom when compared to living in an apartment for a lesser amount of money than they would have spent for an apartment. The owner is usually residing in the adjacent part of the property. The ease and flexibility are lesser for anyone who is residing there.

From the developers’ point of view too, duplexes are a better option economically. This is in comparison with single-family houses only. The reason for this being that there are two more compact units available in this case. Therefore, the profits will be more. Also, the features are relatively better too.

What exactly is a Condominium?

Just like in the case of a duplex, a condominium is also connected to at least one more condo. It can have more than one condominium adjacent to it as well. Therefore, to understand it better, a condo’s appeal is more like an apartment rather than a single and independent property.

Also, the individuals residing in the condos share quite a lot of common spaces that are a part of the tower or building. A single project can host multiple buildings with several condominium living units.

These common spaces usually include gardens, lounge space, fitness centers, and other such spaces that add ease and luxury to the lifestyle.

Toronto has progressed greatly over the last decade. There are a number of jobs coming up quite frequently, and the entire city is going through urbanization. The trend of buying, making investments, and staying in condominiums is on the rise.

A condo and an apartment property are not really alike when it comes to comparison between them. In the case of condominiums, the entire condo project is owned by a single or partnership of developers. Then, the homebuyers purchase these condos either for investment purposes or for settling there themselves.

There are quite a few reasons that people today want to stay in condo units rather than in duplexes or townhouses. To begin with, the security aspect is better, when there are several condominiums in a single building.

Apart from that, the maintenance issue is sought after as there is a proper association to handle all the maintenance tasks of the entire development. There are homeowner’s association fees that each condo owner needs to pay for the proper and efficient management of the development.

What are the Differences Between Condo and Duplex?

Now that you know a bit about both the housing options, you would want to know the different perks associated with each of them. These differences between the two can help you in understanding the type of home that you are looking for you and your family. So make sure that you check out these differences properly before making any decision.

Ownership

In terms of condos, the owners will own a part of the inside of a building. The common areas and the structure of the building is owned and handled by another group or person.

The group or person who is the owner is responsible for maintaining and insuring the building and the common areas. However, when you purchase a duplex, you will own the entire structure and also the land that it is built on.

Responsibilities

Condo owners have fewer responsibilities compared to people who own a duplex. They might be required to join a homeowners association, but that is about that. Most of the issues are discussed with all the members, and there are appropriate people to handle the daily mundane tasks.

That is certainly not the case in terms of duplexes. Even if you want to join associations, you will be spending your time doing time-consuming things.

Common areas

For duplex owners, there will be a common area in the form of a yard. You will be required to maintain it. However, you will not have access to a number of facilities that are available to the condo owners.

Condo owners share common areas which usually have all the luxury amenities. You can find amenities such as a swimming pool, outdoor terrace, parks, decks, and more. Therefore, you will get to live an enhanced lifestyle.

The Exteriors

One of the best things about owning a condo is that you will not be responsible for the insurances. Even though there will be an insurance policy in place to protect the exteriors, the homeowner’s association will be responsible for the same.

Also, the rates would have better affordability since you do not have to cover it up. That will not be the case for duplexes. You will have to get the appropriate insurance cover and also pay for it entirely.

Factors that Come Into Play When It Comes to Making a Choice

Some key factors that are vital in making the final choice for investment between a condominium and a duplex. Thus, if you are in search of the perfect accommodation for your family or yourself, here are the few common ones:

Affordability

When it comes to purchasing a property, affordability is one of the major concerns, and both these options are better than choosing a single-family house.

However, upon comparison, it would be safe to say that condominiums are way better when the concern is about affordability in comparison to duplexes. Whether it is the final price we talk about or the monthly mortgage, a condominium offers much more for less.

Security and Other Community Perks

For this factor, the obvious answer would be condominiums. This is because the amenities, perks, and security are all way better in the case of condominiums.

The reason is that the common spaces are generally large in the area. Duplexes, on the other hand, are just two units in number. Therefore, the amenities they get access to are limited too.

The Resale Value

The resale value is an essential factor to keep in mind when planning a property purchase. In addition, the resale value might not be known with certainty when the two types are compared.

This is because the resale value is highly determined by the locality too. There might be a lavish duplex or a smaller, compact condo. Therefore, the difference in their resale values is going to be marginal. However, it is crucial to consider this factor while making a purchase for any type of accommodation.

Reasons Why condos Offer a Better Option

If you are still confused about what to buy, here are a few benefits of condominiums.

No Repairs or Maintenance

One of the major advantages of making an investment in condos is that homeowners will not have to maintain the common areas. Most of the duplex owners have to look after the common areas and maintain it as well.

The exteriors of the condominiums are usually maintained by the homeowner’s association, and the condo owner is only responsible for the interiors.

Location

You will find most of the condos located are close to some of the best neighborhoods in the city. There will be access to all the major and basic necessities.

Residents will be able to commute throughout the rest of the city with ease. Living in a condo, you will find yourself close to major attractions, basic necessities, educational facilities, and workplaces.

Amenities on Offer

The amenities that are available in condominiums is another advantage. Most of the modern condo developers and architects are going for luxury amenities such as swimming pool, outdoor areas, rooftop lounge, meeting rooms, gym, jogging trails, and more.

You will get to live a happier and fit life staying in condominiums. However, that will not be the case with duplexes. You will not have all these facilities at your disposal.

Social Connection

Duplexes can create a distance between the neighbors. You might not have a great social connection with your neighbors since there is no direct interaction daily. However, that will not be the case in condominiums. Condominiums are much closer, and it is a society that you will be living in.

There will be tenants all around, and you will want to interact with a lot of people on a daily basis. This will provide an essential social connection that does not exist for duplex owners. Additionally, the common areas in condo communities help the owners to have a social life.

The Evolution of the Housing Market Over the Years

In the last decade, Toronto rose above the financial crisis that was there previously. The city planners forced the developers to create condominiums that were fairly good in the area so as to add more luxury to the lives of citizens.

As the population enhanced over the years, condominiums were not just limited to downtown. The suburban projects became a big hit too. The reason condominiums have been popular in the city is to overcome the issue of the area and population growth with respect to it. Condos imply you can heave multiple living units for the population in a single area.

As per the Toronto Real Estate Board report of the last quarter of 2019, there were a total of 5367 sales of condominiums in the Greater Toronto Area alone. When compared with the condo sales of the previous year during the same quarter, there has been an increase in sales by about 3.8 percent.

In addition to this result, the Board report also mentions that the real estate market in terms of condos continues performing well to date. [1]

There are simply so many factors to look into when it comes to searching, buying, or settling into a home. Duplexes and condominiums are coming out to be popular choices these days in Ontario. This is majorly because of the growth and commercial and business opportunities coming up in the region.

People now want to downsize to condominiums rather than having lavish single-family homes. They feel that maintenance becomes easier and the amenities on offer are much better too. It is not just one or two factors that are influencing this outcome.

Rather, it is a combined result of all the different aspects that when it comes to duplexes and condos, the demand for condominiums is extensively higher. Visit Precondo.ca to stay up to date with all your condo news.

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References:

1) http://www.trebhome.com/index.php/market-news/condo-market-report