Many people who purchase condos think of them as starter units. A condo is less expensive than a house and lets new families buy a place without breaking the bank. However, there's a common perception in BC and the rest of the country that, once a family can afford a home, they will likely sell their condo and buy a house. Then, once they've moved into a house, people are sometimes reluctant to sell it because a condo feels like a "downgrade."
However, in reality, many people enjoy condos and prefer them to a detached home. Here are three reasons why condos might make sense for you, even in the long term!
Lower Cost Of Ownership
While condo residents do have to pay monthly maintenance fees, the total cost of ownership for a condo is often much less than that of a house. In the right area, a Victoria condo can be nearly half that of a home. You save on property taxes, while still having equity in your place. There is a lot that can go wrong with a home. Every time something goes wrong, it can result in thousands of dollars in expenses within a matter of days. With condos, you are responsible for any issues that arise from your condo walls inward. Effectively, this "walls in" term means that you are not responsible for the overall structure of the building or anything that happens on the common grounds. Those come from your condo fees and sometimes a special assesment. If a pipe bursts in the common areas, you're not responsible for it. However, if it bursts in your condo unit itself, then you are. You'll save thousands each year between the cost of repairs, property taxes, and mortgage interest if you choose a condo!
Less Maintenance And Less Work
Houses are time-consuming to maintain. With a condo, though, the association covers routine maintenance, like yard work. They will have gardeners that will support the common areas for you. If you don't want to mow the lawn again or shovel snow (well, we don't have this problem a lot in Victoria, but in other parts of Canada, it's a big plus), a condo is for you!
Easier To Travel
With a condo, you can lock your doors and leave for extended times more comfortably than you can a house. For starters, other people are living in your building with a condo, so if something happens, someone will likely be able to fix it even while you are away. If someone breaks into your condo, again, hopefully, there's a neighbour at home who will see the incident and report it. Since the common areas have maintenance, you don't need to worry about who will cut the grass when you're gone!
With a house, there's a lot more than can go wrong when you take a month away than with a condo.
Condo Living Has Benefits
While condo living may not be for everyone, many people much prefer it to a house. Single people, young families, people who like to travel, and retirees all love the freedom, flexibility, and relaxed lifestyle that a condo has.
If you're looking to get a condo in Victoria, please get in touch with me. I would love to help you find the perfect unit for your lifestyle!