Condo Versus Traditional Home
When it comes to choosing the perfect first-time home, down-size property or even long-term investment, the Calgary Condo Market may have just what you’re looking for. There are many reasons why people might choose to buy a condo. Single professionals, new to the housing market, often find them convenient and perfectly suited. Many retiring ‘baby-boomers’ are increasingly leaving their large family homes, and find the idea of living in a community with low-maintenance considerations, highly appealing.
But what are the advantages, and disadvantages, to owning a condominium over a more traditional house? To answer that, we must first determine just what a condo is, and how it differs fundamentally from a single family home.
A condo is essentially an apartment, in as much as it is a unit within a building comprised of other, similar, units. However, each condo is privately owned, as opposed to being rented from the apartment block proprietor.
Condo owners each pay a fee toward the upkeep of the common areas such as gardens, exteriors and general maintenance; well worth bearing in mind if you spend a good deal of time away, or simply don’t have time or the inclination, for DIY projects. Many condominiums also have a range of tempting amenities on site such as a gymnasium, sauna or pool, exclusively for residents’ use. One of the appealing things about living in a condo is that it can be a great way of meeting neighbors and making new friends.
A condo will often have great location as a prime incentive, and the convenience of many downtown blocks means that city workers can cut commuting time down significantly, and of course, enjoy easy access to all the best that a city has to offer. The lure of living within walking distance of theatres, parks, shops and favorite restaurants and cafes can be a strong one.
On the downside, there can be a number of restrictions put in place by the condo association, which may compromise your lifestyle choices. A lack of privacy and the close proximity of neighbours may affect your decision when it comes to considering a condominium. Also, the fact that condos do not have a tendency to appreciate in value as much as similarly priced houses, might well deter some buyers. Take a look at our Statistics for a price comparison of single family homes versus condos over the years.
With a wide selection of new and established Calgary condos on the market, it could certainly be worth while looking into the potential of investing in one.