Many buyers struggle with the decision of whether to buy a condominium or a freehold home. There are many advantages and disadvantages to both options. The decision really depends on your lifestyle. Read the list of advantages & disadvantages of buying a condo below to see which one better suits your needs.

The Advantages & Disadvantages of Buying a Condo

Benefits:

• Amenities: Condo buildings can come with pools, exercise rooms, party rooms, libraries etc. How nice would it be to have a pool that you didn’t have to pay $15,000 to install that you also don’t have to maintain?
• A Sense Of Community: It can be easier to get to know your neighbours when you have shared amenities. You are also constantly running into each other in the elevator, lobby and halls. Many condos will also hold social events where it is easy to meet neighbours.
• Little To No Maintenance: No lawn care or exterior maintenance on your part. This is perfect if you like to travel. You can lock the door and take off for as long as you want, whenever you want.
• Affordability: Condo can cost considerably less than a freehold home.
• Location: If you like to be right in the middle of the action a condo building is typically your best option.
• Additional Security: Condo generally will have lobby security in addition to the unit.

Negatives:

• Condo Fees: Meaning an additional monthly payment. Condos with lots of amenities can have high condo cost. (In Guelph the higher end would be: $700). There can also be special assessment for unseen expenses. Special assessment can be several thousands of dollars
• Parking: Parking is generally limited. Normally only 1 or 2 spots. It can be expensive to rent or buy additional parking and sometimes it is just not available.
• Elevator: In some building the wait for the elevator can seem like forever, especially you’re in a hurry. Moving furniture or large items can mean having to book the elevator.
• Less Privacy: Condos are less sound proof than a detached home. You can hear your neighbour walking above you or that annoying neighbour that is always blaring the T.V. Also, since you share common areas such as the elevator & lobby you will be running into each other frequently. Which may not be ideal for someone who prefers their privacy.
• Rules & Bylaws: Condo buildings have lots of rules you have to oblige by. For example, depending on the condo you may have to say goodbye to your dreams of owning a furry friend.

Overall, if you are a free spirit that likes the idea of no maintenance and the ability to get up & leave while also benefiting from the community feel, then a condo may be for you. If you enjoy your privacy, want total control over your home and don’t mind the additional maintenance then a freehold home may be for you.

Contact The GoWylde Team is you have any questions on the advantages & disadvantages of buying a condo.

Looking To Buy A Condo In Guelph Or The Surrounding Area? Browse Our Condo Database