All of your friends may be buying houses, but you still prefer your modern condo downtown. Of course, that’s okay. Owning a home isn’t right for everyone. In addition to convenience and affordability, condos come with a host of advantages. In this article, we will be looking at some of the major reasons why people all over the world prefer living in condos.
There are many reasons why people prefer condo renting versus owning a house, including the following.
When you’re renting a condo, you have little-to-no maintenance to worry about paying for. Any repairs, improvements, and maintenance costs are taken care of by the owners, while landscaping is kept looking neat and clean by the HomeOwners’ Association. Any homeowner can tell you that replacing a broken appliance can be stressful and expensive. As a renter, that is something you never have to deal with. All you need is to make a phone call to your landlord.
No Property Taxes and Lower Insurance Costs
The owner of any property will be responsible for annual property taxes and most likely, homeowner’s insurance. Although renters are accountable for obtaining renter’s insurance, the yearly cost is much less. Property taxes can be thousands of dollars each year, which can mean a significant financial strain for homeowners.
Condos tend to have many more amenities than most homes. They often come with access to a large inground pool, a fitness center, and possibly even an office space for Wi-Fi, fax machines, and copiers. Adding amenities like this to a single-family home would cost thousands of dollars. For example, the average cost to install a pool alone is $35,000, and that doesn’t even include regular maintenance.
If a renter decides to move, they can wait until the end of their lease and take off. If a homeowner wants to move, they must determine whether the home has appreciated or lost value, determine their budget, find a realtor to list their home on the real estate market, pay realtor fees, and more. A renter has a lot more flexibility as to where they can live when they want to move, and the ability to downsize, while avoiding the many fees and costs a homeowner has to cover.
Minimal Down Payment
A renter typically pays first and last month’s rent plus a relatively small deposit. A homeowner generally needs to put a 20% down payment toward the cost of the home they are purchasing. If the home is $350,000, they must save at least $70,000 for their down payment. This doesn’t include closing costs either, which include inspection fees, loan origination fees, appraisal fees, and title fees.
Safety and Security
Many condos offer security features that can help keep you and your family safe, as well as your possessions. Many include buzzer or guard service. Living among a group of closely-tied neighbors also provides a sense of security when going on vacation, as there will almost always be someone keeping an eye on the place. However, you also have to find a good area or neighborhood so you’re more at ease with your home’s security. In Toronto, Canada, great options would be nearby downtown areas like the ones on this page, located in Oakville, around the Greater Toronto area.