If you are thinking about purchasing a home in the near future, here are some reasons you may consider buying a condo apartment or town home. You should also be aware there are some cons as well.
Pros
- They are relatively inexpensive. As your footprint is small and you share exterior walls with others, the cost for a condo is often far lower than owning a single-family dwelling.
- No shoveling or painting. Most maintenance costs are covered in your monthly condo fees as are large repairs such as roofing and hallway carpeting.
- Amenities. Often condos have a pool or gym which is included in your condo fees.
- Security. for seniors and single women this is a big concern. Living in a building which a locked front door in addition to your own unit door is a big plus.
- A sense of community. Often condo boards have an annual picnic or event where you can meet your neighbours. This helps to develop a sense of community.
Cons
- Restrictions on pets. How you can paint your front door or what you can do to your balcony can see like restrictions on your lifestyle . Be aware of these restrictions by reading the condo documents in advance.
- Maintenance may not be done when you would like for it to be done. Major projects may be delayed if the condo board has not allowed for large expenses and this may result in a large special assessment payment. Be sure to read over the section of your documents that covers the reserve fund.
- Condo fees may go up higher than you can afford over the years. This is a particular concern to owners on fixed incomes.
Be sure to speak to your favorite Dominion Lending Centres mortgage professional before you go house hunting to get expert advice on how to proceed.