Today, we have potentially many dwellings to choose from and several different ways of living. If you’re reading this blog, you’ve probably come across condo living and are wondering ‘Is the condo life for me?’
There are many reasons that lead to people asking that question. Whether you’re a new home buyer or someone looking to downsize, reaching this question simply is the start of a new chapter.
Living in a condominium is easier than traditional housing in many ways.
But what should make you decide to jump into the condominium market when you’re looking to move? To understand this better, let’s first see what makes condo living differently than that to live in an apartment.
Condo vs Apartment: The Housing Options Available
Living in central Canada gives you two easy housing options. You’re most likely to choose from the two, a condo or an apartment.
The main difference between living in a condo and an apartment is essentially the ownership. (1)
People tend to think the only difference is the one easily noticeable, which is that condos are more high-end, luxurious and expensive living while apartments are the simpler low-cost version.
However, there are several differences that might also give you a better understanding of condo life.
Ownership vs Leasing
Firstly, comes the ownership which in the case of apartments belongs to the leasing company that leases out those units.
On the other hand, you are the sole owner of your separate condo unit. These condos may be low rise buildings, freestanding houses, duplexes or even triplexes and mixed-use with office spaces or storefronts in the buildings.
They could be new units, or apartments and factories turned into condos. At a condominium open house, the possibility of seeing all kinds of people is high.
You would find first time buyers, investors looking for rental properties, baby boomers who are downsizing and millennials who want their space but with less responsibility.
The beauty of condo living is that you may own the housing unit, but you share the land, building and common areas with other people.
The living and maintenance costs are shared by everyone while the big decisions are made by a board made up of owners or some management. (2)
Pros and Cons of Condo Living
The condo living is accompanied by a plethora of attractive amenities on offer.
They are generally closer to the cities hubbub as well as stores, dining and entertainment. So, what exactly are the perks of condo living?
Here’s a list of reasons why we think the condo life is for you.
1. No more extra maintenance work
This could easily be the best thing about condo life — the freedom from doing all the extra maintenance work.
Shoveling snow, mowing the lawn or repair work are things that require lots of time, energy and ability as well as some sort of desire that you may not have for now.
No worries at all. Your monthly condo fees will cover all these services.
You won’t have to worry about the regular maintenance checks either. All these necessities will be taken care of.
2. The major expenses are shared by homeowners
Legally a small amount of money, from the condo fees goes into a reserve fund.
If you’re living in a well-managed condo property, most of the major repair work like roofing, replacing windows or doors are covered under this reserve.
In case the fund is falling short you don’t have to bear any expenses alone.
The cost of any work will be divided amongst owners after a careful assessment of the situation.
This is one of the best perks of condo living.
3. Condos give you a better lifestyle
Condos definitely give a better lifestyle to anyone who doesn’t mind the small space.
The units may be one or two-bedroom, but with common areas, amazing amenities and recreational rooms more than makeup for it.
This even allows you to own your own space instead of renting with much lesser overall cost than traditional housing.
The condo provides a lot of different facilities that can cater to all age groups.
Some condo developments even have specific groups targeted to cater like young professionals, families or older adults. The high tech modern interiors of some condo developments are also a huge plus point.
4. Amenities and facilities that are world class
Condos and apartments both offer the basic amenities like a gym or play area, but condos have a one up because some developments have not only swimming pools but also movie theaters and party rooms for their residents. (3)
These amenities and facilities are some of the best, without you having to worry about the maintenance.
Living at a luxurious place will provide you with all the amenities that one needs.
5. Live in a prime location near the core of the city
Wanting to live in the best neighborhoods and the heart of your city can prove to be a very costly task. Condos allow you to live in some of your cities hottest places without having to break your bank in the process.
Because of this everything becomes nearer and much more accessible to you and your family. Some condo developments are located in prime hotspots, and it can be a great luxury for anyone who wants to live right where the cities action takes place.
If it feels like you’re losing on space and the condo fees are high, remember that all of it is easily made up by quick access to dining, entertainment, shopping and transport.
6. Freedom to customize your space as you like
The freedom to be able to renovate your space is amazing.
Unlike living in apartments or rented out spaces you can do whatever you want with your house.
Paint the walls, renovate the kitchen or a room, build something in, hang pictures and tapestry, all of this, without any problem at all.
Many condo owners get amazing space-saving interiors done that not only look superb but are functional as well.
You can watch this video below to learn more tips on how to save space on your condo unit.
7. Safety and security are assured
A young professional working long hours or a frequent traveler will obviously have questions regarding the security.
Most marketers point out that condos are much safer than a standalone house or a rented space. Living in a condo, you have absolutely nothing to worry about.
Most of the developments have state of the art security cameras installed.
Some developments offer separate doors and a doorman too.
With so many neighbors in the building, it’s hard to feel unsafe in a condo unit.
8. Provides a community environment
The condo living doesn’t fail to offer the one thing humans need the most, a community environment. Live a meaningful life and dwell with your neighbors and people around.
It is easy to make friends as everyone uses shared amenities. Engaging with people and enjoy a socially happy and active life.
Since the costs of many things are shared by the condo owners, it is likely that the same people might also form a close-knit community of friends and helpful neighbors.
Most condos today also have a social media group for easier communication among residents who can plan gatherings, share concerns and more.
9. Convenience over extra space
The convenience to travel more, to have smaller easily flexible spaces, to have more time to yourself all this sound super nice doesn’t it? Most of it can be achieved through the condo life.
Imagine having the best amenities some footsteps away from your door. Imagine having a space that doesn’t take too long to clean nor costs a fortune to maintain.
Condo living is a convenience at its best and if a little space is a price we have to pay, so be it.
A lot of condo developments offer storage spaces too for all those once a year hobbies you might have.
10. Price and costs of living
Depending on your location, there is a huge possibility that a condo is much cheaper for you than a freehold home.
Mortgage of the house along with the excess maintenance bills living in a condo will feel much financially bearable.
Its much cheaper than buying a house but it also depends upon the size and locality of the complex.
The property values of a neighbourhood surely affect condo prices.
Why Condo Living is The Best
This list alone should have convinced you for the condo life. However, opting for a condo is a no brainer. It is obviously a great choice if you’re downsizing or you simply travel a lot.
Kids grow and leave home, managing a larger property becomes hard, your job keeps you traveling, you like to travel, you want a simpler lifestyle, budgeting is becoming extremely stressful there are a million reasons why someone would look into the condominium market.
And honestly, it will be the best decision you make. Convenience and peace of mind should be more important than some extra space. Your monthly condo fees and the shared building costs make it very easy to follow a budget every month.
Moreover, a smaller space also means the chance to simplify your condo life.
Live the way you’ve always wanted to, with a luxurious condo life. Visit Precondo for more pre-construction condos and exclusive VIP deals.
References
1. The Globe and Mail, Does it make more financial sense to own a condo or rent an apartment?, retrieved from https://www.theglobeandmail.com/real-estate/mortgages-and-rates/should-you-own-a-condo-or-rent-an-apartment/article16310515/
2. JJ Hiew, How are your condo maintenance fees calculated?, retrieved from https://medium.com/@jj.hiew/how-are-your-condo-maintenance-fees-calculated-40509e81825c
3. Tracy Hanes, Buyers and neighbourhood influencing condo amenities, retrieved from https://www.thestar.com/life/homes/2016/05/28/buyers-and-neighbourhood-influencing-condo-amenities.html
