Pros and Cons of Buying Condo

 

A crucial thing you need to know before looking at Montreal condos for sale is that condo living is not for everyone. Someone who prefers to live just a few steps away from their workplace may be the ideal high rise dweller, but someone who prefers a home away from the hustle and bustle is better off looking at a house in Côte-des-Neiges. Deciding whether to live in a condo or a house is not as clear cut as it seems. To help you in your decision-making process, here are some pros and cons of condo living.

  1. Maintenance

The Good: No maintenance tasks required from the homeowner. The condo management will take care of the building’s maintenance requirements – or most of it anyway! Just think about it. You don’t need to mow your yard, clean the pool, repaint the building or even maintain your HVAC system. The dues you pay the condominium association will cover all these common areas. You don’t have to worry about landscaping or roof repair, it will all be taken care of by the condo management.

The Bad: Just because someone else handles the outdoor workload does not automatically mean it’s going to be a walk in the park for the homeowner. As a result of having no money in reserves, some condos are underfunded which means major improvements like roofing and painting may not be accomplished. Another issue is that some condo owners fall behind on their dues, which can really affect the association’s budget.

  1. Cost

The Good: A condo is cheaper than a house. In 2013, the average condo price per square foot is $257 in the Montreal Census Metropolitan Area (CMA). But you’d have to search really hard if you want to purchase a house with the same price. Most houses nowadays cost close to $400K. With a condo, you’ll pay a lower mortgage and a lower overall expense as opposed to owning a single family home.

The Bad: A crucial thing to keep in mind is that the price of the condo is not the only thing you will be paying. You also have to take into consideration the association dues which could cost anywhere from $100 to $1000 per month depending on the location of the condo and the facilities/amenities included. For condos that come with a topnotch gym, huge swimming pools and a 24-hour gated security, expect to pay a premium for those extras.

There are other excellent reasons to buy a condo such as having a sense of community due to the proximity of the condo owners. You get to interact with your neighbors and there are social events scheduled every year. However, if you don’t care for BBQs and pool parties with the neighbors, then this particular feature may not be for you.

As mentioned earlier, condo living is not for everyone. But if the advantages we’ve listed appeal to you, then living in a condo is definitely right for you!

 

 

 

 


Categories: Real Estate

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September 15, 2016 Pros and Cons of Buying Condo