Are you interested in moving into a condo? Here are some of the pros and cons of condo life and what you should know before you get into the condominium market. You will most likely see many different types of people at condo open houses: first-time buyers, investors, and baby boomers who want to downsize. Condos can be low-rise buildings, townhouses, freestanding houses, duplexes, triplexes, or mixed-use buildings, like condos above offices or storefronts.
These can be brand new, re-sell or conversions – meaning that they used to be apartments or factories turned into condos.
What makes condos different from freehold houses is that you will own your unit but also share ownership when it comes to the land, buildings and common areas. You will share costs with others who are in your condo association, plus the board of directors or property management company will make the big decisions.
The Benefits of Living in a Condo
Someone else will handle the yard work One of the biggest benefits of owning a condo is the freedom from maintenance you will get, plus you might not have the time or even want to deal with things like shovelling snow, mowing the lawn, or repairing the outside structures. Your monthly condo fees will cover these services.
A lot of major costs are shared
A portion of condo fees will go into the reserve fund. This fund will cover major repairs such as replacing windows and roofing with no additional cost to condo owners when a property is well maintained. Even if the reserve fund falls short, you will not need to shoulder the cost on your own, it will be shared among all owners.
Great lifestyle
Condos allow you to own your own space instead of renting it. Common areas like the pool or recreation room will give you plenty of opportunities to socialize with your neighbours. A lot of condo developments cater to different social groups such as families, young professionals and older adults.
Amenities
Some condos will even offer other benefits in the average home or apartment building that you won’t find. These can include a theatre room, gym, swimming pool or party room.
Price
Depending on your location, some condos can be more affordable than owning a freehold home. And a mortgage plus your condo fees might be equal to your rent.
Security
Marketers often say that condos are able to offer greater security than a freehold home or renting an apartment. For one, the people are likely to take better care of something they own, and some buildings also give you a secure entrance or doorman. You could feel safer with friendly neighbours on both sides, and worry less if you are a frequent traveller.
With all that being said, any form of homeownership will come with its own set of unique risks and limitations, so condos are no exception.