Considering Condo Living?
In large cities like Vancouver and Toronto, condominium sales are booming - and since
condos continue to appreciate in market value, they make very good investments. Condominiums have many attractive qualities; however, if you are considering buying a condo, there are a number of things you should consider, including the potential downside of condo-living.
In general, condos are less expensive to maintain then detached homes due to the more stable nature of ongoing costs of ownership. In other words, the monthly fee covers expenses such as roof or hot water tank replacements. As well, owning a condo means you don't have to worry about arbitrary rent increases.
If you are considering condominium ownership purely as an investment, look for condos that have high demand features such as unobstructed views, optimal light (usually found in south or west-facing units), balconies or patios, good parking, and adequate storage space. Also consider monthly maintenance fees which may increase over time. Keep in mind that some amenities, reflected in the maintenance fee, may be attractive to renters and warrant higher rent payments.
Condos that have had recent kitchen or bathroom renovations and newly installed hardwood floors are in demand by buyers. As a buyer, you may want to consider condos that have not been updated since renovations could greatly increase value of the condo. Although expensive, major renovations are usually more than reflected in the selling price and the renovations will reflect your tastes, not someone else's.
Ensure that the building itself is structurally sound and meets all safety codes. In general, concrete buildings are more fire safe and reduce unit to unit noise. Stove fans should vent outside and air-conditioning, if there is any, should be regulated and the air should be recycled. Both owners and renters appreciate the benefits of living in green or environmentally friendly and energy efficient buildings close to public transportation.
Condos are no longer just for singles and couples. Retirees are finding that the ease of single level living in retirement condos and amenities such as swimming pools, planned activities for seniors, and the provision of healthy meals dramatically improves their quality of life. Drawn to the convenience of living close to work or a desire to live in the urban core of cities like Vancouver or Toronto, families are moving into large 2 and 3 bedroom condos. Finally, due to better land utilization and price competitiveness, more people are buying condos as vacation homes in resort areas.
In addition to condo fees, living close to others means adherence to rules and regulations. Many condo associations have rules about pets and either forbid them or enforce size restrictions. There are usually restrictions on exterior and interior changes an individual owner can make. As well, there may be restrictions on home based businesses or the right to rent.
Other concerns of condo dwellers include a lack of storage space, accessible outdoor space, and a limited number of bathrooms. In addition, the success of the condominium's association depends on the elected council behaving in an autocratic fashion and having the appropriate skills or abilities.
At the end of the day, with no yard maintenance to worry about, no driveways to shovel, no garbage or recycling to deal with, condo residents have extra free time to enjoy family, theatres, fine dining, and life in general - ultimately, despite any downfalls, this is what makes condos attractive to so many people.
by: Jamie Mathwig
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