Condo living has received some bad press over the years on the subject of resale value however condo living has rapidly increased in popularity and resale value has become even easier to obtain for a number of reasons unique to condos alone. Looks like its time to do some myth busting!
Here are the top three advantages a condo holds over other real estate for resale value.
Ease Of Upkeep
Let’s start with the practical aspect– upkeep. Condo living is attractive because it provides the absolute best option for flexible, hassle free living. Seasonal care, garbage collection, and external upkeep are all taken care of by management services. Also, condo living will never require you to set money aside for that looming roof job or routine driveway resurfacing. All grounds and external building care is taken care of through condo fees.
So what does this mean for resale?
When it comes to the sale of any property it all comes down to the condition of your home. With yard and building care monitored and taken care of by condo management groups, condo properties are sure to be well maintained year after year. This leaves you with your own personal residence to take care of which should require minimal maintenance if any at all. If you do make the decision to sell, rest well knowing that you won’t have to pour money into your property before you put it on the market; and the market will be there!
Demand. It’s There!
The second advantage to condo resale is found in market demand. Condos are becoming increasingly popular among millennials and near-retirees. Condo living permits an active, low-maintenance lifestyle perfect for coming and going without worry. The migration of people from rural areas to urban centres is well documented in Canada, and as city centres continue to condense and suburbs expand condos are enabling more people to live in urban cores.
In addition to the influx of people to urban centres, condo living is also typically cheaper than buying a detached family home in the suburbs. This means condos are not only an enticing prospect for many but also a realistic one. Between the increase in population and increasing cost of living, condos are becoming the preferred choice of more and more city dwellers.
The Option To Rent
It’s related to demand and you could consider it an added bonus of sorts: it’s the option to rent it out. They are a popular rental option, particularly for young professionals. Condos often come with attractive perks such as work out facilities and cardio space as well and are typically located near to all of your most basic services and amenities.
This provides a unique opportunity for condo owners who are interested in an income property. It’s also helpful for sellers who want to wait out market gluts or seasonal slowdown for optimal market conditions. The ability to rent gives condo owners unique control over the timing of their sale that most homeowners do not enjoy.
Condos aren’t for everyone. They certainly appeal to particular lifestyles and needs more than others, but if you’re in the market for a condo don’t let resale worries be cause for hesitation. Condos will not require you to pour money into them before reselling. They are increasingly rising in popularity, and they provide the resale flexibility that other types of real estate simply cannot offer. These are just a few of the resale advantages that only condos can boast of.
If you're thinking about buying a new condo, be sure to download our handy show home map and head out to view some of our developments. Speak to one of our helpful area managers as they can answer questions for you and even connect you with a preferred lender to discuss your financing options. Download the show home map today!