Posted 4.23.13 @ 12:55 by: Staff

Before you start looking at luxury Oakville homes for sale and Oakville real estate in general, you’re going to need to know what kind of home is right for you. Are you looking for a condo overlooking the lake, a co-op or do you want a nice traditional detached house? You’re going to need to know what you’re looking for before you start looking – it’s easy to be overwhelmed with options. Each type of home has its advantages and disadvantages, so let’s check them out and figure out which one is the right one for you.

What are Condos?

The line between condo and apartment can be a little blurry sometimes, but there is a difference. Condos are built with better materials, they’re a private apartment that you own and maintenance is all taken care of you for a monthly fee. You’ll still have to pay private property taxes like you would on a house, and you’ll need renter’s insurance or condo insurance to protect the interior of your condo in the event of a disaster or theft. Unlike a co-op you won’t have to go before a board to buy an Oakville luxury condo.

What are Co-Ops?

Co-ops are like condos, but instead of owning your own private apartment you’re going to own shares in the building. You’ll pay a monthly maintenance fee like you would in a condo, but these fees tend to be higher on average – instead of just paying your property taxes individually it’ll be rolled into your monthly HOA/Co-op fees. The good thing is that a co-op tends to have better amenities and more control, but the bad thing is that if you want to move into one you’ll have to go before a board to get approved to buy. This can be a hassle to say the least, but sometimes it’s just worth it.

What are Single Family Detached Homes?

With a standard house, you’ll own the home, the land it’s on and all the responsibilities of owning a home. There are no monthly fees (unless you live in the realm of a subdivision with an HOA), so you’ll have to worry about maintenance like lawn care, plumbing, plowing and things of that nature. Sometimes that’s just too much work and that’s why so many people lean towards condos and co-ops; but there are row-houses and other options out there if you want a home and a yard and don’t care if it’s detached or not.

Everyone is different, and which type of property you eventually settle on buying is always up to you. A condo is easier to sell than a co-op, a co-op can be more hassle than a condo, and sometimes a house is the right choice. Think about your plans for the future, whether you really want a yard or a sky high view of the lake. If you still can’t decide, give us a call! We can help you figure out what luxury Oakville real estate is right for you – with our helpful services as the best Oakville luxury realtors around, you’ll be able to find your dream home.

Pertinent and insightful information on Oakville real estate as well as commentary on current events in our community.