You may be wondering whether living in a condo is the right choice for you. With the high cost of living in Toronto and the desire to downsize without selling, condos have become an increasingly popular choice for many residents. But what is a condo, exactly, and what are the pros and cons of living in one? In this article, we’ll explore these questions and more, providing you with a clear understanding of the benefits and drawbacks of condo living.
So let’s dive in!
First, let’s start with a definition of a condo. A condominium, or “condo” for short, is a type of property where an individual owns a specific unit within a larger building or complex. While you own your unit, you also share ownership of common areas such as hallways, elevators, and the building’s exterior, with other condo owners.
In this article, we will take a closer look at the advantages and disadvantages of condo living, as well as explore the benefits of buying versus renting a condo. We’ll also provide you with tips for renting in Toronto, things to consider before buying or selling a condo, and a comparison of living in a condo versus a house. So let’s get started and help you determine if a condo is the right choice for you!
Advantages of Living in a Condo
Condos offer several advantages that make them an attractive choice for many individuals. Here are some of the top benefits of living in a condo:
Affordability and cost savings
One of the main advantages of living in a condo is affordability. Condos typically cost less than houses, making them an ideal choice for those who want to live in a desirable location without breaking the bank. Additionally, condos usually have lower property taxes and maintenance fees, which can save you money in the long run.
Convenience and low maintenance
Condos require minimal upkeep and maintenance, making them a convenient choice for busy professionals, retirees, and anyone who wants to avoid the hassle of home repairs and landscaping. With a condo, you don’t have to worry about shoveling snow for winter curb appeal, mowing the lawn, or fixing the roof.
Access to amenities and community living
Many condos come with shared amenities such as swimming pools, fitness centers, and community spaces, which can help create a sense of community among residents. Additionally, condos are often located in urban areas with easy access to shopping, restaurants, and entertainment, providing a convenient lifestyle for residents.
Security and safety
Condos typically offer a higher level of security than houses, with features such as gated entrances, security cameras, and on-site security personnel. This can provide peace of mind for residents, particularly those who live alone or travel frequently.
Investment potential
Condos can be a good investment, particularly in high-demand areas. In addition to providing a place to live, condos can generate rental income and appreciate in value over time. This can make them a smart choice for those looking to build wealth or diversify their investment portfolio.
Overall, living in a condo offers many advantages that make them an attractive choice for a variety of individuals. However, it’s important to also consider the potential drawbacks of condo living, which we’ll explore in the next section.
Disadvantages of Living in a Condo
Although living in a condo seems great so far, it also has its downsides. It’s essential to weigh them against the benefits before making a decision. Having been in the real estate industry for nearly a decade, here are some of the disadvantages I’ve heard from homeowners and renters about living in a condo.
Lack of privacy and limited space
Condos can be restrictive, especially when it comes to personal space. Living in close proximity to others can result in noise and other disturbances that can be challenging to ignore. In addition, limited space can make it difficult to entertain guests or have large gatherings. In recent years, it seems new condos and pre-construction projects are getting smaller and smaller with their square footage. If you are looking for a condo with more square footage and space, you might want to consider looking at older condominiums built before 2000 or lofts.
Condominium Corporation fees and restrictions
Condo fees are payments that cover shared building expenses, such as maintenance, repairs, and amenities. These fees can be high and increase over time. Additionally, condominium corporations can impose restrictions on things like pets, renting out units, and renovations. For example, if you are looking to renovate your condo quickly and are willing to put in the long hours, you might be restricted. Most condos only allow renovation work to be done during the hours of 9 a.m. – 5 p.m. meaning even if you wanted to put in a long, 12-hour day of work renovating, you would not be allowed.
Possibility of special assessments
Condo owners can be subject to special assessments, which are one-time payments that cover unexpected expenses or major repairs. These assessments can be a significant financial burden and are usually not optional. They can be anywhere from $5,000 to $20,000. This is why it’s always important to request and review the status certificate before making a condo purchase. Most real estate lawyers will review the status certificate and let you know if they foresee the possibility of a special assessment.
