7 Great Reasons To Buy A Condo
Written by Karen Hutchinson, REALTOR® and Seniors Real Estate Specialist®
What Is A Condo?
“Legally, a condominium refers to a type of property ownership. Condominium ownership is unique because it is shared property ownership. When you buy a condominium, you get:
- Full ownership of the condominium unit (also known as freehold interest)
- Shared ownership of the common property (also known as tenants in common co-ownership)
Condominium units come in all shapes and sizes. They can be apartment-style residences in high-rise buildings, townhouses, lofts, or even detached houses. Condominium bylaws may state who is responsible for maintaining, repairing, and renovating anything within the boundaries of a condominium unit.” — Condo Law For Albertans
7 Benefits of Condo Ownership
There are many benefits of condo ownership, but I have listed my favourite reasons to own a condo:
1. Buying a condo is a great way for first-time home buyers to enter the real estate ownership phase of their life. You can find affordable units in many areas throughout a city.
2. Owning a condo requires less maintenance than owning a detached house. Your condo fees cover the maintenance of the common property like the lawn, lobby, parkade, etc. You don’t have to cut the grass or shovel snow!
3. Some condo complexes include various on-site amenities such as a gym and movie theatre for use by just the owners and their guests. These are usually included in your monthly fees and you don’t have to leave the building to access them!
4. Condo living may provide you with new socializing options. Maybe you will meet a new friend while you are working out in the gym, or picking up your mail. Some buildings even go so far as to have a social committee that organizes events for the unit owners. Things like barbecues, wine-tastings, and seasonal events are common. You will all at least have one thing in common: your general address!
5. In a condo building the cost of building repairs is shared. When siding needs replacing or the balconies need upgrading, the cost is shared among the owners. When you live in a detached home, you are responsible for all the repairs yourself.
Penthouse Paradise Complete With Your Own Rooftop Patio
6. Owning a condo is a great real estate investment. When you are renting, you are paying someone else’s mortgage. Why do that when you could be paying your own mortgage and building your investment portfolio? And maybe one day when you move on from your condo, you could keep it and rent it out to someone else. Then that renter will be paying your mortgage instead of you.
7. Usually (you need to do your homework on this one) condo buildings provide some level of security. Whether it is a secured front entrance, or an on-site doorman or security guard, condo buildings are generally viewed as secure.
Bonus Reason To Choose Condo Living
There are many different lifestyle options to choose from when shopping for a condo. Some buildings cater to young families and you could have like-minded parents nearby to spend time with.
Some buildings are age-restricted to 18+ or 55+. These buildings cater to people without young families who enjoy a quieter surrounding and amenities that cater to the more mature clientele.
Do you have questions about how to take the next steps you need to find a condo to buy? That’s where I come in! I can answer your questions which will help you decide whether condo living is right for you. The more information you have the easier your decision-making process will be. Easily contact me by clicking here https://karenhutchinsonrealtor.ca/contact-us/ and we can start a conversation about how I can help you make your next move!
More Articles of Interest
Now Is The Time To Get Serious About Post-Pandemic Retirement Living https://karenhutchinsonrealtor.ca/seniors-real-estate-agent-discusses-getting-serious-about-post-pandemic-retirement-living/
Your Guide to Pandemic House Hunting: Productive, Proven Solutions Your Guide To Pandemic House Hunting: Productive, Proven Solutions