Condo living is perfect for anyone seeking a low-maintenance lifestyle. Not only is condo living more affordable, but it provides all the benefits of a single-family home with virtually none of the work. Despite the fact modern condos are incredibly popular due to their affordability and spacious, modern designs, there are a few condo "misconceptions" we'd like to clear up.
Without further ado, let’s “bust” a few myths!
1. It’s A Long Wait For Your Condo To Be Built
It’s not uncommon to hear stories of condo buyers who have waited eons for the completion of their unit. Despite what you may have heard, this is not a normal occurrence. While there can be delays due to weather or other unforeseen circumstances, a good developer will work hard to maintain timelines.
Do your research ahead of time when it comes to choosing a credible condo developer. Not only will they be able to establish clear timelines for your new condo build, but they will keep you informed during the process.
2. Condos Are Small
With the variety of contemporary condos available, the only way you’ll end up in a small unit is by choice. For example, you could choose a roomy or more compact apartment condo, townhome or even an attached bungalow. Modern developers have perfected the art of maximizing the square footage in every community they build; from multiple bedrooms and added storage space, to functional floor plans and nine-foot high ceilings. You have many spacious options to choose from.
3. Condo Rules Are Strict
Condo boards are ultimately ruled by those representing the condo community, including unit owners. The rules governing a condo complex are enforced for the good of everyone and to keep all unit owners happy. For example, condo boards may determine all visitors need a parking pass. While this may seem inconvenient at first, this rule ensures enough parking for everyone and prevents unauthorized persons from occupying these stalls.
As regulations will vary from development to development, be sure to inquire into condo bylaws upfront.
4. You Can’t Own Pets
As mentioned above, each condo development will follow a particular set of rules and/or bylaws. For this reason, some developments are pet-friendly and some are not. Some may also allow for pets but enforce a number or size restriction. Here too, all you’ll need to do is investigate a development’s bylaws ahead of time to know if it’s the right place for you and your pets. Check out our post “4 Things Every Pet Owner Should Know About Condo Living” to learn more.
5. Condo Fees Are Expensive
Condo fees go towards helping you maintain a stress-free and low-maintenance lifestyle. While they are an additional expense to your monthly mortgage, these fees replace what you’d have to pay to maintain a single-family home or freehold property.
For example, your condo fees will take care of snow removal, landscaping, exterior maintenance and much more. Since you’d still have to pay for maintenance in most other property scenarios, the advantage here is that the work is done for you.
Another thing to keep in mind is you’re likely to pay far less in fees in a newer development. Older developments tend to come with more wear and tear and heightened maintenance issues, meaning unit owners will have to foot the bill. New developments, on the other hand, are built with resilient, modern materials and come with warranty.
6. You Can’t Make Changes To Your Unit
While the exterior of your condo is considered common property, you are the owner of your unit. This means you are free to change paint colours or flooring, remodel the bathroom or renovate the kitchen if you choose to. As long as your changes fit with the condo community’s building codes, you are free to do what you like within your own home.
7. There’s No Privacy
New developments make privacy a priority for homeowners. Outdoor features such as separate patios, terraces, yard spaces and balconies guarantee the peace and privacy of a single-family home, while current building techniques and soundproofing materials guarantee shared walls won’t mean shared noise.
Modern developments will also include in-suite laundry and others may even incorporate single and double-car garages for added personal space.
8. There’s Nowhere to Park
As we mentioned above, many modern condo communities include single and double-car garages - depending on your selected condo style. Conversely, other options may include heated underground parking garages, or assigned parking stalls. Regardless, you can rest assured you’ll never have to search for a parking spot.
9. Working With A Developer Is An Impersonal Experience
When it comes to condo communities, not all developers are created equal. A good, credible developer will not only listen to your individual needs but will work hard to ensure the best experience possible when it comes to purchasing your new condo. This means addressing any concerns you may have before, during or after your condo-buying experience as well as keeping you up to date throughout the process.
As you can see, condo living may not be what you originally thought. In fact, it’s even better! If you’re considering a condo for you first or next home, we’d love to hear from you. We will be happy to answer any questions you may have and help you discover the truth about this exceptional low-maintenance lifestyle.