With the high cost of home prices in the Toronto real estate market. People are instead resorting to purchasing condos in other locations such as Guelph. For many people, this is the ideal scenario if they are more suited to condo living and the lifestyle that it entails. But this may not be the case for everyone. Whether you are trying to decide if you should buy a condo or not, or you are just looking to educate yourself on your home purchasing options, here is a few things to know about buying a condo.
Be Aware of Additional Fees
If you choose to purchase a condominium, paying your monthly mortgage and living expenses will not be the only thing you have to think about that will come out of your bank account. In addition, you may also have to pay the monthly association fees for the condo, as well as other fees for your mailbox, garbage removal, cleaning, and maintenance. Be sure to ask about these before signing on for the property, as in some cases, the cost can be quite high. If you plan on renting your condo while you are away, check to see if there are fees or rules for doing this as well.
Know the Atmosphere
Condo living is great if you do not mind always being around people and aren’t bothered by having lots of neighbours! If you are more of a solitary person however, and need a lot of your own space, it may be harder to find that from living in a condo setting. Of course, you will have your own condo, but when it comes to sitting outside, using the amenities, and moving about throughout the building, chances are, you will always see someone or have to say hi and be social.
Understand the Losses and Gains
The benefits of condo living are many: you have building security, in-building mail services, amenities such as a gym and outdoor seating area and often a café or restaurant built right in on the ground floor or within walking distance. In exchange however, you also make some sacrifices: there is no garage, outdoor shed or workspace for you to tackle hobbies or weekend projects. You don’t have much extra storage space and you won’t be able to have your own backyard with a garden and patio area. Before you make your purchase, think about what you want from a property and make sure that a condo is going to help you get that.
Weigh your Pros and Cons before Buying a Condo
Remember that buying a condo now does not mean that it is the long-term answer to your desire to own property, and that you can’t sell later on and move into a house in the suburbs. Weighing your pros and cons is important, regardless of how long you plan to stay.
To discuss what might be the best housing solution for you, speak with a REALTOR® to learn more about your options as well as seeing what is available on the local real estate market.