You must have heard about condos, they are becoming very popular, especially among retirees and young adults. There are a variety of condos, with their own advantages and disadvantages.
In this article, we will be going over the different types of condos, their advantages, and disadvantages, and which one is best for you. But before starting with that let us try to understand the concept of a condo first.
Defining a Condo
A condo, or condominium, is an apartment unit that is owned by an individual but not on an individual basis. Sounds confusing? let us explain! When you own a condo, you own only one unit of the property. However, you share collective ownership of the common areas such as hallways, grounds and facilities with other condo owners. It’s like owning a piece of a large apartment building.
You will get access to all the common areas of the building, such as the swimming pool, gym, parking area and lobby. In short, you get additional benefits that are not typically available with a house. Now that you have an idea about what a condo is let us take a look at the types of condo available.
What are the different types of condos?
There are many types of condos, we will cover the most common types that are available in Canada.
1. Traditional condos:
These are the most common type of condos and usually have 2 to 3 bedrooms with a balcony or patio area. They are perfect for people who live alone, couples, small families, or retirees. You must have seen these condos in blocks or towers. They often have shared amenities in the building such as a gym, pool, party room, and common areas.
2. Studio condos:
These are smaller units that usually have one large open room with a kitchenette and bathroom area. They are best suited to single people, students, or those who want to live in a more compact space. Living in a studio condo can be more affordable than renting an apartment. If you want the convenience of living in a condo without breaking the bank, then a studio condo would be a great choice.
3. Loft condos:
These condos give you the feel of a city loft space with its high ceiling and open floor plan. They are great for couples or small families who don’t mind living in a more modern setting. Obviously, you will have to pay a premium for this type of condo, but the unique design makes it worth the extra money. Only consider this type of condo if you have the budget to afford it.
4. Townhouse-style condos:
These condos usually come in clusters of 2 or 3 buildings that share a common area. They are perfect for families who want to live in a more private and spacious environment. The downside is that these condos are usually more expensive than traditional condos because of their larger size and location.
5. High-rise condos:
These are the most luxurious type of condos available and they are usually located in downtown areas. They can range from basic studio units to large 3-bedroom penthouse suites. High-rise condos offer great views and amenities. However, these condos can be quite expensive and may not be the best option for those on a tight budget.
6. Vacation or resort condos:
These condos are located in resorts and are usually rented out as a vacation home. They offer the convenience of a condo with the amenities of a resort. You can think of it as a vacation rental that you own.
Advantages and Disadvantages of Condos
Now that you have an idea of the types of condos available, let’s take a look at the advantages and disadvantages.
- You get to enjoy shared amenities like swimming pools, gyms, and common areas.
- Condos require less maintenance than a house.
- Condos are generally more affordable.
- You have greater security in condos as there is usually a concierge on site.
- You can benefit from the appreciation of real estate values over time.
- You will have to follow the regulations and guidelines which are set by the condominium association.
- You have to pay monthly condominium fees which can be expensive over time.
- You will have less privacy in a condo.
- If you have too much belongings then you may find that the space you have is not enough to store all your belongings
Which type of condo is right for you?
Ultimately the type of condo that’s right for you depends on your own lifestyle and what your pocket allows. Do you need lots of space? Do you want shared amenities? Are you looking for something luxurious? You need to ask yourself these questions.
No matter what your needs are, you’re sure to find a condo that will suit all your needs. Just make sure that you do your research before making a decision. Good luck!
For more information about condos and what to look for, check out our website or contact our expert team for more information. We’re here to help!