Should you live in a condo or a house? It’s a question we hear all the time and there is no right or wrong answer; personal preference, lifestyle and practicality all play a role in the decision. There are some very good reasons why a condo might be the right fit for you and that’s why we put together a list of the top ten advantages of living in a condo.
Transit
If you want to use public transport, chances are you’ll be closer to it if you are in a condo. In Toronto, the majority of subway stations are surrounded by condo towers and those that aren’t are already being looked at by developers for the future. That means for many condo dwellers, access to the TTC or other local transit is just a short walk away – making many journeys simple, easy and efficient.
Amenities
The amenities in modern condo towers are fantastic. Most offer features like gyms, yoga studios, swimming pools, spa facilities, BBQ areas, party rooms, media rooms and more. There are even condos that offer things like dog grooming facilities, underground car wash stations and co-working spaces! It provides a great lifestyle having all these amenities at your doorstep and has the added bonus of saving you the cost of things like a separate gym membership.
Cost
There’s no escaping it: condo apartments are cheaper than low-rise homes. Although GTA real estate data shows that the gap has closed significantly in the last few years, a condo is still a more affordable option and gives the opportunity for more people to get onto the property ladder. Whether it is a permanent choice or viewed as a stepping stone towards a larger family home, the cheaper price of a condo puts makes it a practical consideration.
Location
This is somewhat linked to the previous point. If you want to live close to the action in a big city like Toronto, you need a condo or a very expensive house. And the reason that those houses are so expensive is because there aren’t many of them, while condos are plentiful. That isn’t the only benefit of location with a condo. Because of the high population density, there tend to be more services, public amenities, stores, and restaurants in the areas where condos are built – meaning you can generally find everything you want nearby.
Fewer Chores
Whether you are in a condo tower or a condo townhouse, you don’t have to worry about the maintenance work outside because that is taken care of by the condo management company. The best parts about this? No grass cutting or snow removal for you! If you have been out with a shovel during the winter, you’ll know the hard work that is involved and will appreciate the thought of never having to do it again!
Community
If you live in the suburbs, you perhaps know a few of your neighbours. If you’re in a condo, you see your fellow residents all the time. Whether you’re in the elevator, the lobby, the corridors, or the shared amenities, there will almost always be someone else around and some of those familiar faces could well end up being good friends. Many condos encourage community events within the building and will have BBQs, parties or other get togethers where residents can mingle and get to know one another. It may not be for everyone but it can foster a real community feel and introduce you to a wide range of new people.
Parking
This is another benefit for those cold winters. In many condo developments, even condo townhomes, the parking is underground. That means no struggles with snow or the cold, no scraping ice off the windshield, and better security for your car. Additionally, as many young condo buyers prefer not to drive, there are plenty of condo units that don’t include parking, which can save you the expense. Alternatively, if you buy a parking spot and don’t have a car, you can very often lease the spot out to another resident in the building for some cash-flow benefit.
Ease of Access
Unless you live in a bungalow with the front door at grade, you will have to contend with steps in a single-family home. This may not be a problem for many people but for others it can be a real struggle. People who are elderly, in wheelchairs, are visually impaired, or struggle with stairs for a different reason will find the ease of access much better in a condo tower. With accessible entrances, spacious lobbies and elevators to each floor, it is an option that is open to everybody.
Security
If security is a concern then a condo might be the right option for you. Most condo towers have a 24-hour concierge in the lobby, monitoring access to the building. They also have controlled access through keypad entry or some other locking system. Most common areas in a condo are replete with video cameras, and almost all suites have a security panel linking them directly to the front desk in case of an emergency. All these features help to reduce opportunities for potential thieves and keep you and your belongings safe.
