What exactly is the difference between condo ownership and homeownership? Those who have lived in homes for most of their lives and then suddenly switched to condominiums often love their new livelihoods, but, at the same time, the immediate change in lifestyle can be daunting to some.
Are you interested in a new condo around the Toronto area or elsewhere? Here’s what you should keep in mind.
Know the Amenities And Use Them
Remember: you are always paying for the amenities whether you use them or not. So why not take advantage? With COVID-19 coming to a close, more amenities like gymnasiums, swimming pools, and others are reopening for use.
- The Concierge is invaluable for condo living. Chances are that you live several floors above ground and can’t answer the door for a delivery by yourself. A Concierge can sign for your packages for you and ensure that you never miss an Amazon delivery or the like.
- Garbage chutes make life a lot easier for condo dwellers. There’s no need to schedule your own dumping days when dropping a bag into the chute is all you need to do any day of the week. Most condos also come with recycling areas as well.
- Gardens and decks make for a perfect way to get some fresh air and enjoy the view. Relax on a rooftop balcony if your condo offers one.
Compared to installing these features in a home, you’re ultimately saving money through a condominium. There are many other options too like guest suites, security services, and entertainment centers, so keep your eyes peeled.
You’re Likely Saving Money
On top of the initial price being lower, a condominium also has a lower ongoing cost as well. Most locations charge a basic maintenance fee to cover all the plumbing, paint, electrical, and other needs you would otherwise have to procure yourself as a homeowner. In some cases, you’ll get utilities and Internet packaged in as well.
Most condo owners find themselves saving not only money but also time as they don’t have to consult with insurance agencies or service contractors for this type of work. A/C and heating costs also tend to be lower thanks to the smaller living spaces and the included insulation of the rooms around you.
Enjoy the High Points of Condo Life
Thinking about taking a long road trip or vacation soon? One advantage of living in a condo is that you don’t have to worry about maintenance while you’re gone. No more coming home to an overgrown front lawn or too many letters in your mailbox. It’s also a large boost to your peace of mind that security is always on guard no matter where you are.
And speaking of maintenance, it’s all the responsibility of the condo staff as well. While you still have to pay for it, not having to worry about a leaky pipe or peeling wall since it will get patched up by someone else later is a nice-to-have.
…But Be Aware of the Caveats
Condo life is the perfect fit for many people, but there are drawbacks to it that you should be aware of.
- Space is limited. Condos are almost always smaller than houses, so don’t try to pack everything from your old home into your new property. Smaller furniture, for instance, will probably work better with the space. Also ask about storage locker options, as they can be used for seasonal or infrequent possessions like holiday decorations.
- Noise might be a factor. How quiet your neighbors are is largely up to luck, but the biggest reason some condos invest in soundproofing is the sound of the city below, from the traffic to the occasional emergency vehicle siren. Cities like Toronto are never entirely quiet, so be prepared for a moderate amount of noise during the day.
- Fire alarms. It’s good to know that false alarms are fairly common in apartments and condos in the city. When the fire alarm goes off, wait for an announcement from the administration regarding next steps. You won’t have to go down the entire flight of stairs every time.
As long as you know what you’re getting into, you can make the most out of your move from a home to a condominium.
Keep in Mind That You’re Essentially Joining a Community
Love the experience of living in a neighborhood? You don’t have to give up that feeling in a condominium. If anything, condos can be an excellent place to socialize with new friends in a big city.
You’ll be sharing all the amenities, common rooms, and hallways with your close neighbors, so getting to know some of them, either physically or through online condo groups, is an excellent way to start feeling like part of a community.
You might find an opportunity to borrow household appliances and items or get recommendations on restaurants and entertainment around the city.
And Get Acquainted With the City Around You
Toronto is a large and vibrant city, so homeowners moving to a condo located here will suddenly find themselves in one of the world’s most socially active areas. The first few days you’re here, take some time to look through all the grocery stores, shops, restaurants, parks, and other businesses and attractions near you. That’s one of the highlights of city condo life; plenty of resources are within walking distance.
Ready to Purchase a Condo in Toronto?
Condo ownership presents first-time homebuyers with one of the easiest paths to homeownership.
Are you looking to purchase a condo in Toronto? I can help you find the perfect place for you to call home.
When you partner with me, you are partnering with someone who goes above and beyond to provide you with a seamless experience, from initial viewings to closing day. Get in touch with me today to get started.
Hi, I’m Joel, a real estate professional based in Toronto.
My approach is simple—I put you first. I believe in open communication, total transparency, and meaningful results. I’ll guide you through the real estate process, market values, and always keep the focus on you—and your needs.