Thursday, 25 February 2016

Could you live in 350 square feet?

Micro- condos

Could you live in 350square feet? These very small apartment condominium units have been popular in Europe for many years but they are just now starting to be built in Canada beginning in the west coast. Municipal planners are starting to study the benefits and we may see zoning changes to encourage builders to move forward. These types of new builds will help increase density in targeted areas, take pressure of the transportation system and generally change neighbourhoods. 

For those wishing to live in the ideal urban neighbourhood or to live as environmentally conscious as possible they are quite appealing.  Builders and decorators are having fun thinking about how they can make these tiny shelters as efficiently designed as possible. An entirely new range of appliances and furniture may become available to help us make the space comfortable but in the meantime most of us are not accustomed to living so compact. 

The lower initial purchase price may help first time buyers to get in the market earlier. Investors should find them appealing also. 

Things to remember…. not all banks may be willing to finance these unique units. Lenders often have minimum square footage requirements. The resale market is also not yet established. 

Bettianne is a member of the Ontario Condo Group. For more information please visit www.ontariocondogroup.com.