If you plan on buying a home, then you should know that there are plenty of options available. Variety is one aspect the real estate market is definitely not lacking in. One of the options you have is buying a condo. This is a great alternative if you want your own place, but can't quite afford or simply aren't interested in buying a house.
So, what exactly is a condo?
A condominium is usually defined as a large property complex divided and sold in individual units. What this mean is that you'll own some parts privately (your residence), but also share ownership with all of the condo‘s residents when it comes to certain common areas
1) Price
There are plenty of reason why buying a condo might be a better fit compared to renting an apartment or buying a house, and money is definitely one of them.
Condo prices tend to appreciate at a slower rate than single-family accommodations. This means a condo is a great, affordable alternative on markets where prices are constantly going up.
2) Amenities
Owning a condo means you'll have access to certain desirable amenities that you couldn't afford otherwise. I'm talking about swimming pools, fitness facilities and even golf courses. That doesn't sound too bad, does it?
3) Great location at a price you can afford
How would you like to own a riverview condo and wake up every morning to an amazing view? Well, it's definitely a dream that can come true for you. And the most important part is that you don't have to empty your savings account to achieve it.
4) Community
If you're a sociable, open-minded person always looking to make new friends, then buying a condo could be the best choice for you.
By sharing certain living spaces and amenities with other residents, you'll be more likely to build strong, lasting friendships with your neighbours.
5) Security
Living in a condo tends to provide extra security. Besides the usual security features most condos have such as locked front entrances, your neighbours will turn out to be the most efficient alert system. So if anybody suspicious is sniffing around, you can be sure that someone will notice.
6) Shared Maintenance Costs
One of the perks of shared ownership is the fact that you'll be splitting the maintenance bill with the other owners.
Also, you'll be happy to know you won't be directly responsible for performing maintenance in the building, common areas or grounds. This gives you more free time to enjoy that amazing lake view I mentioned before.
Bonus Reason 7 for 2021
Our housing market in Winnipeg is super-heated right now, as a result of a severe lack of listings, and strong buyer demand. Losing bidding wars but still want to get into home ownership? Condos make a great alternative.
Are you concerned about the condo fees? Here is a different way to look at condo fees vs. house expenses
Thinking about Buying a Condo in Winnipeg?
Now you know what the most important benefits of condo ownership are. So if you're looking for a place of your own, condos should definitely be on your radar.
If you're interested in owning a condo in Winnipeg, but need more information, you might want to check out this article I wrote on the subject. Or better yet, we can set up an appointment so we can talk more! Zoom meeting is now also available.
Are you interested in more in-depth real estate information? Check out our podcast, available on most podcast platforms.
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About the Publisher
Bo Kauffmann is a residential real estate agent with over 18 yrs experience in helping buyers and sellers achieve their goals. Inducted into the REMAX Hall of Fame in 2010 and receiving the REMAX Lifetime Achievement Award in 2019, Bo has sold over 500 houses and condos in the Greater Winnipeg market. He is an accredited buyer representative (A.B.R.) and a Luxury Home Marketing Specialist.
Bo provides exceptional service to First-Time Home-Buyers, Seniors looking to downsize and Home Sellers of all ages.
He can be reached easily By E-Mail or call/text him Call/Text Here
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hamaramazdoor
Thanks for sharing such a amazing content
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Dae Lee
I’ve been living in a condo for a year and it is the bomb. I get to enjoy the swimming pool and the gym anytime without any hassle.
Ellie Dee
Thanks for the advice! I am thinking of buying a condo that’s closer to the office. I think it’s gonna be a great investment.
Randall Alvarez
I used to dream of having my own condo so that I can live independently. If I were you I will choose a condo compare to buying a house or an apartment. If I have the money I’ll buy my own condo definitely.
Ricardo Zulueta
This article have a point. Condominiums are cheaper compare to buying a whole house. And the best part of it is that you can have free amenities like swimming pool.
Weng Gnew
This article is so true! Sometimes condo units offers more advantages and benefits compared to the traditional or other type of houses that no one could resists.
Mikka Ella Gemanil
The best part about having a condo is their amenities. You can swim anytime you want, if you get bored you can hit the gym or play basketball. You can also be assured that you’re in a safe community. However, if you’re the type of person who loves gardening or even grilling steaks and burgers then this might not be a good option for you.
Haru Glory
While I agree that a condo unit is not a bad idea. Still only high end people can afford it for people like us in a third world state a condo is the least of our concerns. Food comes first.
Jiffy Rando
One of the perks of having a condo is you do not have to wait. As long as you have money you can move in instantly without worrying about furniture or equipment since most units are already furnished.
