More and more young families, young professionals, empty nesters, and retirees are making the move to condo living. Condominiums are a big part of Toronto real estate.
With so many Toronto condos for sale all across the city, you have many options, but you should first consider whether condo living is right for you. Here are some important factors to consider before you make a decision.
1. Maintenance Is Taken Care Of
One of the allures of condo living is that someone else handles the maintenance work, such as landscaping shovelling, and repairs. Although you’ll pay condo fees to cover this work, it can be a big relief if you don’t have the ability, the time, or the interest in taking on this type of responsibility.
2. Shared Costs
Replacing windows, roofing repairs, and other major costs are typically shared among all the condo owners in the building, which can lead to cost savings for you. Most condo properties place part of the condo fees tenants pay into a reserve fund, which covers the cost of these major repairs.
If you’re a young professional, you’re likely considering condo living because you want to be in or near the downtown core. This can be convenient if you don’t drive and you work in the area. It makes commuting fast and easy to walk a few minutes to the office compared to purchasing a home in the GTA and having to drive an hour or more to get to work. This is a huge perk of purchasing a condo in the city.
Plus, if you like to go out often to clubs, restaurants, coffee shops, shopping centres, and other hip and trendy places, condo living makes it convenient to live the lifestyle you enjoy because you’re so close to everything.
Most condos come with the access to great amenities, such as theatre rooms, swimming pools, part rooms, gyms, and concierge services. If these amenities are attractive to you, you’ll likely love the condo lifestyle.
Generally speaking, buying a condominium costs less than buying a freehold house, especially if you want to be close to the city. If you want to own property but you can’t afford the cost of Toronto houses in this market, a condo is a great option to consider. Many condo buyers have a single income, are looking to downsize, or are first-time homeowners.
Condos typically offer greater security than houses. Most buildings offer a secure, locked entrance. Some buildings also have a doorman or concierge to ensure only tenants and approved guests get through the door. This may make you feel safer in your home.
7. You’re Social
Condo living is social in nature. You’ll have many neighbours on every floor, and you can meet people and make friends in all the common areas, such as the pool or the gym.
8. You’re Making an Investment
All real estate purchases are investments, but condos typically make great investments. You can either purchase it with the intent of selling it in a few years for a profit or you can buy a condo with the intent of leasing it out to make monthly passive income. Either way, it’s a great way to get into the real estate market without breaking the bank.
If you’re purchasing a condo as an investment, it’s particularly important to pay attention to the neighbourhood you’re buying in. You’ll want to buy somewhere that’s in demand. Working with a realtor can help you purchase the right space for your needs. A real estate expert can give you the indicators of a great condo investment.