Condominiums are capturing the attention of many prospective home buyers. During 2017 in Toronto, for example, single-family home sales fell while condo sales rose, and more than 60% of condo sales were based in Toronto alone. But, not everyone loves the idea of living in a condo. Let’s take a look at the benefits and the drawbacks to condo living.

The Benefits of Condo Living

Price: A condo will cost you less upfront, which is great if you are on a tighter budget yet still want the benefits of homeownership.

Convenience: When you purchase a condo, you own the property but you don’t have many of the hassles that come with homeownership. Vendors are typically hired to handle most of the regular maintenance work so you don’t have to. You can have lush, beautiful yards, sturdy railings, and well-maintained exteriors without any work. This is particularly beneficial if you have a busy lifestyle, travel frequently, or just don’t want to complete handyman jobs yourself.

Amenities: Some condos provide many amenities that make condo living luxurious. You may find club houses, swimming pools, hot tubs, fitness centers, and even small playgrounds included with the home.

The Drawbacks of Condo Living

Smaller Homes: One of the biggest drawbacks to a condo is the smaller size. These homes vary by size but are much smaller than a traditional single-family home and townhome. You may also have limited natural light and you may walk up several flights of stairs to enter your front door.

Fees: While condo living certainly comes with its convenience and amenities, these don’t come without a price. You will usually pay maintenance fees every month to cover the cost and upkeep of your home and amenities. These fees will vary by location but for condos with many features, you can expect to pay several hundred dollars every month.

Shared Walls: Condos can closely resemble an apartment and you may have neighbors above, below, and to the side of you. This means that you may have noisy neighbors to face or you must constantly quiet down your own family members.

Collingwood real estate

Overall, the decision to purchase a condo depends on your lifestyle and financial goals. To help you make the best decision for your specific needs and to fully understand the benefits of each, contact Collingwood real estate agent Sheila Shepherd. She can help you find a Collingwood home that matches your lifestyle, financial, and family goals.