Consider the pros and cons carefully before purchasing a condo.
Condos appeal to everyone from young urbanites who want to be in the heart of the action to seniors who just want to relax and enjoy their golden years playing tennis and relaxing by the pool.
Families are also starting to gravitate towards condos as they’re an affordable way to escape the suburbs and move to a vibrant downtown atmosphere where various amenities are only steps away.
Aside from being affordable, condos are low maintenance as you don't have to spend your weekends cutting the grass and cleaning the gutters. They also offer enhanced security features which are perfect for those who like to travel.
Convenience however comes at a price in the form of condo fees which can be costly depending on the amenities offered by the complex. That said, condos are often very affordable compared to single family homes, especially for those who are downsizing.
When you buy a condo, you don't own the land beneath you but instead share a common interest with others in the complex. This means you'll be subject to rules and regulations that can dictate anything from the type of planters you’re allowed to display to the kinds of blinds you can hang.
Joint ownership also means you'll be in close contact with your fellow condo owners. Some people love the sense of community offered by condos but for those who value their privacy, it can be a difficult adjustment. Pets are another key consideration as Fido may not be welcome in some buildings.
If your real estate vision includes extensive renovations, condo living may not be for you as your options could be limited. If however you'd rather spend your time chilling by the pool instead of painting shutters, the low maintenance factor may be just what you're after. It's really a choice of freedom vs. freedom.