Choosing condos over single family homes is a growing trend in the housing industry. Previously, it was common for only downsizers to want to move into a condo for low maintenance living, but many people today, especially millennials, are opting for this type of residence.
What makes a condo so desirable? Below are just a few of the many benefits to low-maintenance condo living.
It Makes Good Financial Sense
1. Lower Monthly Payments. This is number one for a reason. The mortgage on your condo will be much lower than the one on your single family home. Surprisingly, the mortgage on a condo is often less than the rent on an apartment of equal size. Lending institutions have begun to look very favourably on condos because the money invested by the lender is considerably less than a home, and the repayment terms are very affordable for a broad range of incomes.
2. Lower Utility Bills. When you downsize to a condo, you will see a dramatic drop in your utility bills. This drop is due to the obvious decrease in wasted space and the fact that builders are more conscious of eco-friendly and energy efficient building practices than they were before.
3. Less ‘Stuff’ To Buy. This is a huge cost-saver. A larger home requires you to buy more ‘stuff’ such as extra furniture and décor so you can fill the excess space. Without so many tangible items to purchase, you can spend your money on travel and experiences. No matter what your age, everyone can appreciate that!
Oh, So Convenient!
4. No More Worrying About Yard Work. While some people love to work outside, many would rather spend this time doing something they enjoy. Living in a condo eliminates yard work altogether. You will also never have to worry about painting the outside of your home, maintaining the roof and gutters, worrying about the appearance and care of the landscaping, or shovel snow. Bonus!
5. Premium Amenities. Most condo buildings offer their residents superior amenities. These may include a swimming area, saunas, exercise rooms, media rooms, entertainment areas with kitchens, game rooms, libraries, and even concierge services. All of these amenities can make your life easier and more enjoyable.
6. A Location for Everyone. Condos are available in just about any location. You can find condos in the central downtown area or in new and established suburban communities away from the hustle and bustle of city life. Where ever you decide to live, you will be able to find a condo community that will match your lifestyle choices.
A Few Extra Perks
7. Your Home, Your Way. Unlike an apartment or other rentals, you can personalize your home how you see fit. Regardless of paint or decor, you own the condo and have the freedom to alter the interior in a way that suits you. As an added bonus, since condos are generally smaller than a single family home, personalizing it can be much less expensive than you’d expect.
8. Added Security. You will enjoy added security in a condo setting. Unlike a single family home, you live in a communal setting with additional safety features. This helps ensure your piece of mind without any additional costs.
9. New Friendships. Condos are called communities for a reason! It is a living situation where many people come together and live in a community setting. You will be able to meet many people and interact with them on a daily basis.
And Best of All…
10. Having More Free Time. You will be amazed at the amount of free time you will be able to enjoy when you take advantage of condo living. You will no longer have to maintain the exterior of the property, the home is smaller so there is less to clean and you will have more money available because your monthly bills will be significantly reduced.
You will find that you’ll have more money to travel, or relax and read a book without feeling like there are chores to get done, snow to shovel or lawns to mow. This is perhaps the best benefit of living in a low maintenance condo.
Yes, there are other benefits to the condo life. Each of these additional benefits, however, will be based on your own personal wants and needs. Condos are no longer reserved for retirement. You can enjoy this great lifestyle at any age.