Many people struggle with the decision of whether to buy a condominium or a freehold home. Either option has advantages and disadvantages, so there’s no one answer that fits every situation. Ultimately, the decision really depends on your lifestyle.
In this post, we’ll highlight the pros and cons of buying a condo in Canada to help you see which path suits your needs.
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The Many Perks of Condo Life
For some people, especially first-time home buyers and retirees, absolutely nothing beats the convenience of a condo. When the first blizzard of the year hits, you can wrap yourself in a blanket, grab a hot beverage and watch the management company take care of everything.
When the grass starts growing in the spring, you can sit back with a cool beverage and never lift a finger to do yard work, unless you plan on a balcony garden. If you want to leave for a weekend, a week, or even a month, close the door and don’t worry about a thing.
This is the picture buyers often have in mind when they imagine condo life. And that’s just the beginning!
Condos aren’t just for first-time buyers or retirees; they can also be ideal opportunities for investors. Curious? Our team is here for any of your questions. Learn more about how we help investors in Guelph and the Tri-Cities.
The benefits of condo ownership keep piling up:
Many buildings also come with a slew of amenities. With pools, exercise rooms, party rooms, libraries, and more, it’s like having an entire community all under one roof. Talk about a blessing when inclement weather arrives. Plus, how nice would it be to have a pool that you didn’t have to pay thousands of dollars to install that you also don’t have to maintain? You get the perks and none of the headaches.
Beyond amenities and a carefree lifestyle, the close sense of community is another advantage for condo dwellers. It can be easier to get to know your neighbours when you have shared spaces. 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.
Location is another plus when it comes to condo life, as buildings tend to be right in the middle of the action. If safety is a concern, many buildings have secured entry in addition to the community with other residents.
Depending on your perspective, affordability is either at the top or the bottom of the list of priorities. Condos generally cost considerably less than a freehold home. Even so, many buyers who could pay more still choose a condo specifically for all the built-in advantages.
Where should you look for your new condo? There are plenty of reasons to consider Guelph, as you’ll see in the posts below:
- Guelph Vs Toronto: Is It Time to Move?
- 5 Reasons to Make Guelph Your Next Home
- What Are the Best Guelph Neighbourhoods for Families
What to Consider Before Buying a Condo
Living in a condo can be advantageous, but like anything, there can also be downsides. Though the initial purchase price is often lower, unexpected expenses can add up. The factors below will help you make a well-informed decision, so you don’t end up sitting in front of your computer a year from now writing about “what I wish I knew before buying a condo.”
Condo fees are part of the package. This means an additional monthly payment over and above your mortgage. Condos with lots of amenities can have higher condo costs. (In Guelph, fees can range from a few hundred to over $1,000).
There can also be special assessments for unseen expenses, which can add up to several thousands of dollars. Be sure to review the Status Certificate carefully so you know what you are getting into, especially if you have your eye on an older building. Even better, consult with a local real estate team, as we have seen these reports multiple times and we know these buildings inside and out.
Parking is limited, and potentially expensive, normally only 1 or 2 spots. You might be able to rent or buy an extra space, but those are subject to availability, and a fee, of course.
In the previous section, we talked about your neighbours and community as a benefit. However, to the wrong buyer, these same features are a disadvantage. If you value privacy, you might feel annoyed bumping into people constantly, at the elevator, in the lobby, etc. You can also expect to hear footsteps above you, and occasionally, music or the TV from your next-door neighbour.
Rules, Rules, Rules!
A freehold townhouse or even a detached home will come with some rules and bylaws. Condo buildings take it to a different level, some more than others. One example is a Condo Declaration that could make a rule about pets. They might limit you to two furry friends. Or worse, forbid them altogether.
There could be periods designated for quiet time, which might not work for you if you keep an untraditional schedule. This is in addition to the Guelph noise control bylaws which are in effect 24/7.
Lastly, living in a condo means less freedom to renovate your space the way you choose. Some upgrades will be permitted, but you first need to get permission from building management.
Do you want even more tips for a successful home buying experience? Check out the posts below:
- Title Insurance in Canada: What It Is, Why It Matters & How We’ve Got You Covered
- How Much Does It Cost to Buy a House
- Checklist for Buying a Home
Are Condos a Good Investment?
Every home buyer wants to make a smart decision, but the Guelph real estate market can be tough to predict. It’s not easy to get your timing perfect, where you buy at the lowest price and then sell when the market hits its peak.
Before deciding whether buying a condo is worth it for you, think of your goals.
Do you plan to stay for at least five years, or will you want to move before then? Real estate prices can rise or fall, and it can be discouraging to see your home lose value after you move in. However, if you stay for the long term, buying a condo could be an excellent way to get on the property ladder and start building equity.
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 the better option.
Are you looking for customized guidance and condo buying tips? Our Guelph real estate agents can help you reach your goals. Reach out today at info@gowylde.ca or call 519-826-7109 for more information.
