By Adrian Schulz
Although many people anticipate buying a single-family house when considering their next home purchase, a condominium could make more sense depending on your situation and finances. For many potential homeowners, condo living has a number of overlooked benefits, including:
Living a low-maintenance life
Don't want to mow the yard or trim the bushes after a long day's work? In a condominium, you won't have to. One of the greatest perks to condo living is having maintenance on your unit taken care of as part of the dues paid to your association. This may span everything from lawn care to snow removal and re-roofing, although sometimes condo owners do have to pay special assessments for unusual or unexpected repairs.
Enjoying extra amenities
Condo residents often have ample amenities just outside their doors, as many developments include features like pools, party rooms and workout facilities without the extra costs of ownership or the headaches of maintenance. Condo owners may also have the added benefit of security measures that are provided for residents so that they feel safe, even if they are living alone.
Capitalizing on location
Many condominiums are located in prime neighbourhoods close to work, transit, restaurants or shopping — areas that otherwise would be too expensive to live.
These desirable locations also typically retain or increase their value over time, making them a solid financial investment.
Stretching your dollars
Condos can represent great value, as buying comparable standalone properties are typically far higher in cost. While potential buyers should factor in the financial impact of association dues, there still may be a considerable upside to purchasing a unit in a multi-family property. Also, because maintenance is covered, many condo owners find that their housing budgets are far more predictable than those who have to care for and upgrade single-family homes.
Strengthening social connections
Many condo residents love having the opportunity to have regular, unplanned social interactions with their neighbors. Living in a condominium development prevents the isolation that sometimes occurs while living in a single-family dwelling, and can even provide a strong sense of community among residents.
Condo living may not be ideal for everyone, but it can represent a viable option with fewer headaches and financial downsides than single-family homes, while providing access to a low-maintenance and active lifestyle for residents.
Adrian Schulz, ACCI, Imperial Properties