Real Estate Blog

May 24, 2022

Buying a Condo: What Are the Advantages?

There are many advantages to buying a condo! Explore this article to find out more about them and help you choose the right property for your lifestyle. Okay, so you're all set and ready to become a homeowner for the very first time! You may be faced with an important choice: buying a condo or a house? Explore this article to discover the advantages of buying a condo and to guide your choices according to your lifestyle.

1. Evaluate Your Needs

Living in a condo involves fewer responsibilities than a townhouse, semi-detached or single-family home. This is perfect for those who like to travel or have free time to do other things!

Other than your parking space and your balcony, outdoor areas are usually considered common areas. As such, their maintenance is generally taken care of by all the property owners, including:

  • Landscaping and groundwork
  • Snow removal
  • Occasional maintenance
  • All kinds of repairs

Condominium fees are used to pay for such projects. Furthermore, condominium owners usually have a contingency fund for larger renovations, such as re-roofing or paving the parking lot. This means that it may be less expensive for you to pay for these maintenance costs if you own a condo than a house.

The average condominium fee in Quebec is about $195 per month, or $2,340 per year. When it comes time to make a purchase offer, remember that the combined mortgage, condo fees, property taxes and insurance should not exceed 30% of your income.

2. Identify Your Lifestyle

While living in the city may be the dream of many future homeowners, it can be a deterrent for those who want to start a family. Take the time to evaluate your short and long-term needs.

Here are a few questions that can help guide you in your reflection:

  • Do you live with several people?
  • Do you need a large outdoor space?
  • Do you need a finished basement?
  • Do you have a home office?
  • Do you need a room for any specific purposes?
  • Do you want a pool or private outdoor space?
  • Do you have pets?

Despite what you might think, more and more young families are buying condos because of the urban lifestyle associated with it. Schools, daycare, medical clinics, pharmacies, grocery stores and restaurants are all close by, making life with young children easier.

For other people, a condo is kind of like an all-inclusive! The gym, swimming pool, sauna, roof terrace: there are plenty of amenities to enhance one's lifestyle. However, these advantages have a cost that should be considered before making your choice.

3. Draw Up a Budget

Although buying a condo may seem more affordable at the surface, this is not always the case. In fact, the acquisition price will greatly depend on the way it is built. Soundproof concrete structure, air conditioning, garage with an elevator: all these elements will influence the price of a condo.

So, one of the first things you need to do before you start is to assess your budget and the down payment. Want to be ready to act quickly? Also, consider getting pre-approved for a mortgage.

And don't forget that when you buy a condo, you will need to plan for:

  • The mortgage
  • Property taxes
  • Condominium fees
  • Insurance

All in all, different factors will allow you to make a choice adapted to your lifestyle. Some of them will also increase the property's resale value, such as the location, the type of materials used, the quality of the finish, the soundproofing, the presence of elevators, the common area facilities, the presence of indoor parking and the presence of security features.

Whether you want to buy a condo or a house, a real estate broker will always be a good ally when it comes to giving you good advice. In addition, they will be able to inform you about the condo regulations and help you make the best choice for your personal situation.

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