The Calgary real estate market has witnessed a major boom in condominium development and sales in the past few years. It is fueled by the influx of people wanting to move to condos - a part of an overall urbanization trend. More and more home buyers, many of which are young, single professionals, dual-career couples or empty nesters looking to downsize, are becoming attracted to the condo lifestyle.
Although condo living represents the perfect blend of affordability and simplicity for numerous home buyers, it doesn't always follow that it's what everybody wants. Here are a few considerations to keep in mind when deciding if a condo would be suitable for you:
In many instances, a condo purchase is simply the more affordable option than a single-family home. Reduced square footage and property means reduced expenses, which is particularly beneficial when it comes to saving for a down payment. Condos require less maintenance - a LOT less maintenance. The fact that they require little work means that many on the market are truly in move-in condition. A good number of today's consumers are no longer attracted to the classic suburban tract home with large yards. Young and older buyers alike are looking for a more carefree lifestyle that provides plenty of time for leisure activity.
Some condo buildings and associations provide round-the-clock security for residents. This greatly contributes to a heightened sense of security for the occupants. If downtown living is what you seek, then the condo life is probably the right choice for you.
Generally, condos are more susceptible to downward fluctuations in value. In weak real estate cycles, they tend to depreciate faster and appreciate at a much slower pace than single-family homes. This is a distinct disadvantage if you are not intending to stay for more than 5 years.
Definitely, the lawn mowing, snow removal and exterior upkeep will be taken care of. However, someone still has to pay for such services. Membership in a condominium association comes with a price, and it is in the form of monthly homeowner association fees. This is actually your share in the maintenance and repairs of the building. You would need to add this to the principal and interest dues under their mortgage loan when calculating the affordability of a condo unit.
If you have children or just like to relax in a backyard, realize that in a condo, your activity will be limited to the community's common areas. Although it is free for use, it is important to know that condo association membership comes complete with a long list of rules and regulations governing everything from pets to outdoor grills to window treatments. Some people find this reassuring and necessary, while others take offense at the very notion of being told what to do. If you are a non-conformist at heart with little patience for rules and regulations, condo living may not be for you.
Condo living is a lifestyle choice. Take a minute to carefully deliberate on all the pros and cons before deciding if it's the perfect fit for you.
Do you need to move to celebrate the changes that are happening in your life? Let me serve you in helping you make the move to the place or home that reflects where you are in life’s journey! I will listen to your needs and use my knowledge and expertise to make this a smooth transition to the right place for you to call home in Calgary. Contact me at 403-708-5873, firstname.lastname@example.org, or www.allisonjames.com and let’s get on with your journey!
About Allison James
Allison James has been a realtor® since 1999 with Century 21 Bamber Realty Ltd. in the changing Calgary real estate market. A Century 21 Centurion Award 2007 recipient and a member of CREA and AREA, she specializes in residential real estate and has her designations as a Seniors Real Estate Specialist and a Certified Condominium Specialist. These designations testify that she has the expertise and resources to help her clients make a smooth transition to the next step in their life journey. She enjoys helping her clients as they move through many of the same stages of life that she, too, has experienced. The fact that the majority of her business comes from past clients and/or referrals from satisfied clients speaks volumes about her dedication to the high quality of service that she offers her clients to meet their Calgary and surrounding area real estate needs. She is a mother of four who are all on their own now, and a grandmother of eight. Besides helping people buy or sell real estate, she loves spending time with her family, being active outdoors, traveling and meeting new people, photography, playing the drums, reading, scuba diving, listening to music, learning new things, and nurturing her spiritual growth.