If you are downsizing, a first-time home buyer, investor or just looking for less maintenance, a condo may be for you. With the real estate market bubbling away it can be a very good choice for you right now. Condos can come in different sizes and types. They can be in both an urban or more rural setting depending on the area. Because condos take less room there are more being built in the downtown core which gives the appeal that you can walk to work, restaurants, or nightlife.
Condos can be in lower buildings, over storefronts, in apartment complexes, or in duplexes or triplexes. They come in a variety of styles and sizes to suit anybody. They can be new, refurbished, or converted housing. You can have your choice of what suits your needs.
If you are not sure if this is for you, here are our suggestions for the pros and cons of condominium life.
Pros of condo life
- Less maintenance and repair work
- Many condos have amenities on-site: sauna, pool, or gym
- More security features than an apartment
- Some condos have recreational, social, and entertainment activities (especially for seniors)
- You can paint and do renovations within the walls of your unit
Cons of condo life
- Less privacy and can be noisier than a detached home
- More restrictions on noise, parking, pets, or smoking
- Repairs may not be done immediately
- Limited control outside your unit
- Condo fees can be costly and can go up
Over the years they have been a less costly option than buying a home but over the past few years, condos have been appreciating well in the real estate market. You may be tired of shoveling snow or outdoor gardening and maintenance are not for you, perhaps you will find that buying a condo may be the answer.
Before you buy, learn about any rules, bylaws or restrictions. If you are buying for an investment make sure you can rent out your specific unit.
Get Expert Advice
In a nutshell, a condominium is often a stepping stone to a townhouse or larger single-detached home. Our Anne Winch Real Estate Team can offer suggestions on what may be the perfect condo for you. Whether you want a more bustling atmosphere or a quieter location we can find the right fit. The resale value on condos is on the rise which will increase your investment over time.
Give us a call and you will see how we can help you navigate and negotiate through your real estate purchase!