Condo living is great - here’s 5 reasons why
There are more housing options available than ever before, from large rural and suburban properties through to townhouses, tiny houses, and condos. Rather than dealing with long commute times and suburban isolation, more people are making the bold decision to buy a condo and become part of a community.
While condo living is not ideal for everyone, it does provide a number of financial and lifestyle advantages compared to traditional forms of housing.
Lower barrier to entry
Condos are often more affordable than detached houses, especially if you take location into account. This is a significant advantage for first-time homeowners, downsizers, or anyone else who wants to limit the size of their mortgage.
While growth potential can be limited in some markets and condo fees do apply, the initial price of ownership is often lower. You will still have to raise a deposit, however, with 20 percent common for conventional home loans and 3.5-10 percent typical for FHA or other non-conventional loans.
Closer to the action
If you want to live in a trendy inner-city neighborhood, buying a condo is often the best alternative. Living closer to the action can have a significant effect on your quality of life, not just reducing your commute time but also providing you with a greater sense of connection to the world around you.
Whether it's public transportation, restaurants, or office buildings, buying a condo is the best way to enjoy the wonders of inner-city living while benefiting from the security or property ownership.
More social and less isolated
The lifestyle advantages associated with condo living are not just the result of a great location, they're also the result of greater socialization. Modern condo buildings generally include numerous amenities, including entertainment areas, recreation rooms, and pools where people can mix and have fun. Many buildings cater to specific age groups and demographics, which makes it even easier to make new friends.
Increased access to amenities
Whether it's a health and fitness facility, a business and technology center, or an outdoor entertainment space, the condo lifestyle is all about the amenities. While very few people can afford multiple modern amenities in their own homes, condo residents often take them for granted.
Having a gym or yoga room on-site is not just a great way to save money and make new friends, it's also a fantastic way to set up new healthy lifelong habits. When condo fees seem like a big expense, it's important to remember how much you can save on gym membership and other expenses.
Freedom from maintenance
When you live in a condo, you are only responsible for looking after the interior of the unit. This can be a tremendous advantage over living in a detached home, especially if you're sick of wasting your weekends doing yard maintenance.
While you do have to pay monthly condo fees in exchange for this freedom, the cost of these fees is often comparable over time to the large maintenance bills you eventually encounter as a detached house owner.