When it comes to home ownership, a condo is an option that more and more Canadians are gravitating toward. Is owning a condo right for you? There are myriad advantages to owning a condo and perhaps some of them might appeal to you.
Here, now, are 8 advantages to owning a condo.
The beauty of a monthly mortgage on your condo versus renting is that you’re paying that mortgage to own the condo. Renting an apartment that’s a similar size would typically run you the same cost. Paying to own is a huge advantage over paying to rent.
A huge advantage to owning a condo is for those who would prefer not to mow the lawn or weed the garden, or make any repairs outdoors. This is one of the biggest advantages of owning a condo over a traditional home. If the roof needs repairs, if the sidewalk needs to be shoveled, if the pool needs cleaning, someone else will take care of it.
Many condos come with myriad amenities including a swimming pool, a gym, a sauna, tennis courts, terraces for barbecues, and more.
When you rent an apartment, you really have no say in the way the space is designed. When you own a condo, however, you can change absolutely everything within the space because it belongs to you.
“When it comes to condo regulations, each province and territory has its own regulations and legislation specific to the registry, construction and operation of condominiums.” -CMHC
Because you live within a community, so to speak, condo meetings for owners will bring you and your long-term neighbours together and will likely result in a close-knit environment that creates engagement and socialization.
Although 91% of condos are located in census metropolitan areas, condos abound everywhere and can be found both in the heart of the city or in the ‘burbs with Mr. and Mrs. Jones, so no matter your preferred location, condo life can be wherever you choose.
Living in a condo tends to provide extra security. To start, most condos have locked front entrances, and only then can the person gain access to your private entrance. Second, neighbours will likely notice when an individual they’ve never seen before is sniffing around.
Owning a condo means you have an asset, and you stand to make a significant profit if you sell your condo in the right economic climate. Or, you could always opt to buy yourself another condo and pay the initial one off by renting it out.
While some people view condo ownership as something that young couples and seniors tend to do, owning a condo for life is not uncommon anymore, as condos offer the perfect fit for many families as well.
Author: Rosy Saadeh
Source: ComFree Living
Original Article: Click Here
January 12 2016Browse More