Why Choose the Condo Route?

Just the other day a client who had been searching for a condo was lamenting a lack of suitable inventory and asked if she should change her search to a residential property instead. She had been watching the market for a few months and just was not seeing anything that struck her. What did strike her were the condo fees, and she was beginning to wonder why she wouldn’t choose a small house instead. We have heard this question and this frustration before!

Back to Condo Basics (B2B)

There are generally two types of condo buyers: Those who do not quite have enough budget to purchase a freehold property; and those who have had that freehold property and want to be able to lock the door and leave. No worrying about freezing pipes and break-ins, and no need for shovelling snow and weeding the garden. People of all ages fall into this group. And these are two very solid reasons to want a condo. B2B!

There are also people who want an investment property without the maintenance worries of a freehold or feel a condo is a safer choice in terms of sticking to a budget. Finally, there are those who want a pied-a-terre – a home away from home on occasion.

What a Condo Doesn’t Offer – Or Can It?

Aside from the obvious (a large yard, multiple levels and thousands of square feet, no upstairs neighbours, for instance), a condo also doesn’t offer much for the person who likes to putter around the house, tend to an extensive garden or want complete decision-making power over what they can and want to do in and around their homes.

In some cases, these things do exist in a condo. A garden can be in containers or on common elements property in some cases. A person who wants a say in decisions can always join the Board of Directors to be able to influence condo-wide rules and regulations. And an older unit that needs updating can provide years of projects for the putterer!

No Decision is a Wrong Decision

Condo living is a lifestyle choice. Whatever the motivation, a condo will generally offer some simplicity and ease. With that come other considerations, too. A condo must be well-managed and the corporation must be in good legal and financial standing. Like a home inspection on an old single home, an inspection of the condo Status documents is imperative. The purchasing process is really the same no matter what kind of property you buy – but the lifestyle is your guide!