Pros and Cons to Condo Ownership

 

Condominium living can be an appealing housing option. It’s often more affordable and easier to care for as someone else handles maintenance and repairs, such as shovelling snow and replacing the roof. Many condominiums have enhanced security features over those found in single-family homes and offer a wide range of social, entertainment and recreational activities.

Wondering whether or not condominium living really is the right choice for you? Like most types of housing, condominiums have their advantages and disadvantages. Carefully consider all of these pros and cons when deciding whether or not a condo fits with your personality, lifestyle and finances.

 

Pros:

  • You have fewer maintenance and repair responsibilities.
  • You have access to on-site amenities such as a games, party, exercise and guest room. Some larger buildings may even offer a swimming pool, hot tub or sauna.
  • You will likely have enhanced security features in your building.
  • You’ll have peace of mind while you’re on vacation knowing your neighbours are close by.
  • You get to contribute feedback to condominium decisions. As an owner you have voting rights and can be elected to the board of directors.
  • You have a community that may offer a range of social and recreational activities, often geared to a specific lifestyle. The biggest example of this is found in age restricted buildings.
  • A simplified lifestyle and possible lower costs could allow you to do more of the things you love.

 

Cons:

  • You may not be able to decide when maintenance and repairs get done.
  • You may have to pay for amenities, whether you use them or not.
  • You may experience less privacy, space, and possibly more noise.
  • There is often limited visitor parking available for guests.
  • If a unit upstairs has a water leak, your unit may experience water damage too.
  • Though rare, it is still possible a special assessment can be charged for unexpected repairs.
  • You may experience a higher rental population which could affect care and attention to the building.
  • Some condos have restrictions on things like noise, parking, pets, balcony décor, smoking etc.

 

Still not sure what type of home ownership is right for you? Contact us. We’d be happy to answer any questions you have. Also, if you’re planning to buy or sell a property, call us today! We’d love to work with you. It is always our highest honour to serve you!

 

Jason Rustand with RE/MAX Real Estate serves with the highest level of integrity and excellence every time.  For more info on this topic or others related to real estate contact LIKE our Jason Rustand Team Facebook page, call Jason direct at 780.980.2828, email jrteam@shaw.ca or visit WeSellLeduc.com.

 

Adapted from https://www.cmhc-schl.gc.ca/en/buying/condominium-buyers-guide/chapter-3-the-pros-and-cons-of-condominium-ownership


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