Once you’ve decided to enter the housing market, you will notice that there is no shortage in the types of homes you can choose from. Of all of the home types you can buy, a condo is a unique choice in that it is different from the rest of them. Unlike a single family home, duplex or townhome, a condo in most cases is a unit inside a multi-storey building.
Condos provide owners with many great features, but just like when buying any home, you need to decide whether it will fit your lifestyle and needs in the coming years. Here are some points to consider when determining whether a new condo is your best home option.
This is a very important question to consider when buying any home. However, don’t just think about your immediate needs, but what you may need a few years down the road.
If you are looking to grow your family or anticipate caring for elderly parents in the next couple of years, will a condo fit your needs once that does happen? Will there be enough space to host out-of-town guests or have a dinner party? Do you mind walking a bit farther to get from your car to your front door?
If a condo doesn’t fit your needs after considering some of these questions, it may be worth considering looking at a duplex style home or townhome; you’re more likely to find these at a lower price than a single-family home and they still provide you with more space.
If you travel often, plan on paying someone to maintain your home, or simply have no interest in mowing your lawn or shovelling your sidewalk, purchasing a condominium is a great option for you.
Public areas such as lawns, courtyards and sidewalks will all be maintained on your behalf by the condo board. These maintenance services are paid for by your condo association fees (see below) and are well worth the cost if you don't want the added responsibilities.
One important thing to keep in mind is these fees won’t cover repairs or the upkeep inside your unit - you are responsible for this maintenance.
Condo boards in Alberta (also referred to as corporations) are required to have a capital replacement reserve fund, which will pay for any maintenance and renewal projects within a condominium. The amount required for this fund is determined by a study that examines how much keeping the building well maintained will cost.
If you are looking at a newly built condo, information regarding the reserve fund is likely not available yet. A condo board will have two years to determine how much the fund should be and how much residents will be charged for condo fees.
If you would like to purchase a property you can maintain yourself, or if you’d like to avoid incurring an additional annual unknown expense, a condo may not be the way to go.
Having great places to eat, shop, seek medical care, or have some fun is important to every home buyer. Condominiums can often be found close to the downtown core or suburban retail centres. This provides condo owners with a faster commute to work and easy access to amenities they will frequent often.
When considering a new condo purchase, ask yourself how important it is to be close to these amenities.
While you will own your condo once you purchase it, there is a large amount of legislation that regulates condos and the boards that oversee their maintenance.
This makes it a possibility that condo bylaws or rules could hinder you from doing something with your property you’d like to do. It could be something as big as renovations to your condo or as small as whether you can hang a decorative wreath on your door.
If this is something that concerns you, purchasing a different kind of home style will provide you with more independence to do what you want with your home.
Purchasing a condo will most likely mean you will not have a large number of places to park your vehicle. The benefit to condo parking, however, is that you will have reserved parking and it may even be covered or located underground.
If you love heated parking, a condo can be just as good as if you owned your own garage. However, if you need a place to park your boat between weekends at the lake each summer, this could be a complication for you.
If you are someone who wants to have access to a backyard or semi-private space located outdoors, purchasing a condo may not be in your best interest. While some condos do provide outdoor space for residents to enjoy, such as a courtyard or rooftop terrace, these aren’t places where you can host a private party.
Some condo units will have a balcony, but you won’t get much space or privacy other than inside your unit.
All of these points are very important to consider when you begin house hunting. By determining whether a new condo is your best option, you will be able to focus your search for your new home and can avoid wasting time and effort on homes that won’t fit your lifestyle.