Noise and other disturbances
Living in a condo means living in close proximity to others, which can result in unwanted noise and other disturbances. This can be particularly challenging if you work from home, have young children, or are a light sleeper. Some noise disturbances you may want to consider are:
- Pets
- Children
- Loud music or television
- Gatherings and parties
Lack of control over building management
Condo owners have limited control over building management decisions. Board members, property managers, and other building staff can make decisions that directly affect residents without their direct input. This lack of control can be frustrating for those who value their autonomy. Luckily, you can mitigate this by taking a proactive approach and joining the board of directors for your condominium corporation.
Despite these disadvantages, condos remain an attractive housing option for many people.
Buying vs. Renting a Condo
When it comes to living in a condo, there are two options: buying or renting. Both options have their advantages and disadvantages, and ultimately, the decision to buy or rent depends on your personal circumstances and financial situation.
Benefits of buying a condo
Building equity: One of the primary advantages of buying a condo is the opportunity to build equity. As you pay down your mortgage, you’re also building equity in your property. Over time, your condo could increase in value, allowing you to sell it for a profit down the line.
More stability: When you own a condo, you have more control over your living situation. You don’t have to worry about a landlord raising the rent or selling the property, and you can make changes to the space as you see fit.
Investment potential: Buying a condo can be a good investment opportunity, especially if you’re able to rent it out. Rental income can help offset your mortgage payments and can provide a source of passive income.
Benefits of renting a condo
Flexibility: Renting a condo offers more flexibility than buying. You’re not tied to a specific property, and if you need to move for any reason, you can do so without the hassle of selling your property.
Lower upfront costs: When you rent a condo, you don’t need to make a down payment or worry about closing costs. This can be a big advantage if you don’t have a lot of cash on hand.
Reduced responsibilities: As a renter, you don’t have to worry about maintenance or repairs. That responsibility falls to the landlord or condominium corporation.
Tips for renting in Toronto
Start your search early: Toronto is a competitive rental market, so it’s important to start your search early. Give yourself plenty of time to find the right property.
Set a budget: Determine how much you can afford to spend on rent before you start your search. This will help you narrow down your options.
Consider the location: Think about what neighbourhoods you’d like to live in and what amenities are important to you.
Should you use a real estate agent to find a rental in Toronto?
Working with a Toronto rental agent can be a good idea when searching for a rental property in Toronto. An agent can help you find properties that meet your specific needs and budget and can help you negotiate the terms of your lease.
Questions to ask when renting a home
If you plan on tackling the Toronto rental market alone, there are a few questions you should prepare to ask when looking to rent a condo. Here are some of the key questions I use when helping my clients find their perfect rental.
- What is the monthly rent and what is included in the rent?
- Are utilities included or do I have to pay separately?
- What is the lease term and what are the terms of renewal?
- Are there any move-in incentives or special promotions?
- What are the rules regarding pets, guests, and noise?
- What maintenance and repair responsibilities do I have as a tenant?
- How is parking handled?
Condo vs. House: Pros and Cons
Depending on your stage in the real estate process and making your next move, you might be tossing the idea around between a condo and a house. When it comes to deciding where to live, many people consider the choice between a condo and a house as they’re the two most common living arrangements. Here are some reasons why a condo may be better than a house.
Why a Condo May be Better than a House
Downsizing without Selling: If you’re looking to downsize without selling your current home, a condo may be a good option. You can rent out your house and move into a condo, which can provide you with a simpler, more manageable living space.
Urban Lifestyle: If you enjoy living in the heart of the city, a condo may be a better fit than a house, as they are often located in urban areas with easy access to public transportation, entertainment, and dining options.
Conclusion
After weighing the pros and cons, it’s clear that living in a condo can be a great option for many people. The affordability, convenience, and sense of community are just a few of the many advantages of condo living. However, it’s important to consider the downsides, such as lack of privacy and possible high maintenance fees.
Whether you decide to buy or rent a condo, there are many options available in Toronto. It’s important to do your research, ask the right questions, and make an informed decision that works for your lifestyle and budget. Marco Pedri, a reputable real estate agent with experience in the Toronto market can help guide you through the process and ensure you find the right condo for your needs. If you’re looking for a condo to buy or rent in Toronto, contact Marco Pedri today.
In conclusion, while there are certainly pros and cons to living in a condo, it can be a great option for many people. I hope this article has provided you with valuable insights and information to help you make the best decision for your next move.
