As the saying goes, there are different strokes for different folks.
Some people are cat people while others favour dogs.
Some people like beer and others like wine… and some people like condo’s… while others, not so much.
The reality is that both homes as well as condo’s have pros and cons. There are many factors that can influence whether a condo is for you or not.
Here are a few things anyone considering moving into a condo should be aware of.
Cost – Condo’s will typically be much cheaper to purchase than a stand alone home. For many, this is the primary reason they find themselves living in one. Another financial benefit to living in condos is they tend to have lower insurance since you are only insuring the inside of your home.
Having said this, all condos have condo fees which homeowners do not. Additionally condo’s can levy special assessments for unforeseen repairs or reserve shortfalls so there is always the possibility of surprise expenses.
Flexibility – People who find condo living the least stressful are often those people who don’t get too worked up regarding when and how things are done. The more flexible you are, the better your odds of being happy in a condo.
The Do It Yourself crowd – Another reality of condo living is that the outdoor work is done by others. For some the idea of not having to deal with property maintenance, repairs or upgrades is a dream come true. But for others who like things done a certain way, having zero control or input can be a struggle.
Privacy and close quarters – Condo residents need to accept that their neighbour’s are only “one wall thickness” away? You will hear the odd conversation, tv show or song.
Assuming this isn’t an issue for you, you still need to remember that this is a two way street. Just because you’re okay with a bit of excess noise doesn’t mean your neighbour will be. If you host regular parties, or you like your television to be played at a high volume, it probably won’t be long before issues crop up.
Condo board – The next thing anyone considering a condo needs to think about is the almighty condo board. Many (if not most of the) decisions and rules for your condo and the condo complex are determined by the condo board. There are many realities that come from this that cause friction.
Pets, parking and designers – Finally, expect parking restrictions, gardening limitations, and even rules around outside door colours and maybe even window coverings. Finally if you are a pet owner, or plan to be one, make sure you get a clear breakdown on any rules and regulations regarding pets.