Wondering whether or not condominium living really is the right choice for you? You may love the idea of ditching your snow shovel and lawn mower when you move into a condo, but you might not be so happy about leaving your satellite dish behind to comply with a bylaw.
Like most types of accommodation, condominiums have their advantages and disadvantages. Carefully consider all of these pros and cons when deciding whether or not a condo fits with your lifestyle, personality and financial situation.
Pros of Condominium Ownership
- Fewer maintenance and repair responsibilities.
- Access to on-site amenities, such as a sauna or swimming pool, which you otherwise might not be able to afford.
- Enhanced security features in some condominium units. You’ll also have peace of mind while you’re on vacation knowing that your neighbours are close by.
- Monthly maintenance or condo fees are usually predictable.
- You have a say in the running of the condominium corporation. As an owner, you have voting rights and can be elected to the board of directors.
- A community that may have a wide range of social, entertainment and recreational activities sometimes geared to a specific lifestyle (seniors, for example).
Cons of Condominium Ownership
- You may not be able to decide when maintenance and repairs get done
- You may have to pay for amenities that you might never or rarely use
- Less privacy in some condominium units and possibly more noise
- Possibility of special assessment charges for unexpected repairs
- Like most communities, a condominium attracts individuals with a variety of personalities. It can sometimes be a challenge to reach a consensus
- Less space in some condominium units
- Possible restrictions on things like noise levels, parking, pets, smoking and even the style and colour of things like doors and window coverings.