Is Condo Living Right For You?

Living in a condominium is not that different from living in a home, but you'll want to explore whether the differences appeal to you or not.

For instance, you must pay a monthly maintenance fee when you buy a condo — this payment allows the condo corporation to maintain the common elements of the building, or complex, such as hallways, driveways, swimming pools, security, etc.

But if you think homeowners don’t pay fees, think again. You still have to pay for heat, hydro, insurance, and are responsible for any and all repairs to plumbing, roofing, electrical, and more. Condo owners on the other hand, have one easy fee that covers it all, and someone else does all the work. Of course, you might pay a little more if your building has extensive facilities such as a pool or gym.

Before buying a condo ensure that you find exactly what the monthly maintenance fees cover. Sometimes they cover everything, including heat, water, insurance, parking, cable TV and electricity costs, and sometimes they cover very little but upkeep for the common areas.

As well, you'll now be "living by committee," to a certain degree. Some condos will have restrictions concerning the common areas of the complex or building, or the visible parts of your suite, such as what colour drapes you can install. Bear in mind, though, that these restrictions are aimed at maintaining a uniform-looking exterior and can help add to the value of your condominium.

Also, know the rules and regulations if you're an animal owner – pets are forbidden in certain buildings. You should also keep in mind that the more amenities you have, the higher the maintenance fees. It can take a lot of money to keep swimming pools and elaborate gym equipment well maintained.

Security may be an issue for you, too. If you travel quite a bit, it may be worth a lot to you to have a very secure home with a gatehouse or concierge whom all visitors must pass by. Some condo complexes even have guards who patrol the grounds at night.

Your view and exposure (to sunlight, that is) is also very important in a condo — a southern lake view can sometimes cost thousands more than a northern, city view. If living with lots of natural light is important to you — and it is to many people — bear in mind that you'll pay more for a southern exposure.

Container gardeners who can't live without a balcony or terrace would do well to consider exposure, too; a north-facing balcony that is covered overhead by the balcony above does not make for ideal growing conditions.

If you really, really feel the need to have a backyard, or ground-level outdoor space, you can always opt for a ground level condo, or townhouse condominium. Although not as likely to have ‘common element' swimming pools or gyms, most townhouse complexes offer more private outdoor living space for each owner and have more of a "house" feel than condos located in high-rise buildings.

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Is Condo Living Right For You? Living in a condominium is not that different from living in a home, but you'll want to explore whether the differences appeal to you or not. For instance, you must pay a monthly maintenance fee when you buy a condo — this payment allows the condo corporation to maintain the common elements of the building, or complex, such as hallways, driveways, swimming pools, security, etc. But if you think homeowners don’t pay fees, think again. You still have to pay for heat, hydro, insurance, and are responsible for any and all repairs to plumbing, roofing, electrical, and more. Condo owners on the other hand, have one easy fee that covers it all, and someone else does all the work. Of course, you might pay a little more if your building has extensive facilities such as a pool or gym. Before buying a condo ensure that you find exactly what the monthly maintenance fees cover. Sometimes they cover everything, including heat, water, insurance, parking, cable TV and electricity costs, and sometimes they cover very little but upkeep for the common areas. As well, you'll now be "living by committee," to a certain degree. Some condos will have restrictions concerning the common areas of the complex or building, or the visible parts of your suite, such as what colour drapes you can install. Bear in mind, though, that these restrictions are aimed at maintaining a uniform-looking exterior and can help add to the value of your condominium. Also, know the rules and regulations if you're an animal owner – pets are forbidden in certain buildings. You should also keep in mind that the more amenities you have, the higher the maintenance fees. It can take a lot of money to keep swimming pools and elaborate gym equipment well maintained. Security may be an issue for you, too. If you travel quite a bit, it may be worth a lot to you to have a very secure home with a gatehouse or concierge whom all visitors must pass by. Some condo complexes even have guards who patrol the grounds at night. Your view and exposure (to sunlight, that is) is also very important in a condo — a southern lake view can sometimes cost thousands more than a northern, city view. If living with lots of natural light is important to you — and it is to many people — bear in mind that you'll pay more for a southern exposure. Container gardeners who can't live without a balcony or terrace would do well to consider exposure, too; a north-facing balcony that is covered overhead by the balcony above does not make for ideal growing conditions. If you really, really feel the need to have a backyard, or ground-level outdoor space, you can always opt for a ground level condo, or townhouse condominium. Although not as likely to have ‘common element' swimming pools or gyms, most townhouse complexes offer more private outdoor living space for each owner and have more of a "house" feel than condos located in high-rise buildings. Return to News Article & Press Releases
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