Are you thinking about buying a condo? Well, we will be the first ones to say it’s a great decision! Living in a condo building has many lifestyle and financial advantages for first-time home buyers, prospective investors, and homeowners looking to downsize or move to the downtown core. Choosing between a condominium and a detached single-family home requires a lot of major decisions to be made. To keep it simple these are 7 telltale signs that you should own a condo.
You like the convenience and don’t want to worry about maintenance.
No grass to cut, no snow to shovel, no umbrellas to take down, and the maintenance crew is only a phone call away. This is all included in your monthly condo fees. Depending on the condo building, it may be in your contract that the corporation replaces your furnace filter, replaces the glass if a pane is damaged, and other random maintenance requests may well be taken care of for you. No need to save money in a jar labelled “roof fund” or “emergency repair fund”. You can sleep easy knowing that you already have a reserve fund in place for contingencies.
You like tight security
If you have the travel bug, or maybe you travel a lot for work, it’s much easier to leave your condo unattended rather than a house in the suburbs or countryside. Condos are essentially vertical gated communities. Regardless, it’s a good idea to install security cameras so you can check on the place straight from your phone. It’s also handy if you want to double-check that you made sure to close the fridge door!
Many condominium complexes offer state-of-the-art onsite security cameras, as well as controlled access via security systems and/or a doorman. By living close to so many neighbours, you can get to know them better, and it’s easy to ask for help if you need it.
You like saving money!
Depending on your location, there is a huge possibility that a condo is more cost-effective to buy than a freehold home. Mortgages on condo buildings are generally smaller than freehold properties in the immediate area – this means you have the benefit of a first-rate location, with a lower cost to live there. The property values of a neighbourhood affect condo prices, as well as the number of amenities included. While Condominium living will require paying for services and common elements through Maintenance fees, but if you like the idea of having a pool without the hassle of having to buy chemicals, test the water, backwash it, etc. it’s a pretty good trade-off.
You like to make sound investments
Condominium living has become increasingly popular in the GTA, and for many buildings, there are either wait for lists or competition for obtaining a space. Condos are also very popular with investors as they require less active maintenance than freehold properties. As the population of the GTA continues to grow, the scarcity of products in prime locations will likely lead to future appreciation.
A condo can also be handy to rent out to an inlaw or your kids, and then when the time is right, you retire and downsize in that condo building. Having someone pay your rent will bring down your mortgage payments. Just make sure you can comfortably afford two homes at once before jumping into that investment.
You like a lux lifestyle
Many condos host events for their residents. It’s a tight-knit community and a great place to socialize and meet new like-minded people.
Many buildings have party rooms, game rooms, a pool, a rooftop terrace, a gym, 24hr security, and so on. Although your one-bedroom or two-bedroom may be a little smaller than a standalone residence, these amenities make up for it and you’re only going to be fashionably late to the party when it’s on your own roof.
Most newer buildings also have modern decor which is a plus as well – spare yourself the pain of updating that 30-year-old kitchen!
You always want to soak in the vibrance of an authentic urban experience!
Want to live downtown? Condo buildings are your best bet! Enjoy rooftop views of the CN Tower or views of the waterfront. Every view has something interesting to look at, whether it’s contemplating the architectural inspirations of the City, or overlooking green spaces such as High Park or the Humber Valley. Each view has character, and you can set your course of exploration from the comfort of your private residence!
And remember, most condo buildings are located within easy walking access to restaurants, shopping, and of course, public transit. Everything you need is literally at your doorstep!
You like custom.
The beauty of owning a condo building vs renting out an apartment is that you have the freedom to decorate however you want. Paint the walls, renovate the kitchen, hang photos – no problem!
Now, let’s make your condo dreams a reality!
Overall, condo living for some is a no-brainer. If you travel a lot, want to downsize, or want to live in the core of downtown Toronto, condo living is perfect for you.
Managing a larger property is a lot of work. Physically and financially. By living in a condo building you know the maintenance is taken care of. Convenience and peace of mind are so important when debating about what home/condo you should potentially purchase.
To start your exciting journey of finding your dream condo building, give us a call today. We are experts in the GTA real estate market and know these condo buildings like the back of our hands. We will help you find the perfect place for you to call home. Contact us at 416-495-2746, or send us a message to get started today. It’s time you got that “Shirriff Wells Feeling!” You know, that really happy, head-to-toe glow when we hand you the keys to your brand-new condo!