Advantages Of Condo Life: 5 Reasons To Consider Buying A Condominium
When you're thinking of buying a home, one of the many decisions you'll need to make is whether to purchase a traditional house, detached from other residences, or a condominium. It seems like an easy decision. A lot of people grew up with the idea that a traditional single family home is always the best way to go. But a look under the surface reveals several surprising advantages to condo life that are easy to overlook.
Before you decide on which route to take, it's worth spending a few minutes to consider the reasons many Canadians have opted to purchase condominiums. You may find that buying a traditional house pales in comparison to the benefits you and your family will enjoy by living in a condo. Ultimately, the only way to make an informed decision is to become informed. So read on for 5 advantages condos offer to the aspiring homeowner.
#1 - Lower Price
Condominiums tend to be more affordable than traditional houses on a square-foot basis. Given the same location and similar size, you'll pay less per square foot on a condo than you'll pay to buy a detached residence. This means your mortgage loan and monthly payments will be lower.
The lower price of a condo makes it easier for young families, first-time homebuyers, and families living on a single income to purchase. That makes it an attractive option for those on a limited budget. Finding a house with a similar price might only be possible in rough neighborhoods or on the outskirts of the city (i.e. the suburbs).
#2 - Less Work To Maintain The Property
One of the drawbacks to owning a traditional house is the amount of time and effort required to maintain it. For example, you'll need to mow the lawn on a regular basis. If it snows in your area, you'll need to shovel the porch, walkway, and sidewalk. You'll also need to pick up leaves and other debris that settle on your yard. If you have a pool on your property, you'll need to keep it clean and free of debris. And you'll need to paint your house occasionally, lest it begins to look dilapidated.
You will also be responsible for repairs. If the roof is old or develops leaks, you'll need to pay to have it fixed. If a rain gutter or water heater breaks, you'll be responsible for getting them back into working order.
None of these things are the case when you own a condominium. The work is done for you. Part of the homeowners association fees you pay each month are allocated toward maintenance and repairs. That means your lawn will be mowed for you; your walkway and sidewalk will be shoveled; and your roof, water heater, and rain gutter will be repaired, when needed. This is a major advantage to living in a condo.
#3 - Access To Community Perks
One of the benefits to condo life is that you'll be able to use various amenities designed for the community. For example, you'll likely have access to one or more swimming pools. You might also have access to tennis courts, basketball courts, and a fully-stocked fitness center. A lot of condominium communities offer gas grills and outdoor seating for their residents. Many condos now have community workshops, so you can be handy without needing to buy a drill press or band saw.
When you own a house, you may not have immediate access to most of these perks. Unless you have a pool in your backyard, you'll need to visit your city's community center to use its pool. You'll need to do the same to use the center's basketball courts, tennis courts, and other facilities, assuming they make them available to the public. But even then, it's less convenient.
#4 - Lasting Friendships With Neighbours
When you own a house in a neighborhood with a high percentage with renters, it's more difficult to establish long-lasting friendships. By the time you get to know your neighbors, they might move away.
Condominiums are usually owned by the people living in them. As a result, the owners often live in the communities for significantly longer than renters. Establishing friendships is easier and fosters more socialization among neighbors.
#5 - Better Security
When you own a house, you're responsible for your own security. That can be problematic if you live in an area that receives a high degree of transient traffic. People may routinely come and go, making it difficult to identify those who don't belong.
One of the many perks of condo life is that security is provided by the community. In most cases, people gain entrance through a gate that can only be opened by a gate opener or a resident. In addition, there is usually a guard service that patrols the community. Because neighbors are close and tend to know each other, it's relatively easy to identify trespassers.
If you're fit to buy and in the market - consider the advantages of condominium living. While it's not a perfect fit for everyone, it can provide an ideal living situation for many individuals and families.