Wedding Bells

Condo Life

When you buy a condo, you also buy into the lifestyle that comes with it. By Andrea Reynolds

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There’s no doubt the Canadian economy has experienced a condo boom in the past few years. Hip new buildings featuring luxe amenities like state-of-the-art gyms, full service spas, and theatre-size media rooms are popping up everywhere. With an affordable price tag and convenient lifestyle, it’s no wonder so many people are smitten with the idea of condo living. But, buyer beware; it’s certainly not for everyone. If you’re on the fence wondering if it’s a condo or a house for you, here’s a list of serious pros and cons to consider.

Pros:
Monthly fees: Monthly condo fees typically cover costs like exterior building insurance and maintenance, hydro, heating costs and parking. However, every development is different. If your fees cover exterior maintenance, that means you won’t be stuck shoveling snow, cleaning the gutters or raking leaves. Foregoing all that outside work will leave the two of you with time to enjoy other things.
Buying new: New buyers often have the opportunity to custom-design their spaces before building is finished. Upgrades come easy and are purchased through the builder at wholesale prices, not retail. These savings can really add up when you want granite in the kitchen and marble floors in your bathroom. Upgrades also increase your resale value.
Amenities: The gym, the hot tub, the pool, the concierge desk—what was once only available to the rich and famous is now commonplace in most condos. Other great amenities include party rooms with catering-sized kitchens, media rooms with flat screen TVs, and rooftop patios with barbecues and hot tubs.

Cons:
Monthly fees: Paying a monthly fee on top of your mortgage can get expensive. Before buying, ask the condo management about the rate of increase on monthly fees, or at least the projected increase. If a building has a swimming pool or other pricey amenities, it’s likely the fee will increase over time.
Insurance: Condo owners must still purchase their own homeowner insurance in addition to the insurance on the building. For some owners, this feels like making two insurance payments.
Close quarters: Living in such close proximity to hundreds of other people can be frustrating. In some cases, you may feel like you’re living on top of your neighbours, especially if they play instruments, or like to host social gatherings. For some people, condo living is just too close for comfort.
Nature calls: Even as lot sizes decrease, most new detached and town homes still include a yard. If you long to cultivate your green thumb and can’t imagine taking your dog down in the elevator for every walk, buying a place with a small patch of land may better suit your needs.