If you’ve hit a point where you are questioning your need for a big house and are considering downsizing, then a condominium might be the right play for you. Many people are hesitant to move into a condominium because they are used to thinking of freehold ownership as the holy grail of real estate. But they are missing out on a lot of the benefits in cost and convenience that come with living in a condominium.
Condominiums don’t always mean living in a high-rise downtown; a condominium is any unit that has shared space with other units. That means you can be in a condominium and live in a small duplex or low-rise building close to your neighbourhood. Not that much has to change.
Reason #1: The best part of living in a condominium is all of the outside work is handled. You are responsible for whatever happens within your walls, just like any other ownership arrangement, but repairs to the common areas and land are not your responsibility. As you reach your golden years, this becomes more and more necessary, especially since the costs of repair for those outer areas are shared between all the units.
Reason #2: As you get older, one of your top priorities is going to be minimizing stress. Knowing that you don’t have to perform all the daily maintenance tasks that come with owning a home can be a great way to get this peace of mind. That is why condominiums can make life way better for baby boomers looking to downsize.
Reason #3: Unlike renting where you can’t make many interior changes to the property, if you own a condominium you are free to paint and modify as you wish. This is great for those who still want a lot of control over the feel of their home, but can’t be bothered to still mow the lawn or shovel the walk. Unfortunately, if you are renting, there is always a risk your landlord will give you notice to end your tenancy.
Reason #4: Another convenient benefit is the amenities that are often included with larger buildings. This can give the same feeling as owning a pool or having a small home-gym, but with a far smaller cost to you. Your lifestyle will also benefit as you meet more people and get a chance to socialize in your building.
Reason #5: In Toronto, the variance between condominium and freehold prices vary depending on the area, but condominiums can certainly be a cheaper option that provides very similar utility. Additionally, high-rise condominiums are pretty much the only way you can live downtown in Toronto, which is often a priority as you get older and don’t want to drive as much.
Many buyers complain about condo fees, but if you add up all of your home costs over the last few years and calculate an annual cost, it is a lot higher than you think. This would include your roof, security system, new windows, patio stones, new air conditioner, tree trimming, a new lawn mower, etc. If you are truly honest with yourself about these costs and recognize your time also has value, the maintenance fees don’t seem so high.
You might also like
Prevent Big Losses with Home InspectorsThe process of buying a home has lots of steps, most of which involve hiring experts to help with the areas you don’t possess any knowledge on.
Downsizing or Rightsizing?Rightsizing is the process of finding a home that fits your lifestyle. What people often forget is there is no perfect setup. What was great for them
5 Reasons that Living in a Condo is Great!If you’ve hit a point where you are questioning your need for a big house and are considering downsizing, then a condominium might be the right
Rightsizing is an Emerging TrendAs we watch millennials move towards a trend of minimalism and living in homes that fit their needs better, the rest of the economy has a chance to ma