When moving to an urban area in Canada, buying a condo for sale can have many advantages over a single-family home. Many people living in condos are closer to the action than those in a house in the suburbs, which can also reduce commute times for work. If a single-family home isn't the right fit for you at the moment, don't worry—several other perks to condo ownership make it a desirable way to own a home.
Condos Are Affordable
Generally, condos in urban areas sell for about 50 to 60 percent of the price of a single-family home. Someone who buys a detached house is purchasing the home's land, while condo buyers only buy the space in their unit. Therefore, a condo buyer generally requires a smaller down payment as an initial investment and a smaller monthly mortgage payment.
There are also fewer "things" to insure in a condo, so homeowners insurance costs will be lower over the property's lifetime. The smaller square footage of a condo also means that utility bills are cheaper than in a larger residential home. These lowered costs make condo ownership very attractive to first-time homebuyers.
Condo Owners Have Fewer Maintenance Tasks
Condo owners are responsible for fewer maintenance tasks than single-family homeowners. A condo owner never has to worry about mowing the lawn or shovelling snow out of the driveway because their home does not include those things.
A condo association maintains commonly owned areas within a building with the funds every condo owner pays monthly. These maintenance tasks pertain to the elevators, building entrances, hallways between units, and more. A condo owner never has to pay to repair the roof as a homeowner might because they don't technically "own" the top of the building. Condo ownership is ideal for buyers who don't have the time, interest, or handyman skills to take care of the maintenance that comes with owning a home.
Condo Communities Usually Come with Great Amenities
One of the big draws to condo ownership is that some great amenities usually accompany the same building. These amenities are communally owned and paid for through monthly fees and provide access to things that would be more expensive for an owner to install in a single-family home.
A private swimming pool is one of the more common amenities condo buildings provide residents. Other common amenities include private movie theatres, valet parking, concierge services, a private fitness center and spa, or a private library.
It's prevalent for the lower floors of a condo building to be occupied by retail businesses, leaving the upper floors available for condos with spectacular views. Condo buildings also provide a close and convenient way for owners to shop for groceries, household items, clothing, accessories, and more.
Be Close to the Action in a Condo
Condo buildings are typically constructed in centralized urban areas. Buildings with many condo units take up less space than a neighbourhood with a similar number of residences. The centralized location of a condo building usually means that it's much closer to all the city's action, nightlife, and other opportunities.
The best nightclubs, fine dining, and even large parks are frequently within a short walk of the building's entrance. Condo buildings may be close to a major sports stadium, concert venue, cultural centers, and art galleries. All these perks can be within just a short walk from a condo. In most cases, people in the suburbs have to drive to access the same amenities. Condos are well suited to those who like participating in the city's main activities.
Condos Have Community Built In
Residents living in condos are much closer to their neighbours than other property types, meaning they frequently encounter each other in the hallways or shared community areas. This presents more opportunities for socializing with neighbours and meeting new people.
Condos also have security measures for residents designed to keep non-residents out. Security guards and surveillance cameras in the lobbies are additional perks that homeowners may or may not have.
Condos Are Excellent Investments
When it's time to move, many people are caught between a condo and a single-family home. Both have their pros and cons, so homebuyers should consider which is the best fit for their current lifestyle. Like all forms of real estate, a condo can be an excellent investment. If the owner upgrades to a single-family detached home later in life, they can often rent their condo to someone else. This can be a great way to earn passive income or to have rent pay for the mortgage on the property.