Condo living can be easy and carefree, or small and restrictive, depending on what you’re looking for in your new digs. Here are a few things to think about if you’re considering whether or not to buy a condo to help you decide if the condo lifestyle is really for you.
There are often lots of condominiums built in close proximity to downtown locations. This makes condo living a great location to be near shops, theatres, restaurants, schools, hospitals and public transportation.
Close neighbors means you don’t need to worry much about intruders while you’re on vacation. Also, condo buildings often come with doormen or concierges who manage entrance to the building, making security that much tighter.
If you buy a condo, you don’t have to shovel the snow, mow the lawn or weed the garden. All of that is taken care of in your condo fees, along with things things like roof problems and plumbing leaks.
Many condos these days include things like a swimming pool (or two), a gym/recreation center, a theatre room, a games room and more. Use of these facilities is covered as part of your condo fees, and can save you money on things like gym memberships.
While the pool, gym and pretty flowers may be a nice to have, they may not be very useful to you, and you could be paying for these things with your condo fees regardless or whether you use them or not.
A board of volunteers, who may have neither the experience nor expertise for the job, usually manages condos. They might be great or they might be duds. And the only way to change it would be for you to spend your time and energy and get involved yourself.
Unlike in a house, your neighbors in a condo are close, which could create problems – particularly in the areas of the “five p’s”: pets, parking, personality, parties, and people
It’s not all yours
When you buy a condo, only the space between the walls of your unit belong to you. But the land the building sits on belongs to the developer, investor or owners of the building. It’s “space” ownership, but not “land” ownership, which makes some people uncomfortable.