Condominiums - Are They Really An Affordable Luxury?
Comparing Condo And House Prices In Canada–
A genuine cost comparison considers the number of a condo’s association fees upfront and adds that the total cost of the house or condo. As an example, an association fee of $250 monthly resembles an extra $50,000 on a 30-year mortgage with a 4.5% rate of interest. That more $50,000, with those terms, would add more $253.34 to a mortgage fee payment.
Such fees are essential to calculate when establishing your budget for a home. During this example, if you’ll be able to afford the payments on a $300,000 mortgage, you wish to scale back your budget by $50,000 to afford the monthly association dues.
This much depends on the amenities that condo association covers, however. If your fee pays for vital services like water and pick up, or for amenities like an on-site health spa, you would possibly be saving money in areas that might be separate monthly expenses were you to shop for a house.
Condos V/s House
- Provided more security and safety.
- Provided more privacy.
- Provided concierge services.
- Large space for lawn, garage or etc.
- Provided luxury features.
- And fewer restrictions.
- Condos fees.
- Fewer amenities.
- Close proximity to neighbours.
- Need more maintenance.
The Toronto Skyline -
Condos: The Reality -
Pros Of Owning A Condo In Canada –
Several lifestyle-related advantages include owning a condo in Canada.
- State-of-the-art features – If you’ve got your heart assail granite counters, stainless appliances, and an open plan, newer condos often boast such amenities. Luxurious facilities, features, and grounds: Spas, barbecue areas, clubhouses, tennis courts, jogging trails, and recreation rooms are among the amenities condos offer residents.
- Security – additionally, to having neighbours reachable, complexes often are gated or staffed with security guards.
- Concierge services – Many condo complexes have doormen and desk people, together with the custodial staff.
- Less maintenance and upkeep – No mowing lawns, raking leaves or replacing broken windows. You are generally responsible just for your interior.
Cons Of Owning A Condo In Canada -
- Too near your neighbours – Sounds can pass through adjoining walls.
- Rising condo fee – If the building is older, it could require more reserves to procure roofing, plumbing, and exterior maintenance, which tends to mean higher fees and sometimes special assessments.
- The Big Brother aspect – Conforming to association rules is not for everybody. As an example, rules might restrict the amount and kinds of pets you will be able to have or where you will be able to smoke.
- Less spacious – The interiors of upscale condos certainly will be similar to many homes, but outdoor space typically is proscribed due to the density of the community. You likely will not have room for a non-public garden or a non-public driveway where you will be able to wash your car.