Tuesday, 15 March 2016

Condo Ownership – Pros & Cons

This post also appeared on www.OntarioCondoGroup.com 
The decision to purchase a condo for personal use is popular amongst two key demographics: seniors and singles.
More and more we are seeing a sole woman who is making the decision to purchase a condo citing low maintenance and high security.
Active seniors appreciate the amenities of a gym or a pool. Those who may otherwise be starting to slow down may enjoy the community aspects of living in a larger condominium complex.
Singles appreciate that condos are low maintenance with less demands on their busy lifestyle. They also know that they usually sell quickly as the current population of young singles are often required to stay mobile to optimize career opportunities.
The Canadian Mortgage and Housing Corporation has published the pros and cons of condo ownership.
Pros of Condominium Ownership
  • Fewer maintenance and repair responsibilities.Access to on-site amenities, such as a sauna or
  • Fewer maintenance and repair responsibilities.Access to on-site amenities, such as a sauna or swimming pool, which you otherwise might not be able to afford.
  • Enhanced security features in some condominium units. You’ll also have peace of mind while you’re on vacation knowing that your neighbours are close by.
  • Monthly maintenance or condo fees are usually predictable.
  • You have a say in the running of the condominium corporation. As an owner, you have voting rights and can be elected to the board of directors.
  • A community that may have a wide range of social, entertainment and recreational activities sometimes geared to a specific lifestyle (seniors, for example).
  • Cons of Condominium Ownership
    You may not be able to decide when maintenance and repairs get done
    • You may have to pay for amenities that you might never or rarely use
    • Less privacy in some condominium units and possibly more noise
    • Possibility of special assessment charges for unexpected repairs
    • Like most communities, a condominium attracts individuals with a variety of personalities. It can sometimes be a challenge to reach a consensus
    • Less space in some condominium 
    • Possible restrictions on things like noise levels, parking, pets, smoking and even the style and colour of things like doors and window coverings.