The condo market is becoming more attractive as many people choose to trade their big houses for a smaller home that will fit their needs. Downsizing has many benefits as it eliminates some of the responsibilities related to the bigger living space. These advantages come to at a certain price. The maintenance taxes can be an issue for prospective condo owners. However, the real challenge when moving to a condo is getting used to the smaller space.
Financials
Getting a new property is a long –term investment so you need to consider it carefully. It is not clear whether you will obtain in the future more value with condo or a house. It depends on the property's location, the demand for the specific place and the condition of real estate market as well as renovations and improvements.
In case you have paid off your mortgage, selling your house will provide you with sufficient amount of cash. Condo prices appreciate at slower rate, which makes them more affordable. This option will leave you some funds at your disposal. You can use them to decorate your new home or sponsor an activity that you prolonged because of money issues.
There are certain costs associated with owning a home like mortgage, taxes and insurances. Don't think that moving to a condo will eliminate completely your expenses. Property taxes are still on the table. You will also be required to pay for condo fees.
Space
Moving to a condo is a big change, especially when you previously lived in a huge house. Downsizing can impact your life in many ways. You need to decrease the amount of your belongings. You should also hire a removal company and think of a storage facility. You can donate or give away the items that you don't need.
Do you think you know Condos? Take this fun quiz and find out! [popuppress id=”9119″]
Privacy
Before moving house, think how much personal space you want. In your old home you probably lived with your family. The situation with the condo is very different. Your neighbors will be quite close. Plus you might not have a personal outdoor space.
Rules
The residents enter a contractual agreement. They are obliged to conform to certain restrictions and conditions. These rules serve to regulate everything from inferior modifications to pets and parking. Before making any home improvements, you should first check your contract.
Lifestyle
Condos provide access to prime locations and a diversity of activities. One of the best things about condos is the luxury amenities. At a very low price you can take advantage of the shared facilities like swimming pools and fitness centers. Of course, this depends on the type of complex. Some developments provide you with different security measures like guarded parking. This is ideal for people who travel often. The downside is that not all of the residents want or will take advantage of these services, but they still need to pay for them.
Moving to a condo is a big step. Consider it carefully by taking into account both your financials and lifestyle.
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 Our Latest Web-Stories
Never miss an episode of our real estate podcast.
Install our FREE Podcast App available on iOS and Android.
For your Apple Devices, click here to install our iOS App.
For your Android Devices, click here to install our Android App.
Check my videos on Youtube
To provide the best experiences, we and our partners use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us and our partners to process personal data such as browsing behavior or unique IDs on this site and show (non-) personalized ads. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Click below to consent to the above or make granular choices. Your choices will be applied to this site only. You can change your settings at any time, including withdrawing your consent, by using the toggles on the Cookie Policy, or by clicking on the manage consent button at the bottom of the screen.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
The condo market is becoming more attractive as many people choose to trade their big houses for a smaller home that will fit their needs. Downsizing has many benefits as it eliminates some of the responsibilities related to the bigger living space. These advantages come to at a certain price. The maintenance taxes can be an issue for prospective condo owners. However, the real challenge when moving to a condo is getting used to the smaller space.
