Looking to make a move? We will discuss the advantages and disadvantages of condo living — and what you should know prior to bouncing into the condo market.
You’ll meet a wide range of individuals at condo open houses: first time buyers hoping to get into the market, investors snapping up investment properties and, obviously, baby boomers needing to scale down their space and responsibilities.
Condos can be low-rise structures, townhouses, freestanding houses, duplexes, triplexes or “mixed use” buildings, for example, condominiums above workplaces or stores. They can be brand new, re-sell or conversions — that is, structures that used to be apartments or industrial facilities transformed into condominiums.
There’s a ton of buzz about condominiums in the market at this moment, however would they say they are a brilliant decision? Here we weight some of the pros and cons:
The advantages of condo living
– Someone else handles the external work. Probably the greatest draw of condo ownership is independence from maintenance you probably won’t have the time, want or capacity to handle — like scooping snow, cutting the grass or fixing outside structures. Your monthly condo fees charges cover these administrations.
– Lifestyle. In the event that you like to live on one or two-bedroom home, condos permit you to claim your own space instead of lease. Common areas like pools and recreation rooms offer opportunities to socialize with neighbors.
– Amenities. A few condominiums offer advantages you will not find in the normal home or apartment building— like a gym, swimming pool and party room.
– Security. Marketers say condos offer greater security than a free hold home or renting. For one thing, people are more likely to take better care of property they own, and some buildings offer a secure entrance or a doorman. You might feel safer with neighbours on either side, and worry less if you frequently travel.
Some disadvantages of condo living
– Condo fees. Like different sorts of homeownership, the expenses don’t disappear when you pay off your mortgage. Monthly condo fees can go from $200 to $600 depending on where you reside, what’s included for the charges and what amenities you have. Advantages like pools and elevators can drive up the expenses, and older buildings generally need more repairs and maintenance.
Like most expenses, condo fees can increase over the long run and aren’t probably going to go down in the future. High expenses can make your home less interesting to future purchasers and eventually cut into your profit.
– You have restricted control outside your unit. You have the final say within your own walls — however you probably won’t get a decision with regards to choices like refurbishing the hall or what tone to paint everybody’s front doors. It’s up to another person when work completes — like when your windows will get replaced.
Ultimately, there are risks and rewards to any type of dwelling — it all boils down to what you want and what limits you can accept.
Tips for first time condo buyers
– Get some expert advice. A realtor and lawyer expertise and experience with condos can assist you with exploring the market.
– Get to know the legislation in your province. Each province has various guidelines in regards to condos. (You can frequently discover the Condo Act through your province’s website.)
– Compare condo fees. The number doesn’t tell the entire story — you’ll need to realize what is and isn’t covered when looking at your monthly budget.
– Ask about occupancy. If you plan to rent out your condo, make sure it’s allowed under the rules. Likewise, you may want to know if you’ll be sharing space with temporary renters like students.
If you are looking to purchase or refinance a condo over the next few months, contact us today at 877-296-2696 or email us at info@homemortgageadvice.ca.