Condo ownership is growing in popularity due to its lifestyle perks such as conveniences, security, comfort, and community environment. Condos offer are both chic and practical in design, utilizing every inch of space available. The condo market is active and growing and shows no signs of slowing down.
Owning a condo is much like owning a home, but there are rules for the protection and benefit of all owners. Condo management oversees events that allow everyone to get to know each other. Ideally, a condominium is a neighborhood in its own right.
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There are different types of condos from apartment-style, townhouses, duplexes, and even freestanding houses. The biggest difference between condos and single-family homes is that the land ownership, building and designated areas on the premises is common and the cost is shared among all owners. Main decisions about the condominium are made by a board of directors and/or a property manager.
1. Conveniences of owning a condo
Condominium developments in Metro Halifax are mostly located at the heart of most amenities. Located close to shopping malls, schools, hospitals, and banks with easy access to major highways and public transportation. This all equates to time-saving with commuting and not to mention fuel savings.
2. Safe and secure
Security is one of the benefits of condo living. Condos have secured entry and exits and some even have a doorman on duty or cameras in common areas. In fact, a secure building presents a challenge to any would-be intruders. Many condo owners feel safer with neighbors on either side of them. There is also the added bonus of not having to worry about leaving your home to travel, knowing security measures are in place.
3. On-site amenities
Many condominium complexes have pools, rooftop patios, and social gathering rooms for special functions. It’s common for most condominiums to have gyms or fitness centers. This means saving time and money on a gym membership. In addition, most new condominiums have BBQs on a common terrace. Parking garages are also another perk to condo ownership. Not having to park on the street for a fee or move your car for street cleaning and maintenance.
4. No more outdoor maintenance
Owning a home means you are responsible for outdoor repairs and maintenance. Condominium residents enjoy manicured outdoor spaces without having to do any work. No more mowing a lawn or weeding your gardens, raking leaves, or shovelling snow. No more repairing fences, roofs, or the exterior of your home. The condo fees take care of those expenses, leaving you to enjoy more time doing the things you love.
5. Community Living
Condo owners live much closer to their neighbors than people living in homes with big yards separating them. On the other hand, a condominium is a more social environment because you see your neighbors more often than living in a single-family home. In a condominium, you see your neighbors on the elevator, in the lobby or poolside, or in the party room. Many people become more social, moving into a condo. Actually having the opportunity to meet more people and frequent neighborhood bars and restaurants without having to travel by car.
6. Buying a condo is an investment
Unlike renting an apartment, a condo offers the owners the ability to gain equity as the condo appreciates in value over the time of ownership.
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Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here