If you’re looking to buy a home, you may be tempted to purchase a house instead of a condo. After all, the word “house” evokes images of spacious rooms and big yards. But if you’re planning to live in your next home for many years and want to save money in the long run, it might pay off more to purchase a condo instead. Here are some top benefits that make condos better than houses.
One of the biggest benefits of buying a condo instead of a house is that you don’t have to worry about maintenance. When you buy a home, one of your biggest costs will be homeowners’ insurance and property taxes, as well as paying for lawn care and snow removal. Condos are often managed by property management companies who take care of all those things for their residents.
If the Toronto Regional Real Estate Board report is to be believed, the number of condos sold in Q3 2022 dipped as compared to Q3 202, with 4,177 units sold as compared to 7,795.
But this was because the number of new listings also went down because otherwise, condo sales are always on the higher side due to the convenience of no maintenance and better value for money.
One of the significant benefits of condo living is the sense of community it often gives you. Condo living has a whole different vibe than typical house ownership. You don’t own the entire building and yard, but you share common areas with your neighbors and fellow condo owners.
One example is a community pool, which can be essential for some residents. If something goes wrong, everyone knows about it, and they start complaining to the board members living in those condos.
Another thing that makes condos more appealing is that they’re usually close to public transit stations or bus lines. That means less travel time between home and work or school if you choose not to own a car. No wonder existing home sales, including condos, account for over 85% of the market, per Mordor Intelligence.
One of the most significant benefits of buying a condo instead of a house is that it’s often more social. Condos usually have more community events, whether organized by the homeowner association or by residents. You’ll have more opportunities to meet other people in your building, and if you put yourself out there, you could develop friendships with some of them.
Those social activities don’t just happen for free; there will be fees associated with them. However, if these types of social events sound appealing to you as an owner or renter, and especially if it’s something that would make a living alone less lonely, condos may be worth considering when looking at real estate options in 2023.
One of the most significant benefits of buying a condo instead of a house is that condos tend to be more affordable. It can be especially true if you look at older buildings in cities or urban areas.
Since many condos were built before 1970, they tend to be smaller than newer homes and, therefore, less expensive per square foot. According to NAR, the median house rate in 2022 also went up by 8.4% as compared to that in 2021.
When you combine this fact with the fact that condos are often located in urban areas, which often have higher property taxes than suburban ones, you get a home that may cost significantly less than its suburban counterparts.
It would help if you also considered the maintenance costs associated with owning a home versus those related to owning an apartment building or complex made up of individual units.
Another significant benefit of condo living is that it’s more secure than owning a home. Condos are often in safer communities, which means you can enjoy peace of mind knowing you won’t have to worry about your neighbors or other people walking around. The neighborhood where your condo is located will also likely be safer than if you had purchased a home in another part of town, and this can make your living situation much more comfortable.
Condominiums are also usually located in better school districts than detached homes because they tend to be closer together with less space between them on larger lots. If education is essential to you as a parent and homeowner, this benefit may be one of the most important reasons why buying a condo instead of building your own house would suit your needs best.
One of the most significant benefits of buying a condo instead of a house is that condos are often more affordable than single-family homes. Condos typically have lower maintenance fees and HOA fees than houses, which means you can save money on your monthly expenses by living in a condo instead of buying a standalone home.
In addition to being affordable, condos tend to be located in good places. Condominiums often have great locations near shops and restaurants, so you won’t need to go far if you want food or entertainment after work. Plus, many condos offer access to shared amenities such as pools, gyms, and spas, giving you plenty of opportunities for relaxation after spending all day at work.
In short, buying a condo instead of a house can be a great financial decision. You’ll be able to save money on maintenance and taxes, enjoy social opportunities in your building, and feel more secure about your investment. If you’re considering buying property in the future but are curious if it’s right for you, we would love to help answer any questions or concerns that may arise.