31 Jul Is Condo Living Right For You?
As single family home prices continue to increase, condominiums such as apartments and townhouses are becoming the choice of many first time home owners but is condo living right for you?.
Condo living isn’t for everyone. Some people prefer the privacy of a single family home, need the extra space and aren’t crazy about sharing a common area with their neighbours. It comes down to deciding what works for you.
If you are on the fence, there are four important advantages to consider:
You don’t need to think twice about leaving town. If you travel often, condo living is a great option. There is no need to worry about who will collect the mail or mow the lawn. Seniors, in particular, can head down south when the winter strikes without worrying about who will maintain their home while they are away.
Your ideal location is probably within your budget. Do you love living near shops and restaurants? Finding a single family home in a highly sought after neighbourhood is tough for first-time buyers, but condo developments often offer the next best thing. Developers generally choose areas that are close to transit with easy access to highways and recreation.
You don’t need to worry about costly exterior maintenance. Replacing a driveway or roof is a significant cost associated with home ownership. Condo fees vary by development, but in most cases, they cover all exterior maintenance. A well-managed condo association will make sure the building is properly cared for.
You get to enjoy the social aspect of condo living. Living alone doesn’t have to feel lonely, when you are surrounding by like-minded people. Certain complexes are ideal for social young professionals, while other buildings cater more towards retiree The best way to see if condo living is right for you is to go see a few properties for yourself. An online listing will show you a home’s best features, but seeing a few condos in person will really give you an idea of what the experience is like.
For more information about purchasing a condominium, check out this useful guide by CMHC