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There are pros and cons to buying a condo when you are in the market for a new home. Condos are a great option for first time home buyers, who are ready to take plunge into purchasing property, but may not be ready to purchase a single family dwelling. Considering the number of new condominium development projects in the GTA, the thoughts of purchasing a brand new condo, where everything is new, can be appealing.
Whether you are considering to purchase a pre-existing condo or one that was recently built, it is important to carefully weigh your options in order to ensure you are making the best investment decision. Consider the following pros and cons of condo ownership before you proceed with one of the biggest decisions of your life.
Condo Ownership Pros
Condos are more affordable than semi-detached and single family dwellings. As such, you may not require as large of a down payment and could find it easier to obtain financing.
Condos come with extra amenities not included with traditional home ownership. Most condo communities provide access to a swimming pool, fitness center, club house, and more. The costs to add these to a single family dwelling is often out of reach for most first time home buyers.
Condos provide increased security. Many communities feature security gates, onsite security guards, in-home security alarms, and other safety features to make you feel safe and secure in your home.
Condo communities take care of most maintenance. From landscaping and mowing the yard to keeping the exterior of the building and roof professionally maintained, condo owners need not worry about the added costs of this work, like traditional home owners do. If you have problems should arise with your heating and cooling system, plumbing, or anything else of that nature, there’s a good chance that you will receive help from your condo community’s maintenance personnel.
Ease of access to area amenities is appealing. A large number of condo communities are ideally located near businesses, shopping centers, entertainment, community parks, and public transportation stations.
Condo Ownership Cons
The value of condos can appreciate slower in comparison to traditional homes. These values fluctuate just like the rest of the housing and real estate market, and tend to increase less quickly than a townhome, semi-detached or attached build. On the flip side, this is not always the case, especially if the condo is located in a highly sought after location within Toronto. In addition, many communities will allow you to rent out your condo, if you should decide to upgrade to a larger dwelling.
Condo community association and maintenance fees can be a financial burden. Condo owners must pay for their amenities and maintenance. However, these added costs are divided between the properties residents, so each unit pays a portion of the total costs. In addition, some communities also include your property taxes as part of monthly dues.
Condos provide less privacy than a traditional home. Living in a building is similar to that of an apartment lifestyle. Space is limited and each unit is up against the other. It is common to have to deal with noise and people coming and going at all hours of the day. Although, most communities have rules for specified “quite times” and acceptable noise levels, it can only be regulated within reason.
Condo owners have to follow community rules. It can seem like there are boundaries for everything including, acceptable community behavior, to having to obtain permission to do exterior work on your condo. This can be challenging and aggravating to deal with at times. On the plus side, these rules can also benefit you. Should you have a noisy neighbour or someone that is inconsiderate and leaves trash outside their door or on their patio; Strict regulations such as these can help address the problems that might arise.
In lieu of negative aspects associated with a condo living, many people still opt for this kind of lifestyle due to the numerous benefits they have the ability to enjoy. In addition, many types of exterior improvements are normally approved, without any hassle, like adding outdoor flooring such as deck tiles to your condo balcony.
For more information on condominium patio, balcony or terrace deck tile and flooring upgrades, please feel free to contact Designer Deck Inc. today by calling 1.800.398.9263. We would be happy to discuss your project in depth, inspire ideas and provide you with approximate pricing.