Is owning a condo right for you? There are many advantages to owning a condo and perhaps some of them might appeal to you. Let’s review . . .
Renting vs. Owning
The beauty of a monthly mortgage on your condo versus renting is that you’re paying that mortgage to own the condo. Renting an apartment that’s a similar size would typically run you the same cost. Paying to own is a huge advantage over paying to rent. And with prices increasin on average over 7% a year, and expected to continue due to the projected population growth in the GTA, capital appreciation is inevitable.
Toronto has the biggest Condo Market in North America and 2nd in the WORLD
Number of projects under construction:
Toronto = 132
2- Mexico City = 88
3- New York City = 86
4- Chicago = 17
5- Miami = 16
No outdoor maintenance
A huge advantage to owning a condo is for those who would prefer not to mow thelawn or weed the garden, or make any repairs outdoors. This is one of the biggest advantages of owning a condo over a traditional home. If the roof needs repairs, if the sidewalk needs to be shoveled, if the pool needs cleaning, someone else will take care of it.
Most condos come with amenities including a swimming pool, a gym, a sauna, squash or tennis courts, terraces for barbecues, and more. You save money this way, and from my experience, you’re more likely to GO to the gym, or the pool if it’s right in the building . . .
Freedom to renovate
When you rent an apartment, you really have no say in the way the space is designed. When you own a condo, however, you can change absolutely everything within the space because it belongs to you. (“When it comes to condo regulations, each province and territory has its own regulations and legislation specific to the registry, construction and operation of condominiums.” –CMHC)
A social setting
Because you live within a community, so to speak, condo meetings for owners will bring you and your long-term neighbours together and will likely result in a close-knit environment that creates social and business networking opportunities.
Although 91% of condos are located in census metropolitan areas, condos abound everywhere and can be found both in the heart of the city or in the ‘burbs with Mr. and Mrs. Jones, so no matter your preferred location, condo life can be wherever you choose.
Living in a condo tends to provide extra security. To start, most condos have security at the main entrance, cameras, and card access at each floor is more and more common. And because condo buildings are usually well lit, and busy, undesirables will usually try an easier target.
If your situation ever changes and you need to move, but don’t want to sell your condo, you can easily rent out your condo, and cover most or all of you mortgage and maintenance costs, and in essence, turn your home into an income generating business.
For more information about condo ownership, or investment, contact me for a free copy of my ‘CONDO BUYER’S SURVIVAL GUIDE”.
Or simply click on the image below to get your free copy.