Is Condo Living for You? Some of The Pros and Cons
Investing in a condo may seem like the right choice because of the price, but what really are the pros and cons of condo living? First things first, what exactly is a condo? A condo is similar to an apartment, except you own the unit. They are typically located in complexes with several units in one building. You’ll share at least one wall with a neighbor, sometimes more, and if you live in a multi-story complex, you may have neighbors above or below you.
The housing market in many locations is heavy with condominium listings. For those looking to invest in a condominium, you may have some questions about what you’re getting yourself into.
Outdoor maintenance, storage, parking, and pets. These are all factors that you don’t really think too much about when buying a semi-detached or detached home. However, they do play a large role in how your condo community will work. So, how exactly does it work?
Outdoor Maintenance
Are you someone who has never enjoyed any type of garden work, mowing lawns or pulling weeds? How about in those long winter months with the endless shoveling? Certainly, there have been moments where you wish someone would handle all that work for you.
Well! The Condominium Corporation manages much of the exterior maintenance such as landscaping, snow and ice removal, and exterior renovations and improvements and the cost is covered in your condo fees.
Some complexes have community spaces and amenities like on-site gyms, pools, BBQs, and gathering areas.. However, there are a lot of condominiums that do not offer much of a green space. Others are strictly comprised of individual living units. Although many developments are working on constructing more green spaces, this is something you want to consider, especially if you have pets you want to walk with, or if you enjoy strolls through the park.
Storage Spaces
In most condos, the average storage space, if there is one, is about 4ft by 8ft, and can vary in distance from your unit. The square footage you bought is the square footage you get. There are no options to extend another room or build an additional floor. Some storage units are in the basement, some may be on every floor, and some are connected to your unit. Also consider the distance you’ll need to travel and the weight of what you are exchanging from your unit to storage.
Many may enjoy downsizing, purging their belongings, and feel the relief of “spring cleaning”. Though there are others that feel conflicted and would either look at renting an additional storage unit or begging their parents to keep some cherished memories.
Also consider the condo’s rules and regulations,most of which are found in the bylaws in Saskatchewan, including bylaws on what you are allowed to keep in your storage unit, and the condo board’s enforcement rights should you choose to ignore the bylaws.
Take paint cans as an example. Maybe you re-painted your kitchen and had leftover paint and you really don’t want to toss it, so you keep it in your storage unit.
Did you know that in most condo buildings, if the property manager is walking through with the fire department and they catch that paint can, they have the right to cut into your storage unit and remove it? Fire Codes are very important and can enforce regulations immediately. These are situations to consider should you want to enter the condo community.
Parking Areas
A major pro that a lot of condo buildings have is the secure, underground, temperature-controlled parking. Since your outdoor maintenance is handled for you, the winter season is a breeze (so long as you move your car, as needed, when the plow comes).
However, most units only come with one car parking space. Some unit owners with two or more cars may begin to eye the visitor parking and improperly use those spaces for additional spots, which will mean the visitor parking spots will be full should actual visitors come.
Being mindful of your neighbours and the building rules, is a huge part of being a part of the condo community.
Pets, Pets, and Pets
You are at the mercy of your neighbours. You live besides, above, and below, your community, and you do need to be respectful and thoughtful of that. There is no guarantee of silence. This is something you need to accept. Sometimes you will hear their tv, their music, or their pets. Remember: you share walls. This also means that pet owners should be diligent and respectful when it comes to noise.
Be mindful that there are condo buildings that have rules and regulations when it comes to pets as well. For example: maybe their rule is no pets over 40 pounds, but you have adopted a dog that at the time, is 20 pounds, but you as the unit owner know will grow to be much bigger. This can put a lot of people in uncomfortable situations. Keep in mind that what you purchased comes with a set of rules.
These are only the tip of the iceberg of what you should consider when looking to invest in a condo unit or building. Hire a real estate agent who is knowledgeable about condos or a lawyer who can walk you through the rules of condo living so that you know what you are buying into. Condo living isn’t for everyone and finding that out before you buy is the best way to go.
Are you a current condo unit or building owner struggling to navigate how you can be better informed? Be involved. Go to the annual general meeting. Use the resources that are provided for you. They will make life a lot easier to enjoy.
You can also keep informed and up to date by joining CCI-South Saskatchewan Chapter.. We're always here to help!