There are many options when buying a new home these days from detached homes to townhouses to condominiums. Which option people choose usually depends on their wants, needs and lifestyle. For some buyers a condo is the best option and there are many reasons why purchasing a condo is a good idea. However, with all housing styles there are benefits and drawbacks to this decision. Take a bit of of time to get to know the ins and outs of condos.
It is important to be an educated buyer and to look into all aspects of each housing option so you know what you are buying and how it will impact your life. If looking in the Okanagan Valley, the Vernon real estate market has many great condo complexes to choose from. Just be sure before you buy that condo living is for you. Breaking it down into pros and cons is always smart so there will not be any surprises once you have already bought the unit.
The Pros
- Listing Price
Condos typically come with a lower price point than a townhouse or detached home. This does not necessarily mean a lower quality of house. Complexes are built with buyers in mind and developers work to give the best value for the money. If you love an area but townhouses and detached homes are out of reach a condo may be a better choice for you as it is likely to be more affordable. Condos give the opportunity to live in a neighbourhood otherwise above the budget.
- Sense of Community
If feeling a part of a community is an important consideration when buying a property then a condo is an attractive option. Complexes often come with an established community and neighbours who care about one another. There are usually common areas, children’s parks and greens spaces that are great for getting to know those who live close by. It is typical that specific demographic groups will live in the same complexes so this also helps with socializing.
- Repairs and Maintenance
If maintaining a property and keeping up on general repairs feels like too much work and might be a source of stress then condo living might be perfect. Paying condo fees each month means you will not have to worry about anything when it comes to lawn maintenance and building repairs. Oftentimes those living in detached homes spend a considerable amount of time up-keeping their properties. It will not be a concern in a condo. This saves time and money.
- Amenities
This is one of the positives of condo living that sets it apart from detached housing. Many communities have a pool, a gym, a guest house and even tennis courts. Each complex comes with its own set of amenities and it can be nice to have access them. Inquire about what there is when looking at different condos as they vary among complexes.
The Cons
- Selling the Property
In a softer market it can be more difficult to sell a condo than other kinds of property. While condos might be more cost effective to buy this can also mean they are less attractive to buyers in a market that is not very strong. Condominiums often sit on the market longer and have more drastic price reductions than detached properties that tend to hold their value better than houses attached to a strata. This is something to keep in mind when considering a condo.
- Less Personal Freedom
When buying into a condo community you are also buying into the whole complex and are expected to follow a list of rules set out by the strata committee. While these are put in place to keep the peace and create unity some rules are more stringent than others. Make sure you understand them before committing to a purchase. Also remember that any renovations you might plan to do have to be approved by the strata members before any work begins.
- Outdoor Space
If you enjoy puttering in a yard and doing some gardening condo living might not be the right fit. Typically in a condo a patio is the only outdoor space attached to the unit. Though there may be gardens and flowers around they will be professionally maintained. There may be some space for growing on the patio however there are typically rules around what you can do with it. Different complexes have different patio sizes so look for bigger ones if this matters to you.