Have you found yourself thinking about Condo Living? Do you find yourself wondering if it may be time to downsize the family house to a family condo?
You wouldn’t be the first! We have worked with many clients that have made that exact decision. For some, the kids have moved out and there is just too much space not being used. Yet for others, it’s just time to stop having to pick up the shovel in winter or the spade in summer.
Whatever the reason, there are a few things you should consider before making the move. A handy pro and con list is always a good way to start figuring things out! Check out our pro/con lists below and stay tuned to the Blog for more tips and tricks to making the switch from a house to a condo!
Condo Living Pros:
Less Maintenance, Fewer Surprises: Living in a condo means saying goodbye to worries like roof repairs or plumbing issues. Those are handled by the condo board. Your monthly condo fees help cover planned upgrades, emergency fixes, and maintenance of the building’s shared areas. As an owner, you’re only responsible for what’s inside your unit.
Lock-and-Leave Convenience: Those winter getaways get so much easier! No need to worry about the hassle of home security or frozen pipes! Condo living offers the freedom to lock up and go! Just don’t forget to inform your insurance provider if your unit will be vacant.
Location! Location! Location!: Want to live just steps from all the action? Toronto condos often put you right in the heart of things – offering walkable, central locations that most houses simply can’t match.
Amenities! Amenities! Amenities!: Many condos offer some pretty amazing amenities! Gyms, pools, rooftop terraces, dog bathing stations, and social spaces like party rooms. It’s a great way to meet neighbours and entertain friends – without the cleanup at home! Not to mention how nice it is to not have to suit up to head to the gym!
Condo Living Cons:
Monthly Condo Fees: As a condo owner, you’ll pay monthly fees based on your unit’s size. These fees cover the upkeep of common areas. Things like garbage removal, water, landscaping, janitorial services, concierge, and building insurance. They also include a contribution to the reserve fund for future repairs and upgrades. Some buildings may also include heat and electricity in their condo fees. Keep in mind that they typically rise each year due to inflation and scheduled maintenance costs.
Then there are the Rules: Condo living comes with rules and guidelines you’ll need to follow. These may cover things like the number and type of pets allowed to the color of your window coverings. They most definitely will have some rules in place for short term rentals, even possibly for long term rentals.
Less Space (Inside & Out), More Intention: Downsizing means living in a smaller home—and that often means paring down your belongings. Also, while many Toronto condos feature private balconies or terraces, some may only offer shared outdoor areas or easy access to nearby parks.