How to Decide If a Condo Is Right for You

Most property owners are attracted to condos primarily because they're less expensive than a single-family home. However, there are far more reasons to choose (or not choose) a condo beside price. Whether or not a condo is right for a homeowner depends entirely on the circumstances and the priorities of the future owner, so learn more about what to consider before making the final decision to buy a condo.

Budgets and Locations

Purchasing a condo has the potential to be a very cost-effective solution for those keeping a sharp eye on their budget. Larger condos may offer the same square footage as a single-family home for less, and they give people downsizing from a larger home a chance to remain property owners without an exorbitant mortgage. In addition, condos are usually located inside city centers, which makes it easier for condo owners to run errands or enjoy an active social life.

One potential cost a home buyer may not have factored into their budget though is homeownership fees or maintenance costs that are put toward the greater overall property. These extra fees can be high enough to cancel out the obvious cost savings on the condo's mortgage.

Maintenance Concerns

A condo typically requires less upkeep than a single-family home. Condo owners won't have to replace their roof or tend to their lawn, which translates to less schedule coordination with handymen or gardeners and more free time to enjoy oneself. The key for condo owners is to choose a complex with board members who make it a priority to maintain the amenities (e.g., the parking lot, grilling areas, etc.) for all of their residents. While condo owners will still need to perform and pay for standard maintenance to their own property, they're likely to have more free time on their weekends to relax.

Regulations and Restrictions

Condo owners are often expected to compromise certain elements of their condo ownership for the benefit of their fellow owners. Not only will they be expected to contribute funds for repairs or additional construction, but they may be expected to follow certain rules by virtue of owning the property. For example, condo owners may be restricted as to where they can park their vehicles or the total number of pets they can have. Those who want more freedom may want to consider buying a single-family home that is not a part of a homeowners association.

Neighbors and Security

Many condo owners enjoy more security than their traditional homeowner counterparts. Apartment complexes will take additional precautions to protect their premises that most homeowners won't take, such as the installation of cameras or code-protected doors. Because condos are more condensed spaces, there are also more people to see and report on any suspicious behavior. This community-oriented environment also gives condo owners a better chance of making friends or building up a support system with the people who live closest to them. On the other hand, there's also the possibility that neighbors may not mesh well with you, which may be difficult to ignore in an enclosed complex.

A condo is a great choice for many people because it can save people money and time during the course of their property ownership. Not only are condos conveniently located (whether they are a North East Calgary condo or elsewhere), they can also encourage residents to be more social. However, there are a few downsides that may mean the buyer should purchase a single-family home instead.