For many first-time homebuyers in Toronto, the downtown condo is the ideal choice. It is a great transitional home for those who want to stop renting but are not yet ready for all of the time and responsibility that comes with a standalone family home. But, living in a downtown condo is not all about convenience and luxury. Like any other type of real estate, there are pros and cons to choosing to reside in Toronto lofts or condos. Here are some considerations when looking at condo living in Toronto.

Let's start with some of the main pros of living in a condo or loft. Definitely one of the best things is all of the conveniences that come with modern condos. Not only are you living relatively cheaply in the middle of the city, but new condos in Toronto now offer you everything from a gym to a day spa right in your own building. Because land is at a premium in these urban locations, many people's only financial option for being able to afford living in a place like Yonge and Bloor or the Entertainment District is to reside in a condo complex.

But, condos central Toronto have more to offer their residents than just an easy trip to the office every day. They also come with great security and are quite low maintenance. In some ways, condos are a closer cousin to apartments than they are to standalone homes throughout the city. You are part of a building community and someone else comes in when the sink in broken and takes care of the snow on the walks outside. If you're living a busy downtown lifestyle and would rather pay out for maintenance services each month than to worry about them yourself, a condo is most likely the best option for you.

We all know that with homes every good point usually has some sort of sacrifice that needs to be made. With condos, there are two places where homeowners need to be willing to compromise: space and privacy. If you're used to living in solo real estate, both of these can be huge adjustments.

One of the reasons condo buildings were created was to maximize space in urban centres. Because of that, with a condo, you're usually looking at less square footage than standard designs would offer. The average one bedroom is going to be generally be well under 1000 square feet. This means that king-sized Tempur Toronto bed or antique armoire might not even fit into your condo home.

In terms of privacy, with condos come condo associations. Some are definitely going to be more lax than others, but all will have some rules about living within the complex. The condo association is made up of all of the owners of units within the building. This means that while you do have one vote in all of their decisions, there are always a lot of other voices speaking out as well.

So, before you start working with refinancing Toronto mortgage plans to put a down payment on that condo, consider whether it's really the right choice for everyone who will be living there.