The condo market in Toronto is at an all-time high. Everywhere you look new buildings are cropping up, but even adding these new suites into the selection with the older buildings, listings disappear quickly. Everyone seems to want an accessible, lively, urban lifestyle! Should you buy into the craze? Are you unsure if the condo life is the right fit for you? I have compiled a list of the pros and cons of buying a condo that can help you determine whether or not buying a condo is the right next step for you.
PROS
Less Maintenance
Bye-bye house chores! Well, at least the chores that involve the outside of the house. When you live in a condo you will no longer have to mow your lawn, shovel snow, or worry about fixing a leaky roof. A condo can provide the perfect lifestyle for those who are incredibly busy and do not always have time to work on their house. It is also great for those who like to travel, those who have mobility issues, or those who simply want fewer chores in life!
Security
While freehold homes certainly can be equipped with home security systems, living in a condo has several levels of security built into them. Most condos have gated and locked entryways. Some even have door keepers or concierges to ensure that no unwanted guests are entering the premises. When it comes to the pros and cons of buying a condo, this is a great advantage.
Amenities
One of the best perks of living in a condo is the convenience of having all the amenities you want mere steps away. Instead of layering up and layering down in unpleasant weather to go to the gym, or the dry cleaners, all you have to do is take an elevator to the right floor! Many condos now offer game nights, community rooms and other great ways to create a community without having to travel long distances.
CONS
Close Neighbours
If you love to have parties or host family events, my best suggestion is to use the party room in a condo rather than your own space. As thick as the walls may be in a condo, and as spacious as your suite is, you are still directly next door to/above/below your neighbours. Sound can travel, and space is limited, so a party room will be a big help.
More Rules
For safety and aesthetic reasons, condos will tend to have more rules. They may have certain ways to dispose of your recycling, or certain rules about what is and is not allowed in the common hallways of the condo. While most of these rules are common knowledge or easy to follow, there might be one or two that ruffle your feathers. Always feel free to talk to the board of directors to see how stringent they are about certain rules before making a decision one way or another about a specific condo.
Condo Fees
People love the amenities that come with condos, but sometimes do not realize they have to pay for them. In fact, when budgeting for a condo many people make the mistake of not budgeting for condo fees! Condo fees can range anywhere from a few hundred dollars a month to thousands of dollars each month. These rates will vary based on a range of things: the number and quality of amenities provided by the building, how old the building is, how many suites are in the building and how much is in the reserve fund. If you have questions about condo fees and how much they are predicted to increase always ask your real estate agent when looking.
Condo living may not be for everyone, but according to Torontonians, it seems to be very popular! I hope this list of the pros and cons of buying a condo gave you some food for thought when considering if you might be interested in condo living. If you are, please feel free to message me or check out my listings, I would love to show you how condo living can change your life for the better.
