Is a Condo Right For You?
The short answer: It could be!
For a lot of people, buying a condo is their first step on the home ownership ladder. For others, it’s the perfect option for downsizing at retirement. Even in places like the GTA, a condo is less expensive than a single family home, but the condo lifestyle is not for everyone, so you should definitely consider the pros and cons of condo living, before you take the plunge.
some pros of condo living
There are a lot of advantages to condo living, not the least of which is the lower prices, making it a solid entry point into the real estate market. The median price last year was around $550K. Compare that to the price of the average house, at over $806K, and the compromise of space could be worth it!
Here are some other pros:
- You don’t have to do any maintenance—snow shovelling, grass cutting, fixing the roof… all of those chores are done by someone else. If you’re new to home ownership, or perhaps looking to lose those chores in retirement, a condo can be a good choice.
- You can travel more freely because you don’t have to worry about the appearance that ‘no one is home’ in the way you do with a house. The security that is provided by locked front doors and the fact that there are just more people around is valuable.
- Depending on the building, there can be some amenities that you find useful: an exercise room and / or pool, for example. Some have party rooms you can rent for a larger gathering, or other common spaces that give you that much more space when you need it.
- If you enjoy walkability and the city life, a condo can give you that. The ability to commute to work on transit, by bike or even on foot can be very appealing. You have the city at your doorstep, rather than having to drive everywhere.
some cons of condo living
While the initial price of a condo might seem tempting, there are other costs and limitations that you have to consider.
- Maintenance fees — these are a monthly fee that you pay to the condo corporation, and can include a myriad of items but typically, your utilities (heat / hydro), your grounds and building maintenance and other expenses all figure into this fee. The fees that you pay will rise over time, as all things do, and you can even be on the hook for a larger funds ‘special assessment if there is a shortfall in the reserve budget or a major incident, like a fire that takes out the air conditioning system, for example. On the plus side, all of these costs are disbursed among all the owners, so you’re not on the hook on your own, as you would be in a house. Remember too that the more amenities a building has, the more the monthly costs are going to be. If you don’t think you’ll use the amenities, you might want to opt for a condo with fewer of them and save a little that way.
- Privacy is something you have a little less of in a condo. There are people all around you, in their own units. While most builds are well sound proofed, the reality is that you will hear your neighbours coming and going. If that bothers you, a condo might not be a good choice.
- You’re more limited as to the changes you can make. Within your four walls, you can decorate as you please, but structural changes, for example, are probably not permitted unless you have special dispensation from the board. Even things like decorations on the doors and window treatments can fall under the control of the ‘condo rules’ so make sure you read the fine print before you buy!
- Rules cover more than decor. If you’re thinking about buying a dog? Check the rules before you do! Loud parties until 2 a.m.? Think again. Some buildings have strict rules about how you can use the common spaces, and who can be with you. Get all the facts before you move ahead.
What are your plans for a family?
I realize I’m not asking the question very delicately, but if you’re considering a condo, it can be an important one. The majority of new builds are not designed for family living, with developers claiming that they can’t sell units with more than two bedrooms, though there are always exceptions. Some developers are indeed getting very family friendly, by adding in amenities that will appeal, like playrooms and heated pools, movie screening rooms and more.
Remember too that in major cities around the world, plenty of families live in apartments rather than houses. There is a real benefit to being right in the middle of things, close to shops, restaurants, schools and green spaces, without having to get into the car to get buy some milk!
These days, with AirBnB being almost everywhere, you can even ‘rent’ someone’s condo for a few days to see how you like it before you decide that condo living will or won’t work for you.
Figure out what you can live with in terms of space and lifestyle, and what you can’t, before you sign on the dotted line for your condo. It’s a big decision that you don’t want to regret later on! As always, asking the advice of a professional realtor, when it comes to locations and buildings, is always a good idea!
