Over the past few years the real estate market in the GTA has changed drastically. The rise in prices for single family homes has made owning a home out of reach for many. First time home buyers may find purchasing a condo may be the only way into the housing market.
You may be wondering if condo living is right for you. Here are a few pros and cons to help you make the decision.
Generally speaking, condos are less expensive to purchase than a single family home. If you are on a tight budget, purchasing a condo is a great option.
Proximity To Shops And Restaurants
Most condos are within close proximity to shops, parks and restaurants. You can leave the car behind and not have to worry about traffic or parking. You may find you get out more often and get more exercise because you can walk everywhere. If you are lucky, you may find one right by your workplace.
Low Maintenance Lifestyle
Repairs to the building are taken care of by HOA fees. Owners are only required to fix problems in their own unit. Landscaping is taken care of by maintenance staff so you won’t have to spend time mowing the lawn, raking leaves or shoveling snow.
Sense Of Community
Most condos have social spaces such as a clubhouse, pool and courtyard to meet new neighbours. If you live alone or like to be social, this is a great perk of a condo.
Living Space And Layout
Most condos are one floor with less square footage than a house.
Neighbours And Privacy
Obviously you won’t have the same privacy living in a condo as you would in a single family house. You’ll most likely have neighbours across the hall, on either side of you, as well as above and below. If you are looking for peace and quiet, think twice about owning a condo. Remember, you can’t pick your neighbours.
HOA (Homeowners Association Fees) cover some of the expenses of living in the condo. These can include security, building maintenance, upgrades, gym and pool. Check how much the fees are before purchasing as they can vary drastically as well as increase over time.
Some condos will have strict rules you must abide by. These may include the size and number of pets you can have, what you can put on your balcony, even the number of visitors you may have. Living by other peoples rules may be bothersome.
There are many other factors to consider when deciding whether to purchase a condo; these are just a few pros and cons to help you with your decision.
Your first step should be finding a real estate agent that knows the buildings and specializes in the neighbourhood you are looking to move to. Good luck!!
If you are interested in finding out more about homes for sale in Oakville and the surrounding areas you can contact Saunders, Saxton & Winter. The SSW Team is located in the heart of Old Oakville, they have more than 60 years of experience and are experts on the Oakville real estate market. They will help you to make the right choices for you and your family. You can contact them at (905) 845-1223, email them at email@example.com or you can view some of their featured listings here.
“Just sold my house and couldn’t be happier with the services provided by Saunders, Saxton & Winter to make it happen. They are top notch professionals who live and breathe Oakville, you won’t find better representation. This is the 2nd house that they’ve sold for me and I highly recommend them.”
Life is complicated; selling your house doesn’t need to be. Trust the team at Saunders, Saxton and Winter. You won’t be disappointed!
Don’t Miss A Thing
Sign up here to have our monthly newsletters emailed right to your inbox! Your monthly email will include important news about the state of the real estate market in Oakville and the surrounding region as well as important and interesting local information. Of course, you can always unsubscribe anytime.