Yay or Nay: The Pros and Cons of Living in a Condo

People in the city live hectic lives. And if you are one of those people, there’s a good chance that you barely have time to maintain your house because of your full schedule.

If you are looking for a better housing option and you’re seriously considering getting a condominium, make sure to check out these pros and cons of living in a condo first.

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The Pros

Saying goodbye to yard and lawn maintenance

Outdoor maintenance involves mowing the lawn, trimming overlapping tree branches, raking up leaves, watering the plants, pruning overgrown plants, and digging up weeds. You also have to powerwash your exterior walls and change the paint every few years to keep it in good shape.

Say goodbye to all of these when you choose a condo. You’ll have to pay a fee to the condo association for maintenance, but that’s all there is. You’ll get to enjoy the outdoor amenities that your condo has to offer without exerting effort for its upkeep.

Saving money when investing in a condo

You’ll spend less money when you invest in a condo. In Toronto, the average price for a one-bedroom unit in 2017 was $485,322. If the owners chose to upgrade, it could reach $563,191.

For houses, the average home price in the greater Toronto area from November to December 2017 exceeded $750,000. If you don’t have the money to buy a house, a condo is an excellent choice for housing. Yes, you’d have to pay additional payments such as association fees, but it’s for your security and comfort. The extra cost is worth it.

Proximity is the key to a closer community

A tight-knit community is possible for people who live in houses. After all, they end up living or staying in the same area for a long time.

For those with sprawling properties, interaction might be limited.

Compared to the living conditions of a condo, the units are closer. It makes it easier to check in on your neighbors every once in a while. With 1.9 million Canadian households living in condos in 2016, it’s not hard to find a fellow neighbor who shares common interests with you.