Are you wondering if condo living is right for you? It all comes down to your personality, interests and way of life. Many incredible perks come with purchasing a condo – it’s so much more than a place to call home. You’re also buying into a lifestyle. If urban living with the convenience of amenities close at hand sounds good, a condo may be the perfect fit.

Pros of Condo Living

1. Building equity

A condo can be a great first property if you have been renting up until now and want to leap into home ownership. Rather than paying rent, you’ll be working towards paying off your mortgage and building equity as you go. You can generally find a condo for a better price than a detached home, making it a good option for first-time home buyers.

2. Great locations

Most condos are built in urban areas and aim for convenience, views, and amenities. If you want to be in the heart of the city and enjoy downtown living, a condo may be a perfect choice. Prime location is a big plus as it offers you convenient access to work, shopping, and dining.

3. Less maintenance

Don’t love shovelling your driveway or mowing the lawn? One of the main benefits of condo living is that the building staff maintains common areas, so you only have to worry about your living space. Your monthly condo fees cover regular maintenance, and a percentage is set aside each month for future repairs.

4. Onsite amenities

Many condominium buildings offer luxury amenities like a pool, sauna, or exercise room. Being able to run downstairs to work out or go for a swim is incredibly convenient! The amenities differ for each facility and will be reflected in the pricing of monthly dues.

5. Enhanced security

Most condos offer secure entrances and surveillance cameras – some may have onsite security for additional peace of mind. You also have the extra protection of multiple neighbours close by to keep an eye out – perfect for those who are frequent travellers!

6. Sense of community

Some condos are geared towards a specific lifestyle, such as seniors or young professionals. There is usually a social committee responsible for planning various activities and events. With common areas and many neighbours close by, condo living comes with an incredible sense of community.

Cons of Condo Living

1. Specific rules

Most condo buildings have specific rules around things like pets, noise, and remodelling. Be sure to read the rules and guidelines carefully so there aren’t any surprises.

2. HOA fees

You’ll pay dues to the Homeowners Association to cover building maintenance, amenities, parking, etc. Fees can range significantly, so ask up front and factor it into your monthly expenses.

3. Smaller spaces

Having less space can be a pro or a con, depending on your family’s needs. If you love having a garden, a yard for the kids, or outdoor space for your pets, less space can be a negative. But if you love the idea of not having a yard to tend, snow to shovel, or grass to mow, then less space is a plus!

4. Less privacy

If you’re used to apartment living, you may not notice the extra noise of sharing walls with neighbours. But if you are moving from a detached home to a condo, keep this in mind.

5. Limited storage

Most condos have limited storage. You’ll notice the extra space missing if you are used to having a garage or cold cellar. But for those who love a minimalist lifestyle or want to downsize, the lack of storage may be acceptable.

Questions to ask when deciding if condo living is for you:

• How much space do I want to be responsible for?

• Will I use the extra amenities like the pool or exercise room?

• Can I give up some control and follow the rules and expectations?

• How big of a priority is the location?

• Do I want a city lifestyle, or would I prefer a more suburban neighbourhood?

• Do I want close neighbours and a sense of community with shared activities and events?

• How much storage do I need? Do I need a garage for tools or equipment?

Deciding if condo living is for you is a personal choice that depends on the type of lifestyle you are looking for. If you decide it’s a good fit, be sure to get a professional on your side to help you choose a suitable building – not all condos are created equally. There are many factors to consider, such as location, amenities, fees, and restrictions. A qualified real estate agent will help you ask the right questions to ensure the perfect fit for you and your family!

We’re here to help if you have questions about condo living in the West GTA. Reach out to our team today!