Benefits of Buying a Condominium in Burlington, Oakville or Mississauga.
More and more homebuyers are turning to the condominium lifestyle in
Canada today. Condominium ownership can appeal to both those leading a fast-paced lifestyle, as well as those who are retired and enjoying a slower pace. Condominium ownership comes with numerous benefits that help the homebuyer achieve a more comfortable and stress-free life.
Affordability-Condominiums can often be purchased for a fraction of the cost of a standard residential home. This is an important factor that attracts both the single lifestyle, first-time buyers and those who are retired.
Security and Personal Safety-Condominium complexes offer a closer knit community than a single family dwelling. For those who frequently travel or live alone, this can be an important factor when choosing a home.
Organized Recreational and Social Activities- Many condominium complexes have recreational facilities for the condominium owners to use, as well as organized activities on a monthly basis. Having a pool or recreational centre with regular events serves to bring the community together and creates a comfortable and healthy lifestyle for those who live in the complex.
Less Maintenance Required-Many condominiums offer outside maintenance and repairs as a part of the ownership package. For those who are gone over the winter months or unable to perform their own outside maintenance, knowing that the snow removal, grass cutting, roof repairs, etc is taken care of, can bring great peace of mind and a greater ability to enjoy life, as well as not having to worry over the expense of a costly outside repair like a new roof.
Lower Insurance Costs-As a condominium owner (freehold condominium exception) you will be responsible for insuring your personal belongings, the interior of your unit and personal liability. The condominium corporation is responsible for the common ownership areas and exterior of the units.
Investment Value-With the increase in the average age of the population and more and more retirees entering the buying market, the demand for condominiums continues to rise.
Most areas in Ontario currently face a shortage of affordable and desirable condominiums and the value of the average condominium continues to steadily increase. Investors who saw the coming demand years ago, and purchased one or more condominiums, have realized a healthy return on their investments in recent years.
Decreased Energy Costs-The majority of condominiums share outside walls in common with their neighbouring units and this serves to greatly decrease the amount of energy required to heat and cool each unit. In addition, many condominium complexes supply hot water to the individual units from a common source. This can greatly reduce your monthly electricity costs.
Smaller Footprint upon the Earth-With condominium owners sharing the common areas, a greater number of homes can be placed on a lot in a condominium complex than in a corresponding number of single family dwellings in a typical subdivision.
- Lower Property Taxes-Municipal taxes for a condominium unit are comparably lower than taxes for a detached single family home.
Buying a condominium is a wise decision and having a real estate sales representative who understands and is knowledgeable about the condominium buying process and what to watch out for, can bring a smooth and enjoyable buying experience that you will remember with pleasure.
As a Licensed Real Estate Sales Representative in the Oakville/Burlington area, I would be honoured to help you through the condominium buying (or selling) process.
To receive a book on Buying A Condominium at no cost or obligation to you, contact me at OakvilleandBeyond@gmail.com or 647-782-9057.