Condos are becoming increasingly popular, especially among young adults. Basically, a condo is a type of housing that consists of individual units owned by different people, who jointly own the common areas such as lobbies, swimming pools, and fitness centers.
Since you own a “share” in the building, you will share the responsibility for maintaining and repairing common areas with your neighbors. This could also mean that you will be paying a monthly fee to cover these maintenance costs. But this also comes with the benefit of not having to worry about all of the maintenance that comes with owning a single-family home. Likewise, there are many other that you get when you buy a condo, such as:
1. Lower Upfront Costs:
For many people, the cost of purchasing a condo is much more affordable than buying a single-family home. This means that it can be easier to get into homeownership and start building equity in your housing situation. You must know how expensive houses are in your area, but often you can purchase a condo for much less than the cost of a single-family home. This means low closing costs and lower monthly mortgage payments.
Many condos come with luxurious amenities such as pools, gyms, and party rooms. You would have to take a membership in a gym or pay extra to access the same features if you buy a single-family home. High-end condos may also feature other amenities such as outdoor terraces, concierge services, and even private elevators. Just imagine having all of these conveniences right outside your door.
3. Low Maintenance:
One of the biggest advantages of owning a condo is that a large portion of the maintenance is already taken care of for you. This means that you don’t have to worry about mowing the lawn, shoveling snow, and taking care of other maintenance tasks around the house. The condo association will handle all of this for you so that you can spend your time doing other things. Although you will be required to pay a monthly fee to support the maintenance of common areas, it will likely be less expensive than what you would pay for upkeep on a single-family home.
Living in a condo also means that you will be part of a small close-knit community. You will be able to get to know your neighbors and build relationships with them. This is something that you may not be able to do if you were to purchase a single-family home in an area where most people come and go. Having a sense of community is a great benefit, and it can be especially important if you are new to an area. Often people find it easier to make friends when they live in close proximity.
Condos are often more secure than single-family homes because there is usually an additional layer of security in the form of a gate or key code. This can be beneficial for younger families who may not have the financial means to install extra security systems in their homes. Additionally, with condo living, there is often additional staff on-site who can help provide an extra layer of security. Furthermore, since you have neighbors living close by, it is less likely that suspicious activity will occur.
Condos tend to be located in more desirable locations, such as downtown areas or near shopping and entertainment centers. Meaning you can easily access everything that you need without having to drive very far. Whether you need to go to work, the grocery store, or a restaurant, it will likely be within walking distance from your condo. This is great for those who want to reduce their carbon footprint and save some money on gas.
7. Investment Potential:
Condos can be an excellent investment for those who want to buy a property with the intention of reselling it in the future. Condo values tend to remain more stable than single-family homes, making them a safer investment option. Additionally, those looking to rent out their property will likely find that condos are easier to rent out than single-family homes. This is because there is often more of a demand for condo rental units as people who are just starting out or who are looking for a more affordable option may be interested in renting one.
Overall, condos can offer many advantages over single-family homes while still providing the same comfort and convenience of living in a home. From low maintenance to increased security, condos can provide an ideal living situation for those looking for an easier lifestyle or a good investment opportunity. So if you’re considering purchasing a property, make sure to look into condos and all the benefits they have to offer. Buying a condo could prove to be a wise decision.
If you are interested in buying a condo in Toronto and surrounding areas (Calgary, Burlington, Mississauga, etc) or looking for an MLS listing of condos in Toronto then contact us. Futurecondos can provide you with the best options and make the process of buying a condo easy and stress-free.