A condo in Thunder Bay can range in price from $250,000 to $800,000. In a city like Thunder Bay, few people would agree that a condo worth around $800,000 is available.
Those condos are affordable to a large number of Thunder Bat residents. These are “silent” millionaires who keep their heads down and avoid drawing attention to themselves.
A used boat was sold for $800,000 last year. Consider the possibilities.
What is the difference between a condo and an apartment?
People are often confused with apartments and condos. They are similar in that they both provide people with a place to live, but they are also different in many ways.
Just to make it clear for those who are confused :
Condominium (condo): a unit owned by an individual rather than the entire complex. The landlord can either buy the condo and rent it to the tenant, or someone can buy a condo to live in.
Apartment: unit is owned by the entire apartment complex, so the same company owns all of the units in the complex rather than separate individuals owning the various units.
Which would be better? An apartment or a condo?
It depends
Apartments are intended for people who cannot afford a house or who do not intend to stay in a given area long enough to justify purchasing a house. Another thing to consider is the size of the apartment or condo. You can calculate how much space you need by looking at the square footage and number of bedrooms and bathrooms.
Condos are typically a less expensive option for people who want to own but cannot afford a house.
If you are financially secure, have a good job with room for advancement, and have enough cash in the bank for a down payment, you should definitely buy a house or condo.
Calculate your total monthly housing expense by adding what your mortgage per month might be for your price range, which includes interest, plus monthly property tax plus insurance, and if you buy a condo, you will have a monthly condo fee (HOA Home Owners Association).
Is it possible to rent out a condo?
There is a critical question. Is it possible for your landlord to evict you at the end of your lease? You should research landlord and tenant laws in your area. If there is a landlord-tenant bureau, inquire about it. Consult your attorney.
In some jurisdictions, if a condo owner wants to “convert the use” by selling it, he can evict you at the end of your lease. A landlord couldn’t do it. That’s a significant distinction.
In a condo, you must be aware of the building’s condo regulations regarding tenants. You will have to comply. The landlord’s rules and regulations are attached to the lease in an apartment.
Which is cheaper? Condo or an apartment?
Condos are more expensive than apartments in most cases, but there are some exceptions. The price of condos is usually determined by the size of the unit and how many units it has. The price of an apartment is usually determined by the number of bedrooms and bathrooms it has.
Condo associations collect HOA fees to fund the upkeep and maintenance of their buildings and common areas. The homeowners’ association (HOA) charges a monthly fee and any one-time special assessments from the condo community’s residents. Special assessments are used to cover unanticipated costs and maintenance, such as large repairs and projects.
In the case of an apartment you just have to pay a monthly rent. Sometimes utilities are included in the rent, or else you will have to pay it out separately. To add on, you might have to pay more after your lease ends. It all depends on your landlord.
Difference between a Condo and a Townhouse?
Townhouses are typically two or three-story structures with no shared walls. Your front door is on the building’s first-floor exterior. In addition, owning a townhouse entails owning the land upon which the structure is built.
Condos are typically one level and can be found in complexes or buildings up to three stories tall, whereas condo towers can be ten stories or higher.
Types of condominium
1. Studio Condominium
Studio condominiums are smaller units in a building with a kitchen and a bathroom. It does not have a bedroom, and the kitchen and bathroom are all on the same floor. They are intended to be affordable while also providing the benefits of condo living such as security, maintenance, and amenities.
Related: Top Housing Maintenance Tips in Thunder Bay
Studio apartments are designed for singles or couples. These types of condominiums are common in downtown areas.
2.1, 2, or 3 bedroom condominium
This type of condominium caters to couples or small families. As the name suggests, they have single or multiple rooms. The cost depends on the floor area of the unit.
3. Loft condominium
Loft condominiums are condos with a high ceiling unit with an elevated bedroom. These types of condos are popular in Ontario. These types of condos are typically located in urban areas and offer a spacious living area. They also have high ceilings, exposed brick walls, and large windows. Loft condominiums offer the best of both worlds with the modern conveniences of an apartment and the charm of a house.
4. Penthouse
Penthouses are usually located on the uppermost floor of a condo building.
It has been designed with an emphasis on luxury living, so you’ll find everything you need for a high-end lifestyle here. With its spacious units and impressive amenities, this condo will make you feel like royalty! Penthouses are usually the most expensive condo units.
Related: Different Types of Houses in Thunder Bay you Should Know About
Condos in Thunder Bay
Find your next condo in Thunder Bay. The city is located on Lake Superior and overlooks the famous Sleeping Giant mountain. Thunder Bay is a lovely city with a stable political environment and an affordable way of life.
Locals and international students can choose from over 50 undergraduate programs at Lakehead University and Confederation College, which are both located in the city. Thunder Bay has a high percentage of skilled workers and is home to forestry, mining, healthcare, and public services. It is also a major seaport hub for imports and exports to the United States, Mexico, and South America due to its geographical location.
The diverse neighborhoods offer a diverse range of shops, authentic restaurants, and lively activities for the entire family to enjoy.