If you are planning to own a house or wish to downsize to a smaller home, this might be a good time to contemplate living in a condo. In urban areas, purchasing a condominium could be the perfect solution for your lifestyle. Staying in a condo allows you to take benefits of homeownership without the high demands of owning a freestanding house. Also, there are an increased number and variety of condo rentals that are available to buyers.
In terms of styles, condos come in various options, including low-rise buildings, freestanding houses, townhouses, duplexes and triplexes. You may even notice condos above storefronts or offices. What makes a condo stand out from a house is sharing the ownership of the land, building and common areas, while owning the unit where you live. Here are some of the benefits you should know about staying in condos:
Less Maintenance Cost:
One of the significant benefits of owning a condo is that they tend to not cost as much for maintenance than a house costs. Monthly condo fees are used to cover the costs of repair and maintenance, general upkeep of the buildings in the complex, and landscaping. Some condo complexes have been known to use the fees they collect to cover some of the less expensive utilities like trash, water, and even the cable and internet. As a homeowner, on the other hand, you have to pay for any repairs to their exterior walls, roof, and siding as well as handle the landscaping. All of these can be time-consuming and costly endeavours.
The ease of living in condo rentals can be an added bonus for the disabled, seasonal residents and elderly. They won’t have to deal with any physically difficult tasks like shoveling snow or mowing the yard.
You might find that buying a condo is more affordable than owning a freestanding house. There are condo costs to consider, but sharing the price with others, people can keep them lower. If you compared it with renting, your mortgage plus condo fees might be the same, but you own your property.
You can take advantage of additional amenities. Some condo complexes include a playground, a theatre room, a swimming pool, gym and a party room. This way, it allows you to keep up with your exercise and workout routine right where you live. You will feel free to have gatherings of families and friends because you have plenty of space available for that purpose.
Condos offer the safety and security of the community. It is much easier to have the neighbors in your building lookout for any strangers who may be trying to enter your premises or access your unit than if you live in a house. Secure entry doors to the building and park add an extra layer of security. This also helps you leave your worries behind if you want to travel. You don’t need to ask family members to come and collect your mail or turn the lights on in your home to make it look like someone is there guarding the premises.
The benefit of Additional Amenities:
Some condo complexes will have added amenities like a gym, covered parking, pool, and social space. These are some amenities that you can use, but they could be much expensive to have if you live in a detached home. Certain condo units will already have a washing machine and dryer as well, which means you can save you a thousand dollars over time.
Public spaces like the gym, pool and clubhouse are good for meetings new peoples. These spaces will build a sense of community or togetherness that you don’t always have when you live in a residential neighborhood or in single-family homes. An added advantage to getting to know others is that they will notice when someone who doesn’t live there is roaming around the property. This can also reduce the chances of any crimes being committed.
Moving into a condo can be an ideal choice for some people. With the less overall costs of condos, the sense of being part of a great community, and the many amenities they offer, it is understandable why more people are shifting into condominiums.
Opportunity to build social connections:
Staying in a condominium complex means that you will have neighbours all around. This offers opportunities to develop new friendships with people who enjoy similar activities. Spending time in the common areas is where you have the chance to socialize with others. Volunteering on the condo board is another way to meet others, and it gives you a voice in decisions for your complex.
Another benefit of condo ownership is convenience. Whether you are looking for less maintenance and upkeep or want to be a part of a strong community with accessible activities and services, living in a condo might be the right lifestyle choice for you.