Condominiums have a very wide price range, with the lower range often within the budget of first-time buyers and single income families. To find a comparably priced home, you often have to search less desirable neighbourhoods and suburban areas of the city.
Freedom of the Condo Lifestyle
The “lock-up-and-go” lifestyle of a condo is what you need. You won’t find the grass knee high after a long business trip, or have to shovel the driveway just to get the car in the garage upon your return from an out-of-town meeting.
Condos offer secured entrances, cameras, security patrols and some even have a security guard on site. Break-ins are also rare in buildings, so you won’t need a home alarm system, yet you can feel safe at the same time.
Many buildings have “common areas” such as a gym, party room or swimming pool where unit owners can get together or just chat on occasion. Often, owners will find many things in common with others in the building because they share a similar lifestyle, care about the same building they are living in and enjoy the same neighbourhood amenities.
Lower Operating Costs
In most condos, the building insurance, building maintenance, the water bill and sometimes the heat and hydro are included in the condo fee. If heating is NOT included however, it is very inexpensive to heat a 800 sq ft condo compared to the average 800 sq ft bungalow because the units around you help to insulate you.
Benefits of Home Ownership
Benefits of Condo Living Owners of condos benefit from most of the same advantages that home owners do. They can live in it, rent it out, improve it, give it away or borrow money against it.