If you’re considering relocating from a rental unit or traditional house, you’ll want to get a sense of what condo living is like. Here are some of the pros and cons of living in a condo unit.

 

Pros

You Get to Live in a Prime Location

Condos are typically located in the heart of a city’s bustling downtown core, with close access to restaurants, shops, and entertainment, as well as public transportation. If you’ve always dreamed of living in a vibrant urban environment, a condo may be a perfect fit for you.

You’ll Have Fewer Upkeep Responsibilities

With a condo, you are only responsible for maintaining or repairing anything within the walls of your unit. Anything to do with the building’s exterior or common areas is the responsibility of the property manager.

You’ll Have Access to Great Amenities

Many condo buildings have a variety of amenities such as indoor or outdoor pools, rooftop gardens, event spaces, and gym facilities. You’ll love the convenience of being able to exercise, socialize, or relax outdoors without even having to leave your building.

You’ll Feel More Secure

Condo living can feel safer than living in a traditional home, as most buildings have security features such as access keys to get into the building and/or to use the elevator, as well as cameras in hallways, lobbies, and common areas. If your building has a concierge, you can take comfort in knowing that someone is always monitoring who comes in and out of the building.

Condo Living is More Affordable

You’ll also have fewer ongoing expenses to worry about. Rates for condo insurance are typically much lower than for houses, as you only have to worry about insuring your belongings and the interior structure of your unit. Certain utilities – such as hydro, sewage, and garbage – will likely be covered by your fees as well.

 

Cons

Expect Some Noise

Depending on factors like the age and structure of your building, its layout, and how high above street level you are, you may have to deal with some unwanted noise from neighbouring units or street traffic.

You May Need to Downsize

If you’re moving from a house to a condo, you’ll have to decide which of your belongings to take to your new home and what to donate or sell, as your condo unit will likely have less space. 

There Will be Some Rules

As a condo owner, you’ll have to follow the building’s rules and regulations. Some buildings are stricter than others, and restrictions can pertain to anything from pet ownership, to guests, smoking, noise and quiet hours, or what items are permitted to be on your balcony.

Connect with one of our local real estate experts to find a condo that fits your lifestyle and budget.