4 simple benefits of condo living
The diversification of the modern workplace and family continues to influence how we live and work across the world. While a family home in the suburbs is still the dream of many, people are enjoying a greater choice of living arrangements than ever before. Condo living has become especially popular in North America over the last few years, with the modern condo providing numerous benefits over other housing options.
A condo is a specific type of ownership arrangement where you take ownership of an individual unit along with the right to use the common areas and assets of the condo community. This unique combination of private ownership and shared access is available to people from all walks of life, and provides numerous advantages over other forms of housing. Let's take a look at the main benefits of the condo lifestyle.
More affordable housing
First and foremost, condos are generally much more affordable than detached houses in the same area. This is particularly true for inner-city condos, where detached houses are both incredibly rare and outrageously expensive. Condos are a great option for young people who are just starting out, with lower purchase prices making it easier to get a foot onto the property ladder. Condos are also a great option for families and retirees, with a number of specialized projects catering to these demographics.
Living in a more central location
Few people can afford to buy a single family home in a desirable inner-city location. While prices and options differ considerably between locations, most affordable detached houses are located in the suburbs away from the action. With cities becoming more congested all the time due to rising migration levels and population growth, condos offer a welcome reprieve.
Rather than wasting time on your daily commute or spending money on taxi fares, why not live where you work? Condos are an affordable and accessible way to live in desirable neighbourhoods which are close to employment and entertainment opportunities.
Greater access to amenities
Modern condo buildings are generally rich with amenities, including entertainment areas, fitness facilities, and technology resources. While few people can afford their own swimming pool or fully equipped gym, people who live in condos have access to these amenities whenever they want. In many ways, condos mirror the new sharing economy, with people paying a subscription to use services rather than owning them outright. The use of common amenities also enables greater socialization between residents, which is another welcome change from the isolated suburban lifestyle.
When you live in a condo, you are only responsible for looking after the interior of your unit. There are no lawns to mow, no gutters to clean, and no house sanding and painting to perform. This can have a dramatic effect on your lifestyle, freeing up your time and allowing you to enjoy your days off. While you do have to pay monthly condo fees to the Homeowners Association (HOA), there are no surprise repair bills to worry about, no wasted weekends, and greatly reduced stress levels due to fewer responsibilities.