Wondering whether or not condominium living really is the right choice for you? What are the pros and cons of buying a condo?
You may love the idea of never shovelling snow or cutting the grass when you move into a condo, but you might not be so happy about bylaw’s restricting you from having a BBQ on your own balcony.
Like any type of accommodation, you must carefully consider all of these pros and cons when deciding whether or not a condo fits with your lifestyle, personality and financial situation. These are the pros and cons of buying a condo:
Pros of Buying A Condo
- Fewer maintenance and repair responsibilities.
- Access to on-site amenities, such as a sauna, swimming pool, gym or movie theatre which you otherwise might not be able to afford.
- Enhanced security features in some condominium units. You’ll also have peace of mind while you’re on vacation knowing that your neighbours are close by.
- Monthly maintenance or condo fees are usually predictable.
- You have a say in the running of the condominium corporation. As an owner, you have voting rights and can be elected to the board of directors.
- A community that may have a wide range of social, entertainment and recreational activities sometimes geared to a specific lifestyle (seniors, for example).
Cons of Buying A Condo
- You may have to pay for amenities that you might never or rarely use.
- Possibility of special assessment charges for unexpected repairs.
- Less space in some condominium units.
- Possible restrictions on things like noise levels, parking, pets, smoking and even the style and colour of things like doors and window coverings.
We hope our list of the pros and cons of buying a condo have given you better insight. If you’d like the advice of top Toronto real estate agents, we’ll be happy to answer any questions about real estate you have for us.
