Given the number of new condo projects in Vancouver and Toronto, it is no wonder more and more people are taking the plunge of buying a home by purchasing condos. Unlike traditional home ownership, the “Condo Lifestyle” does have its own advantages and disadvantages, which you should carefully weigh and consider before signing a purchase agreement.
Advantages of Condo Ownership
1. Affordability – Condos tend to cost less than semi-detached and detached homes. Plus, it is often easier to secure financing with a smaller down payment.
2. Amenities – Condos come with a wide array of onsite amenities for the residents, such as health centers, swimming pools, dog spas, dog runs, outdoor private parks and grilling areas, book clubs, and more. Many of these added perks would be financially out of reach for first-time buyers considering a traditional home.
3. Maintenance – Condo ownership provides you with a laid-back lifestyle where you do not have to worry about most types of maintenance, from landscaping to exterior and roof maintenance. Plus, many communities provide maintenance for heating and cooling systems, electrical wiring, plumbing, and other interior mechanics.
4. Security – Condo owners feel safe and secure in their homes thanks to onsite security guards, security gates, security doors, in-home security alarms, and other such safety features.
5. Easy Access to Public Areas – Many condo communities are conveniently located near entertainment, dining, shopping, community parks, bike and jogging trails, public transport stations, and other businesses.
Disadvantages of Condo Ownership
· Association and Maintenance Fees – All those added perks do come at a cost, but they are divided among all the residents. Although, in some communities, these fees also include hydro bills and property taxes.
· Rules and Regulations – Condo boards will have rules and boundaries for just about everything outside the home, from the accepted usage of common areas, appropriate community behavior, guidelines for making renovations to your home, and more. While the rules might seem like a hassle, they do benefit you when you have inconsiderate neighbors.
· Less Privacy – “Condo Living” is similar to living in an apartment. Your neighbor’s home is often built right up against yours. This could result in some added noise, but your association does have rules in place that specify “quiet times” and acceptable noise levels they regulate within reason.
· Home Value Appreciates Slower – Compared to traditional homes, the value of condos can take longer to appreciate. However, with the housing market constantly changing, this is not always the case and many condos in highly sought after neighborhoods in Vancouver and Toronto have appreciated must faster.
Even though there can be drawbacks to buying a condo, the number of people opting for this lifestyle is steadily on the rise thanks to the numerous benefits they gain. Additionally, many condo boards are willing to approve interior and exterior improvement projects to allow people to put their own personal touches on their homes, such as adding outdoor deck tiles to the balcony or patio.
To learn more about Designer Deck’s condo patio, balcony and terrace deck tile and flooring products, and lighting solutions, please feel free to contact us at 1.800.398.9263 today!