In Canada, more people are aspiring to an urban lifestyle and moving closer to the city. This trend is driving the sales of condos, which are becoming a popular housing option for those looking to live close to the city. Affordability is the primary reason behind the popularity of condos for sale among buyers as they are cheaper compared to single-family homes, making them a great choice not only for first-time buyers but also for those with a low budget.
Apart from the cost advantage, condos also offer a low-maintenance lifestyle that suits well to people not interested in bearing the hassles of property maintenance. Furthermore, the availability of amenities such as gyms, pools, and shared outdoor spaces makes condos popular among homebuyers exploring the charms of an urban life.
Naturally, condos combine the benefits of affordability and urban location that make them an ideal option for families with upward mobility dreams. These houses, however, may not be suitable for homeowners looking for spacious living spaces or looking for housing societies that are not governed by too many rules.
Clearly, buying a condo in Canada has its pros and cons, and this article will examine both.
So, let’s get started.
The pros of buying a condo
Less maintenance worries – A condo life comes with fewer maintenance worries for homeowners. All the maintenance work is taken care of by people who specialize in it. With no maintenance hassle, there is more time to enjoy a quality life, interact with neighbours, and engage in community activities.
Minimum security risks – Living in condos means having fewer security worries as proper security arrangements are in place for residents. From gated entries to the deployment of security professionals, condos can give peace of mind to those who worry about home break-ins.
Amenities – Condos offer convenient and comfortable lifestyles in the form of many amenities that are often not available in single-family homes. Homeowners can expect facilities like gyms, pools, play areas, and outdoor spaces in a condo. These amenities are one of the major reasons why many homeowners buy condos and hope to live a urbane cool lifestyle.
Proximity to work and city charms – Most buyers choose to buy condos to live in close proximity to city life. They also get to enjoy proximity to work, shopping malls, restaurants, and other amenities. With a condo, one can live right in the heart of the city and enjoy easy access to all the actions and events.
Community feeling – Living in condos means getting an opportunity to live in close proximity to many people. Residents there can run into neighbours more often, and this builds a sense of community. Anyone who loves to socialize can find the condo life very stimulating and rewarding.
The cons of buying a condo
Limited outdoor space – Living in a condo is not ideal for those people who yearn for ample outdoor space or who look to enjoy a yard or garden. There will obviously be balconies or small outdoor areas, but they will be smaller than the yards or gardens of a typical house.
Lack of privacy – Condos are good for enjoying social life, but this very plus point can also be a big negative for those who value privacy. With several neighbours in close proximity, lack of privacy can be an issue. Noise issues can also arise as many families live together in close proximity. Sometimes, people living in condos may also need to deal with shared walls and floors.
Monthly fees – While affordability is a hallmark of condos, this does not mean that living here would be cheap. In fact, condo owners need to pay monthly fees for all the amenities they are offered. They are also required to bear the costs of repairs and maintenance. These costs may be minor, but they can accumulate over time and feel like a burden on the pocket.
Plenty of rules and bylaws – Living in a condo comes with certain restrictions. Owners there need to abide by many rules and bylaws set by the management. Restrictions related to renovations, rental, pets, quiet hours are just some of the things owners need to live with. There will also be limited control beyond the unit one lives in, and all this can be frustrating.
Resale value – Condos don’t command as much resale value as single-family homes do. Their appreciation in value is also not as steep as investors may believe. In fact, their resale value depends on a lot of factors, and the chief among them is the condition of the complex.
Condos are great housing options for families seeking nearness to a metropolitan lifestyle. Buying them can offer all the amenities that investors expect but without the outdoor spaces and privacy they would expect. However, buyers can consult an experienced real estate agent and find a condo for sale that meets their needs perfectly and delivers what it promises.