Many people looking to move into an urban area, often find themselves faced with the decision of whether to buy a condo in the city or a house in the suburbs. Whilst there are pros and cons to both decisions, a condo can be an awesome choice. It is a kind of hybrid between an apartment and a house, and is the ideal choice for people who want to be located centrally. So whether you want to buy a condo in Montreal, New York, or London, keep reading for three reasons why it is a great idea.
1. No Yard Maintenance
As a busy worker, it’s unlikely that you have the time available to maintain a yard – you probably struggle to maintain your home! Luckily, condos come with well maintained yards that you will have no responsibility to look after. Instead, you will be expected to pay a set fee to a condominium association, and it is these who will take care of everything outside of your condo – from mowing the lawns, to ploughing snow, and repairing the roof. This is a great option for busy people who want to live in nice surroundings, but don’t have the time or money to be worrying about things like this. It is, however, important to check out your condominium association before buying – whilst the majority are great, there are some that do slack.
2. It’s Cheaper Than Buying a House
Of course, the price of a condo varies depending on where it is located, what amenities are included, and the size of the apartment, however in general it is cheaper to buy a condo than a house, especially in affluent cities where small family homes are hard to obtain, which drives up the prices. As an example, if you were to buy a 2400 square foot town house in Boston, you could expect to pay around $1 million. However, the price for a similar sized condo would be around $750,000. This is a significant difference. It is, however, important to remember that you also need to account for the association fees which could be as much as $1000 a month in some communities. Unplanned expenses do happen with houses, though, so the monthly cost may work out to be comparable over time.
3. There’s a Sense of Community
Whilst plenty of homeowners love the community that they live in, nothing can be compared to the community feeling in a condo. Because of the close proximity of living spaces, even just picking up the mail or taking out the trash can turn into an hour long conversation. You can create friendships that will last for years. Before moving into a condo, however, it is important to speak to your new neighbours and vet them out. The last thing you want is a noisy neighbour who listens to loud music late into the night when you’re trying to sleep. It’s not a common problem, but it has happened to people before.
So, if you are planning a move to an urban area – consider buying a condo. You won’t regret it!