Guide to Mississauga Condos - Options & Price Factors

Did you know that, when you are looking at Mississauga condos for sale, you don't necessarily have to feel limited to high rise apartment units? Those may be the most popularized form of the condo, but condos can come in all shapes and sizes, from townhouses to semi-detached and detached homes. Now that you know you aren't limited in the style of the condo, it's important to consider your preferences-and how they correspond to the interests of the other owners-when it comes to the common elements: parking lots, hallways, amenities, lobbies, landscaped areas, elevators, the land itself, etc.

Types of Condos in Mississauga

In a high-rise Mississauga condo building, the land and all the common areas associated with the building aren't owned by any one person; they are owned in common by all condo owners within the building. It's an important point to take note of because it means control over those areas needs to be decided in common with the desires of other owners. However, those common elements may vary among the types of condos available.

Here are the three most common types of Mississauga condos for sale and the common element situations you're most likely to come across:

1. The high-rise condo suite looks a lot like an apartment building, but it offers much more of a community vibe as a result of those shared common elements. Mississauga condos offer fitness rooms, party rooms and social rooms, swimming pools, and more; each common element introduces a shared space for a more community lifestyle to exist. You'll have access to all of these amenities, and they are maintained using a maintenance fee that will cover your share of their use (which means you don't have to clean, shovel snow, or mow lawns). Most apartment buildings don't offer access to these shared spaces, and other spaces that more commonly exist in apartment complexes as shared spaces exist in Mississauga condo suites as private facilities. For instance, most suites come with in-suite laundry, a parking space (some Mississauga condos even come with two!), and a storage locker.
2. The condo loft is one of the less common types of Mississauga condos for sale, but it usually offers a two-story layout that features a first-floor living space and kitchen and second-floor bedrooms. Its unique, two-story layout often allows wall-to-wall windows, which provides greater light exposure (and, potentially, a great view). Because condo lofts in Mississauga often belong to high-rise buildings, they usually offer many of the same common elements and benefits of a high-rise suite.
3. Townhomes vary in size, offering one- to four-bedroom units. They are usually associated with a higher sale price than a high-rise suite, but there are also lower maintenance fees as a result of the lower maintenance cost of having fewer common elements. While, in a high-rise, most of the utility fees come out of maintenance fees, in a townhome unit, owners are metered separately and expected to pay their own utilities. If you are looking less for the social, community vibe and more for larger space and increased privacy, then a townhome is a good option for you-and Mississauga townhomes tend to offer a more reasonable budget than do freehold homes.

Cost of Condos in Mississauga - Factors of Influence

If you are searching for Mississauga condos for sale, then you already know there is more to consider than common elements and typical building or unit type features. There can also be a big difference in price-even for condos that are the same size and within the same building. In fact, prices can vary by as much as $50,000 from one unit to the next-so how do you navigate the variations to find the condo and price you are looking for?

You need to factor in the differences that extend beyond amenity and type.

For instance, older buildings are less expensive because the difference in price is intended to offset the potentially higher maintenance fees-an important point to consider since the costs you think you are saving by choosing the older unit may not actually be cost savings but future expenses.

Features of the unit can also influence price, like the number of baths and upgrades (like a renovated kitchen with modern granite countertops, stainless steel appliances, and high-end cabinets) within the unit. The floor height will also be a contributing factor (expect to pay more for the penthouse than you would for a first-floor unit), as will the view, which may mean the even the side of the building your unit is on (and the view it faces) will contribute to the higher price of the condo.

Other factors that can have a big influence on the price of a Mississauga condo include the condo building itself: is it located in a desirable neighbourhood? Does the building itself have a desirable profile that is causing greater demand and, thus, a greater asking price? And what about the extra features the building offers, like the additional parking space? All of these factors can influence higher premiums.

How do you know if the additional features are worth the added cost? You explore what we call the "soft" facts about your future Mississauga condo: the vibe it gives to live there; the quality of the unit, its craftsmanship, and its finishes; the desirability and maintenance of the amenities it offers; the feel of the neighbourhood and its proximity to transportation.

There are a lot of factors that will contribute to the price of condos for sale in Mississauga, but the most important thing to consider is whether those factors make sense to you. The community vibe of the gym and social space are only a benefit to you if you will actually use those spaces, just like the higher cost for the desirable neighbourhood only makes sense if it's a neighbourhood you can see yourself living in.

Toronto condos, Mississauga condos or condominiums in any other Canadian location are expensive-but they can be good investments as long as you are making an investment that you are well-informed about and that makes sense for you and your lifestyle. Take advantage of the resources like CondoEssentials that are designed to help keep you informed, and consult with a professional realtor who specializes in Mississauga condos to make sure you are making the best investment for your finances and your happiness.

About the Author

Hi! I'm Stevie, and I'm interested in everything that surrounds the topic of personal finance. I hope my articles will be of some use to my readers!

Rate this Article