8 Advantages of Owning A Condo

When it comes to home ownership, a condo is an option that more and more Canadians are gravitating toward. Is owning a condo right for you? There are myriad advantages to owning a condo and perhaps some of them might appeal to you.

Advantages of owning a condo

Here, now, are 8 advantages to owning a condo.

Advantages of owning a condo #1

Price
The beauty of a monthly mortgage on your condo versus renting is that you’re paying that mortgage to own the condo. Renting an apartment that’s a similar size would typically run you the same cost. Paying to own is a huge advantage over paying to rent.

Toronto is building more highrises than anywhere else in North America.

1- Toronto = 132
2- Mexico City = 88
3- New York City = 86
4- Chicago = 17
5- Miami = 16

Advantages of owning a condo #2

No outdoor work
A huge advantage to owning a condo is for those who would prefer not to mow the lawn or weed the garden, or make any repairs outdoors. This is one of the biggest advantages of owning a condo over a traditional home. If the roof needs repairs, if the sidewalk needs to be shoveled, if the pool needs cleaning, someone else will take care of it.

Advantages of owning a condo #3

Amenities abound
Many condos come with myriad amenities including a swimming pool, a gym, a sauna, tennis courts, terraces for barbecues, and more.

Advantages of owning a condo #4

Freedom to renovate
When you rent an apartment, you really have no say in the way the space is designed. When you own a condo, however, you can change absolutely everything within the space because it belongs to you.

“When it comes to condo regulations, each province and territory has its own regulations and legislation specific to the registry, construction and operation of condominiums.” -CMHC

Advantages of owning a condo #5

A social setting
Because you live within a community, so to speak, condo meetings for owners will bring you and your long-term neighbours together and will likely result in a close-knit environment that creates engagement and socialization.

Advantages of condo ownership

Advantages of owning a condo #6

Location
Although 91% of condos are located in census metropolitan areas, condos abound everywhere and can be found both in the heart of the city or in the ‘burbs with Mr. and Mrs. Jones, so no matter your preferred location, condo life can be wherever you choose.

Advantages of owning a condo #7

Security
Living in a condo tends to provide extra security. To start, most condos have locked front entrances, and only then can the person gain access to your private entrance. Second, neighbours will likely notice when an individual they’ve never seen before is sniffing around.

Advantages of owning a condo #8

Potential profit-maker
Owning a condo means you have an asset, and you stand to make a significant profit if you sell your condo in the right economic climate. Or, you could always opt to buy yourself another condo and pay the initial one off by renting it out.

Real advantages to owning a condo

While some people view condo ownership as something that young couples and seniors tend to do, owning a condo for life is not uncommon anymore, as condos offer the perfect fit for many families as well.

If you’re thinking about owning a condo, visit ComFree today and see
what’s out there in your desired area.

7 comments

  1. Deb Pearl says:

    My husband and I have to move for his work, and we were considering what our options were. I really liked how you mentioned that if we get a condo, that there would be that close-knit community since we share amenities. I like the idea of being closer to my neighbors. Thank you so much for the help in helping us decide!

  2. Ashley Turns says:

    My husband and I are moving and have been considering buying a condo. So thank you for mentioning that you are free to renovate a condo since it is your own space. I know that my husband would have a lot of fun redesigning our kitchen since he is an interior designer.

  3. Finley Moreira says:

    I think reason number two that you gave would be a compelling reason for someone like me to own a condo. Having someone else take care of all the outside work would be awesome. I don’t like working in the yard, nor do I feel like I would have the time. It seems condo living could be a great option for me.

  4. John says:

    My wife and I have been looking for a place to live while I finish up my schooling. I like how it mentions that owning a condo is advantageous since it doesn’t require outside work like a traditional home. My wife and I are so busy with school and work that I don’t think we could find the time to make the necessary repairs and maintenance a traditional home requires. I’m not a huge fan of mowing the lawn anyways, so I’m glad to read that it gets taken care of when living in a condo.

  5. My favorite part of your article was the part about how condo’s often have a bunch of amenities and different activities they offer. My father has been thinking about getting himself a condo, and I wanted to learn more about the benefits of a condo. My father loves to exercise and stay busy, so if a condo could accommodate those needs, it’d be great.

  6. Jen Pack says:

    My husband and I are looking for a new place to live, so I really appreciate this information. I like how you point out that living in a condo is beneficial because of the social setting. I hadn’t thought about it like that, but living so close to your neighbors really helps you get to know them. All of our kids have moved out, so we are really looking into downsizing. This could be the best option for that.

  7. Kate louise says:

    I am fully united with you that condos are the best options for living or to invest. Today condos are becoming a sign of upscale lifestyle. Condos provide luxury, comfort and attracting amenities. Condos are more affordable than to buy a bungalow.

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