For those looking to purchase a home, a condo may sound like a great investment and starter home. With the number of new condo development projects growing in recent years, the thought of having a brand new condo is appealing for some people. However, just like most everything else in life, there are pros and cons to owning a condo. Before you sign a purchase agreement, and close on the sale, take the time to consider the following.
- More affordable than traditional single family homes. Condos cost less than semi-detached and detached homes. If you are ready to invest in a home, condos are the perfect starter home.
- Extra amenities are included with condo ownership. If you want fitness equipment, a swimming pool, and other such onsite amenities, without having to spend money on these yourself, condos provide these and other options for owners. Some even offer clubhouses, outdoor grilling areas, laundry services, and more for you to enjoy whenever you are at home.
- Lower overall maintenance costs. With condo ownership, the condo community takes care of most maintenance for you. They mow the yard, landscape, maintain the grounds, fix the roof, and more. Plus, there are maintenance technicians onsite should you have maintenance concerns with your heating and cooling system or plumbing problems. If you dislike the thought of having to pay these things out of pocket while making monthly mortgage payments, then a condo could be a good investment decision.
- Increased security for your home. Many condo communities feature doormen, onsite security professionals, alarm systems, gated and secure parking areas, and other security features to make you feel safe and sound in your home.
- Have to abide by the community’s rules. If you want to make changes to the exterior of the condo, you often have to get permission from the condo association first. There are also specific rules in regards to noise levels, parking areas, and so on you must abide by and follow.
- Maintenance and condo association fees. Someone has to pay for the upkeep of the property and amenities and that is paid for by the condo owners. Maintenance and association fees are equally divided between all owners and everyone pays for a portion of their sq footage. In rare cases, these amounts can go up if there are vacant units. The amount varies based upon what amenities are offered, as well as the age of the community. However, some association fees also include your property taxes.
- Reduced privacy. Condo living is somewhat similar to living in an apartment community. This means you have to deal with your neighbours coming and going at all hours of the day and night. In addition, you could have neighbours living on both sides of your unit as well as above and below you. Although, most condo associations have rules about noise levels and specific “quiet” times.
- Condos can appreciate slower. Depending upon the housing market, the value of condos sometimes appreciates slower than traditional single family homes. However, once you outgrow your condo, you do have the option to rent it if its current market value is not what you expected.
Purchasing a condo is slightly different than purchasing a traditional home. There are specific purchase agreements and other conditions which the seller must satisfy. It is highly recommended to enlist the services of a qualified and experienced condo real estate agent in Mississauga, like Shawn Gandhi. Mr. Gandhi specializes in condo resale and purchases in the GTA. Call 905-795-1900 now to schedule an appointment to discuss your housing needs.