Claudine Cor
A free 45 minute consultation is very gracious of you. I should be able to get all of my questions answered then. My husband and I have been contemplating of buying a home in Winnipeg or quite some time now. Will be contacting you soon!
Multimastery
I really link the social aspect and built-in community of a condo. You really don’t have to go far to create you own little fabulous world!
Weishaar
Well you have definitely convinced me that buying a condo IS the perfect choice for me:)
Pilar
Wow! I’ve never know that condominiums had that many amenities. I see why all my friends are getting one. Now I want one too!
Karoly
I like point #3, sense of community. This will be just like a built-in social network in my own backyard. How fun!
Alexander
I really enjoyed reading this Mr. Kauffmann. It really opened my eyes to all the advantages and benefits of condo living. My wife and I will be speaking with you more about this being that we are in the market to downsize. I assume this would be a good fit for a couple with no kids at the time.
Leon
Some great tips for condo living you have here. My only thing is that I heard that the association fees for condo ownership can be quite significant.
Jim C.
Seems like some great benefits to buying a condo. Before i read your article I wouldn’t have never even considered this option.
Diana Tan
Condos are great for the retired who do not want to do any gardening or trimming their turf. The extra charges incurred like maintenance fees can be quite exorbitant for a small place and depending on the areas.
Anonymous
I am thinking of buying a place to live. I really didn´t have a condo in mind. But reading this blog gave me a better point of view of what a need. Considering I am single, I like the amenities and price. Great information. Thanks.
Anonymous
I´m looking for a place to buy, but didn´t really have this option. Reading this blog gave me a better view of what a should buy. And being single, I consider this to be the best option, taking the amenities and price into consideration, Great Information. Thanks
kevin M
I like the social aspect and price of a condo but I am worried about those fees you have to pay. This seems to be the main drawback.
MilanoMils76
Condo may be suitable for people who live alone, because in addition to some of the factors mentioned above, may also be possible to have privacy. But for those who already have a family and especially the children in my opinion it is better to buy a house.
Bo Kauffmann
I agree. Condo-living is about ‘life-style’. Great for singles people or couples who wish to travel, or are busy with careers, or retired and dont want to do any yardwork. Thank you for your comment.
Mohammad
I like the shared maintenance aspect of these condos. This really relieves a lot of financial burden.
Bo Kauffmann
Yes it does, thank you
Bertram
Great real estate tips, clearly written. Will definitely share in some home buying forums I’m a member of!
Juliet
“Bo knows homes & condos”, that’s a great slogan and it rhymes!
Christoper
Buying condos in Winnipeg seems like a sound investment. Glad you’re offering the free 45 min consultation. We can sit down and talk details. I am an investor and looking for investment properties.
Bo Kauffmann
Thanks Christopher. Give me a shout when you’re ready to go condo-shopping.
Treena Dey
Hello, thanks for this information. Are the amenities included in the price of the condo?
Bo Kauffmann
Hi Treena. Amenities such as fitness room, library etc, ARE included in the purchase, however must be paid for via the monthly condo fees. The more amenities a condo has, the more the fees are likely to cost. Here is an explanation of condo fees.
Nazia Siddiqui
Condos offer you the best option to stay at a decent place at affordable rates. Many condos boasts of several luxury amenities which seem quite expensive for individual families but are completely within your reach if staying in a condo. Condos are definitely boon for couples in terms of price and also security.
Nazia Siddiqui
Condos provide you with the best option if one is looking for affordable and safe place to stay. Also, many condos boasts of high-end amenities which can be enjoyed albiet on sharing basis. They are actually a boon for couples.
Isabel
My husband will retire in a few years so for us, the house that we are in now will be too big. The kids would have left the nest by that time. Getting a condo, flat, apartment or anything smaller is definitely an option for us. No stairs to think of, smaller area to clean and maintain are just a few of the advantages.
Layla Summers
I think that this article makes it clear as to the difference of living in a house and a condo. I am from the UK so I have no idea how the real estate market works and this give me clear direction as to how the whole thing works.
germain
Great! I’m single and having a condo will be perfect. Just imagine some of my friends coming, enjoy a private living and of course, great view
Jefferey Rethmeier
Yes I’m definitely in the market to buy a good condo. I will contact you guys this week to set up an appointment.
Chion
I really like the amenities that condos have to offer. This is a great selling point that attracts me.
Bo Kauffmann
Thank you for your comment.
Daphne
Yes I strongly agree with this blog that there are important benefits of condo ownership. It is a great alternative for those who cannot afford yet to buy a house.
Dan
Great post! These are some very thought-provoking tips on considering buying a condo. I think this fits my situation just perfectly coz I definitely can’t afford a house!
William Henderson
Condos are great…for the right person. If you’re a busy professional, or love to travel and dont want to do yardwork, a condo could be the right home for you.