5 Reasons to buy a condo - There’s pros and cons to every purchase, but this focuses specifically on the benefits of owning a condo. Between the four of us, we own three condos so we know the trials and tribulations of these kinds of purchases.
- Amenities - Condo’s come with amenities! Not every condo has them, but many have exercise rooms, outdoor or indoor pools, rooftop patios, racketball or tennis courts, and common rooms for hosting parties or for resident get togethers. There’s even newer buildings that are including car washes and workshop spaces. They’re great places to get to know your neighbours.
- Price - The average cost of a condo was $238,000 for 2018, and the average cost of a detached home was $322,000. These averages take into account the higher end of the spectrum as well, so you could plan to spend even less than the average and still come away with a great place. With a difference of almost $100,000, you could afford to get into your new place much quicker if you go with a condo over a house.
- Community - When you’re living in the same building, you become closer with your neighbours. You’ll see the same people at the mailboxes, at the front door, in the exercise room, and at the condo complex meetings. It’s not for everyone, but it really makes a place feel more homey when you’re friendlier with the community around you.
- Maintenance - Exterior maintenance is taken care of for you! Hate shovelling in the winter? Not a big fan of cutting grass? You’re only responsible for the upkeep of your individual unit. Most condo’s have monthly fees that take care of all this. They are based on the amount of money needed to upkeep the complex every year, plus a bit of overflow for the eventual replacement of long term items like shingles, parking lots, or other shared common elements. This means that you aren’t going to need to shell out $5,000 for a new roof, or get as many unexpected bills. (Assuming the condo corporation is well-managed, which is easy to assess before purchasing due to recent buyer protection legislation in Manitoba)
- Flexibility - Condos are so much better than houses if you have a get up and go attitude. If you want to spend most of your time travelling, then you can. You don’t have to worry about asking a friend or neighbour to come and cut your lawn or shovel your driveway, it will be taken care of. Great for snowbirds, or for people looking to downsize from a larger home.