Becoming a homeowner often boils down to deciding between buying a house or a condo.
Condo living comes with many benefits.
Here are 6 great reasons to buy a condo.
Price
Unless you’re looking for a unit in a luxury building, condos offer the undeniable advantage of lower price. Becoming a homeowner is usually less expensive when you go the condo route. A condo can also be a good investment for a first-time buyer.
If you are a first-time buyer, various programs are available to help you make your purchase:
- Home Buyers’ Plan (HBP)
- First-time home buyer incentive (FTHBI)
- Tax-Free First Home Savings Account (FHSA)
Before you buy your condo, be sure to figure out how much you’ll need to pay each month in condo fees and reserve fund contributions. Condo fees are deposited in a fund and used to cover shared expenses related to building maintenance and management (snow removal, landscaping, cleaning, etc.).
The reserve fund is used to cover the cost of major projects affecting a condominium’s common areas. By law, 5% of condo fees must be paid into this fund, so it’s important to check for a healthy reserve fund balance.
Before you visit the notary, read 9 things to consider before buying a condo.
Living close to services
If you want to live downtown or near the subway, a condo can be a great choice for you. This will allow you to enjoy all sorts of amenities just steps away from your front door. You’ll be near festivals and fine restaurants, right in the heart of the action.
Plus, condos in good locations have great resale value, so it’s important to consider this factor before you make an offer!
More leisure time
Peace of mind is an indisputable advantage of condo living. You don’t have to worry about raking leaves in the fall or shovelling the driveway after a snowstorm.
Condos usually have a smaller living space than houses. This means you can spend more time on what you actually enjoy and less time on housework!
Amenities
Love swimming or hitting the gym? Some condo buildings offer these facilities right on site so you don’t have to leave home.
Others also have rooftop terraces and party/activity rooms.
If walk-ups are not for you, never fear: many condo buildings have elevators. There’s no need to lug heavy bags up the stairs after a day of shopping.
Security
Condo buildings tend to be very safe. Entrances are frequently secured and monitored by cameras. For people who worry about security, condos provide peace of mind.
Many condos also have indoor parking, so you can keep your car warm and safe!
Community
If you’re sociable and enjoy community living, a condo is a great choice. Neighbours get to know each other in a condominium. They can also meet up during condo association meetings.
Do you know about condo insurance?
When buying a condo, contact your insurer to get home insurance that meets your needs. Feel free to check out our home insurance tips and tricks for all the information you need when you apply.
In addition to civil liability coverage, you’ll also have to take out an insurance policy that covers your property in case of damages as well as improvements to your private and exclusive-use common portions.
You can also add extra coverage for issues such as water damage or sewer backups.
Ready to take the leap and move into your dream condo? Check out our tips for a successful move!