Is Condo Living Right For You?
If you frequent condominium open houses you’re sure to have noticed how diverse the market for condos truly is. There are first time buyers looking to get into the market, investors snapping up rental properties and, of course, baby boomers wanting to downsize their space and responsibilities.
Condos can be low-rise buildings, townhouses, freestanding houses, duplexes, triplexes or “mixed use” buildings, such as condos above offices or store fronts. They can be brand new, re-sell or conversions — that is, buildings that used to be apartments or factories turned into condos.
What makes condos different from freehold houses is that you own your unit but you also share ownership of the land, building and common areas. You share costs with fellow members of your condo association, and the board of directors or a property management company makes the big decisions.
There are many benefits to condo living:
- Someone else handles the outside work. One of the biggest draws of condo ownership is freedom from maintenance you might not have the time, desire or ability to tackle — like shoveling snow, mowing the lawn or repairing outside structures. Your monthly condo fees cover these services.
- Lifestyle. If you prefer to live on one floor or in a one- or two-bedroom home, condos allow you to own your own space rather than rent. Common areas like pools and recreation rooms offer opportunities to socialize with neighbours.
- Amenities. Some condos offer benefits you won’t see in the average home or apartment building — like a gym, swimming pool and party room.
- Customization. Unlike renting, you’re free to paint the walls, put up pictures and renovate.
- Price. Depending on where you live, some condos are more affordable than owning a freehold home — and a mortgage plus condo fees may be equivalent to rent.
- Location. If you’re craving a prime spot in a major city — condos may be the only practical option. What you lose in space and higher condo fees, you gain with easy access to work, dining, activities, public transportation and other amenities.
- Security. Marketers say condos offer greater security than a free hold home or renting. For one thing, people are more likely to take better care of property they own, and some buildings offer a secure entrance or a doorman. You might feel safer with neighbours on either side, or worry less if you frequently travel.
If you think condo living may be right for you, Hamilton’s brand new 150 Main West may be just what you’re looking for. Dubbed the coolest new residential address to ever hit Hamilton, and conveniently located on the corner of Main and Caroline, it’s just minutes from downtown shops, restaurants and transit. Amenities that will be incorporated include a fitness centre, indoor swimming pool, party room and rooftop courtyard – all contributing to a total urban living experience. To learn more visit their stunning Presentation Centre located at the side of the Staybridge Hotel, at 20 Caroline Street South; entrance off of George Street.