Are you ready to buy a home? If so, you may be wondering what type of property is right for you. Condos might be on your radar, and perhaps you’re seriously thinking about purchasing one. While they’re not for everyone, carefully considering the pros and cons involved will help you determine whether to opt for a unit—or another home type altogether.
If you’re trying to decide whether to buy a condo, here are a few things to consider…
Maintenance
When you’re choosing the type of home that’s right for you, maintenance should be a major consideration. Condo management is almost always responsible for repairs to the building, its common elements, and its major systems. In contrast, houses require a lot more upkeep.
Think about how much time you’re willing to spend taking care of your property. Will you shovel the walkway and mow the lawn? What about ensuring that the HVAC system is serviced and the roof remains in decent shape? If the answer is no, a condo may be the right choice for your current lifestyle.
Amenities
Owning a condo often means having access to top-notch amenities. Of course, not everyone wants these little extras. It’s really a matter of what allows you to maintain the quality of life you’re looking for.
If you’re the type who will go out of your way to use a luxurious pool, state-of-the-art gym, or calming yoga studio, then a condo building that offers these amenities onsite may be your best bet. Easy access to the things that make life a little more enjoyable is always worthwhile—especially when winter rolls around.
Investment potential
Thinking of buying a condo as an investment? It could be one of the best financial decisions you ever make. GTA real estate has long boasted strong price appreciation, and condos are always in demand here.
With the population projected to grow in the years ahead, unit owners who choose to rent out their spaces are all but guaranteed steady monthly income. Even if you’re purchasing a condo primarily for personal enjoyment, owning one could help you secure your financial future by providing a high return (when you’re ready to sell).
Security
Depending on your life circumstances, you may feel more secure in some living spaces than others. Of course, it’s entirely possible to feel safe in a house—even if you’re living on your own. Having said that, many buyers appreciate the peace of mind that a highly-secure condo can provide.
From key fobs to double doors to a concierge, every building you consider should have some type of security measures in place.
Liveliness
Are you the type who thrives in a lively neighbourhood? Would you like to live close to trendy eateries, buzz-worthy nightspots, and charming boutiques? If so, buying a unit might be right for you.
Some of the busiest and most vibrant communities in the city are filled with incredible condominiums. While houses are usually the more common home type in quiet suburban communities, those who love the idea of living at the centre of it all may want to look closer at condos.
While some buyers know what type of property they want from the outset, others choose to weigh their options. If you fall into this camp, a knowledgeable real estate agent can help you determine whether a condo will work for you!
Thinking of buying your first condo? Learn more about the steps involved—and how we can help.
