Con: You may not be able to decide when maintenance and repairs actually happen – Even though you pay into it monthly, there may be an extensive waiting list for non-emergency services. Most buildings do have plans in place for urgent need items, though, so fear not if you suddenly find yourself taking cold showers due to a faulty water heater!
Pro: Amenities! Many buildings offer awesome perks like a gym, pool, sauna, concierge or security guard (or both!), party/meeting rooms and sometimes many more options. What’s extra fantastic about these features is that you may otherwise not be able to afford them, plus with a gym just a few floors away, you have no excuses avoid hitting the treadmill!
Con: Some amenities may be innocuous to you and your lifestyle, so you may end up paying toward things that you really don’t need or want.
Pro: Safety – Rest easy knowing that most buildings offer security features like a concierge, security guard, or alarm systems to keep you and your loved ones safe and sound and undisturbed by door-knocking solicitors. Also, when you go away, your neighbours are in close proximity to keep an eye on things in your absence.
Con: Lack of privacy – this is in direct contradiction to the aforementioned safety features and it doesn’t necessarily concern everyone. But if you don’t want to be judged when sneaking out for a midnight ice cream sandwich, perhaps choose a building that doesn’t have a 24 hour concierge. Some units may also have balconies that connect to neighbouring units and therefore will have more noise.
Con: Less space equals not enough space for family living. If you have a bun in the oven or a second on the way, condo life may be impractical and though it could easily work for some time with a little one, you will quickly become annoyed with tripping over toys (or the kids themselves) as they grow.
Pro: Value – If you are just getting into the housing market and don’t have a huge budget, then starting off in a condo is absolutely the best bang for your buck!
Con: Resale value of condos isn’t as drastic as the increasing value of houses. As we all know, the Toronto real estate market is booming and detached and semi-detached homes are almost constantly appreciating in value, but this is not as true for condominiums. There are fewer options for upgrades and you definitely can’t put an addition on an apartment unit, so resale value increase is minimal.
There are so many factors when choosing the right type of home for you. I can help you weigh your options and make the best decision for your family. Just because I specialize in condo sales, it doesn’t mean I will push it on you! Call me to chat about your next steps – I’m happy to guide you on your journey to home ownership!