Are you thinking about purchasing a property in the near future? First-time buyers can often face the hard choice of deciding whether to buy a house or a condo, especially since several Canadian cities are currently undergoing a construction boom. So, today we’re going to look at the benefits of buying a condo!
A primary reason why buyers opt for condos is due to the fact it’s hassle-free. A wide range of household chores, repairs, and general maintenance. You’ll never have to cut the grass in the front or clean the community pool. In fact, most buildings even provide snow removal, so when you wake up in the morning during the frigid winter months, you don’t have to worry about digging your car out.
Each owner has to pay condo fees, which is pooled together into a large sum with funds being siphoned off every month to pay for these menial tasks. Savvy condo boards typically have a separate savings account, which collects money that will eventually be used for extensive repairs such as roofing or paving the driveways. These fees are usually calculated based on the amount of square footage in the unit. Therefore, the owner of the penthouse will have to pay more.
One of the most significant advantages of condo living is the fact you live in the heart of the city! Imagine taking the elevator to the main floor, and you’re smack in the middle of the downtown core. No more long commutes stuck in traffic, and a plethora of restaurants, bars, and museums within range. Millennials often find this appealing as they’re no longer forced to live in the outlying suburbs and travel long distances to their office every single day.
Developers have also understood that urban dwellers want to feel like they’re at home, so many new constructions feature a rooftop terrace featuring a community garden and lots of greenery.
Affordability & Accessibility
According to recent data released by Statistics Canada, approximately two million Canadians live in condos, and this figure is expected to rise. Interestingly enough, along with the millennial wave of condo fanatics, it appears young families are also interested in getting a slice of urban living. With more schools, daycares, clinics, and grocery stores clustered around the downtown area, parents see an ample opportunity to scoop up a piece of prime property. They’re representing a new movement we’d like to dub as the “anti-suburbanites.”
You’ve got to admit there are countless benefits to living in a condo these days, and it appears this trend isn’t going away anytime soon. If you’re interested in purchasing a unit, be sure to check out DevMcGill’s projects. With new constructions in the Montreal and Ottawa area, there’s no better time to explore this housing option! Give us a call today at (514) 288-4737 for more information.
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