Are you wondering if living in a condo is right for you? Condo living allows you to leave behind several responsibilities that typically come with single-family homeownership. On the other hand, condos can be restricting in other ways such as having to comply with certain bylaws. Condos differ from freehold properties because you may own your unit but also share ownership of the land, building, and common areas with other residents. Costs are split amongst your fellow neighbours and the board of directors is responsible for making decisions that affect the condo association. There is no doubt that condo ownership is rising in popularity amongst Canadians. Before you commit to a condo, carefully weigh the pros and cons to determine if it is a smart choice for you and your family.
The Pros and Cons of Condominium
Ownership
As with any living space, condos feature their own set of advantages and disadvantages. Consider the following list of pros and cons to decide if condo living is an appropriate fit for your lifestyle, personality, and budget:
PROS
- Low Maintenance: If the responsibility of maintaining the outside of your home does not sound appealing, condo living may be right for you. Condo residents can rely on a hired professional to take care of landscaping, snow removal, and general building maintenance. Additionally, unlike an apartment, you have the freedom to renovate your personal unit and make the space your own.
- Safe Environment: Most condos are locked from the exterior and feature a reception area, door man, and guest sign in. Unlike a single-family home, condos are also fully equipped with security cameras to keep their residents safe. If you travel frequently or plan to leave your unit for an extended period of time, having neighbours in close proximity will help ensure your peace of mind.
- Prime Location: Condo residents benefit from being in an ideal location, typically the city centre. If you are looking to be in the heart of downtown, a condo may be the perfect living option for you. Live closer to work, shops, restaurants, with easy access to public transportation.
- Amenities Included: Condos feature a variety of amenities that you may not otherwise be able to afford if you lived in a single-family home. Some of the amenities that are included in your condo fees are: a theatre room, swimming pool, gym, and party room.
CONS
- Outdoor Space: If you enjoy gardening or like to spend time outdoors, a condo may not provide adequate space to fulfill your needs. Rather, you may be limited to a small terrace or balcony. However, condos typically provide a large designated outdoor space for its residents, not to mention the city and all the amenities it has to offer are located right in your backyard.
- Privacy Concerns: Being close to your neighbours may be ideal for security purposes but it can also mean you will experience more noise and less privacy. Windows from other buildings that peer into your unit may also cause a privacy concern. To avoid nosy neighbours, hang curtains over your windows that will not only protect you from prying eyes but will also add a touch of personal style to your home.
- Association Fees: Condo fees can add up. Depending on your location and condo amenities, these fees can range anywhere from $200-$600 per month. Unfortunately, fees will rise overtime and may impact the resale value of your unit. As a result, potential buyers may be deterred from paying high fees on top of a mortgage. However, the monthly fee is often put towards building repairs for your safety. Association fees are also necessary to cover the many benefits that come with living in your condo.
- Special Assessments: Condo boards are provided a strict budget. If certain residents exceed this budget, everyone is responsible to pay the remainder. This means you are forced to pay for amenities you may not actively use or major repairs you may not have directly caused. However, a well-managed property will have the funds to cover these additional costs.
Settle into Condo Living at The Davies
Ready to take the leap into condo living? The Davies has the perfect luxury unit waiting for you. Brandy Lane Homes’ latest project seamlessly combines the best of both worlds. The condo is conveniently situated in the heart of downtown Toronto, while offering views overlooking the tranquil setting of Robertson Davies Park. Discover the best shops, restaurants, and entertainment just a few blocks from the boutique building in the Yorkville neighbourhood. Our close proximity to some of the most prestigious private and public schools also makes The Davies an ideal option for families to call home.
For more details on this new condo project in Toronto, contact The Davies at 647-360-9588 and schedule your appointment or register online for more information. Explore the neighbourhood and discuss available options for your new home with our team.