A condominium is one of the best ways to enter the real estate marketplace. Condominiums represent a large component of the real estate inventory in virtually every province offering many appealing choices for prospective buyers. Here are few of the reasons condominiums are so popular among Canadian buyers.
Price: Condos tend to be more economical to purchase than houses. Of course, there are exceptions, as luxury condominiums in urban centers or other specific locations can fetch record high prices. But overall, this form of residential property is an excellent way for anyone, especially first-time buyers to begin their home ownership journey. The lower cost means a lower down payment is needed, and the property taxes on a condo will also be lower than for a detached property – another economic advantage.
Security: Having peace of mind is another of the advantages of owning a condo. Many projects have secure entrances, locked and secure parking facilities and ample outdoor lighting. Having a secure home makes leaving for vacation or business trips worry-free as well, as you know your property will be monitored and safe in your absence.
Maintenance: Some people love to do it themselves; others do not. If wanting a lifestyle that does not require a great deal of hands-on work and the freedom to not worry about maintenance, then owning a condominium might be the perfect thing for you. When you are part of a condo community routine chores like mowing the lawn, looking after the landscaping, shovelling snow off the walkways, painting the exterior and other tasks are handled by the development’s owners.
Social Benefits: The key word in the phrase ‘condominium community’ is community. The opportunity to socialize with that community is a big part of the condominium lifestyle. Depending on the complex some condo projects have swimming pools, weight rooms, a clubhouse, saunas and other features. Many also have active resident’s committees who organize seasonal events, barbecues and other activities. If a social lifestyle appeals, then having access to a built-in social network in your own development is yet another reason for purchasing a condominium.