The Advantages and Disadvantages of Buying a Condo

From the amenities to the sense of community, owning a condo is an attractive option for many people. However, there are many factors a homeowner should consider before deciding whether a single-family home or a condo is right for them. Just like the decision as to rent or to buy, it's a personal decision. And as with any decision, there are advantages and disadvantages to living in a Canadian condo.

Condo Pricing and Budgeting

The prices for a condo will almost certainly look appealing to the budget-conscious home buyer because they can usually get the same amount of space as a single-family for less money. They're usually best for those who are looking for homes on the smaller side though, as condos offer less in square footage than single-families. Condos are also excellent for those who are looking for a location that's near a variety of businesses so they can easily get what they need, when they need it. But condos also come with homeownership fees or special one-time maintenance costs that can eat into those initial savings.

Time and Freedom

The maintenance for a condo is generally far less than that of a single-family home, which is beneficial for homeowners without the time or the money to attend to routine maintenance or repairs. Condo owners are still responsible for keeping up their own property - usually only the inside of their condo. As long as they choose a complex with a good reputation when it comes to fixing the shared amenities (e.g., parking lots, outdoor grilling areas, etc.), they can enjoy a variety of benefits without the effort.

In a condo association, all owners share the costs of maintenance and amenities of the property, though they may have to compromise to receive these benefits. The majority of condos have regulations that must be adhered to by residents who choose to live there. Condo owners may have limits to how many pets they can own, where they can park, and what color they may paint their door.

Long-Term Consequences

Condos can be viewed as a type of mini-society, which can be difficult to learn about if looking in from the outside. In some cases, this works out for the best because it gives people an easy way to strike up a conversation and make friends with people living closest to them. Owners have the opportunity to gain a support system they can reach out to whenever they're in need.

Condo owners also typically enjoy better long-term security features than a single-family home, both by virtue of the shared space, as well as measures taken by the complex to keep residents safe. However, there's also a risk that homeowners will have loud or unruly neighbors. Potential condo buyers should consider their tolerance for noise before making their final decision.

Deciding whether or not to buy a Central Saanich home or condo is dependent upon a person's lifestyle, priorities, and needs. For many, the reduced maintenance and costs are worth opting for a condo over a traditional single-family home. Others may put a higher value on their privacy and personal freedom. Before making a decision, it may help if the individual lists their expectations (both in short- and the long-term) before setting up their open house schedule.