When looking for a home, many think that detached houses have the largest variety of options. Have you considered condos? Condos can be low-rise, high-rise, lofts, duplexes, triplexes, located above storefronts, and have many optional inclusions.
A condo can be newly-built, resold, or a conversion of a factory or even a church. Each condo is unique and comes with its own condo lifestyle. But if condos come in so many varieties, how do you know which one is the best fit for you?
Here are 6 questions to ask yourself to see whether the condo lifestyle is right for you.
1) What is your maintenance level?
Some people work incredibly long hours and would like some extra help along the way, others pride themselves in making their home a dream purely by their own hands. If you could benefit from fewer house chores such as lawn-mowing, snow-shovelling, leaf-raking and other outside work, you should strongly consider moving into a condo. These will all be covered by your monthly maintenance fee.
Other typical things included in your monthly maintenance fee is the luxury of staying indoors while walking to the garbage chute conveniently located on your floor and not bundling up and taking bins to the end of your driveway. You can compare condo fees vs house expenses here.
2) How important is condo accessibility to you?
Accessibility has many meanings. If you have mobility issues, living in a condo can be a perfect fit if there is an elevator to take you to your suite, street level and parking. That definition also includes what amenities you can access in your building. Some condos offer party rooms, gyms, pools, saunas and conference rooms. This makes entertaining or taking care of yourself a lot easier as you do not constantly have to leave your home.
If you want a more luxurious lifestyle, many new upscale and luxury condos in Toronto offer rooftop terraces, guest suites, chef kitchens, movie rooms – just to name a few. Going back to the previous point – you do not have to do the daily upkeep on any of these spaces! That is what your monthly maintenance fee covers.
3) Are you looking for the best condo views in Toronto?
It is without question that Toronto has a beautiful skyline. It may not always be easy to see from the ground floor or a bungalow, but if you live in a high-rise condo you can have stunning views of the Toronto islands, Casa Loma, High Park and many other gorgeous features in Toronto.
4) What Toronto neighbourhood do you wish to live?
For those who crave the downtown lifestyle, there is no better way to live in downtown Toronto than a condo. While there are homes in midtown Toronto, most residences in central Toronto are condos. By living downtown you may have a shorter commute to work, fantastic access to public transit, shops, restaurants and neighbourhood festivities.
5) What is your condo budget?
Condos in Toronto vary greatly in price based on their location, their square footage and the amenities they provide. If you are looking to make a sound investment, Toronto condo prices have been continually rising for the past ten years. They are great as income properties as well as personal residences. They also offer an easier way to enter the Toronto housing market as freestanding homes in the same neighbourhood will tend to cost significantly more.
6) Are you looking to downsize to a condo?
Some condos offer ample square footage and luxury. Many of Toronto’s penthouses rival the grandest homes in Rosedale. However, if you are looking to downsize to a condo or focus less on material objects and more on your experiences and your lifestyle, condos can be the perfect solution. Condos today are very space-efficient and are very well lit, often with floor-to-ceiling windows. With less furniture and belongings to clean, you have less in-home maintenance!
The housing market shows us that 2019 will be a strong year for condo real estate in Toronto. If you have been considering the condo lifestyle and are looking to move, please take a look at my featured listings here, or contact me here to start a conversation about your future condo living.