Toronto Condo living often elicits images of carefree weekends sitting beside the pool, but there are some pros and cons to consider before making a purchase.
1. The Lifestyle Itself: One of the biggest advantages of condo living can also become a disadvantage. The sense of community, amenities and other features that originally attracted you to a community may change as your needs and desires change. Make sure you select a condo that truly reflects a lifestyle you will love.
2. Shared Responsibility: A condo association establishes many rules and regulations – typically by majority vote. Likewise, maintenance and repair costs are also shared by members. Things can get dicey when individual members are at odds with the majority. Examine your willingness to abide by rules, regulations and associated expenses to be adopted by the community.
3. Privacy and Autonomy: In some instances, condo living can resemble apartment living with less space and individual autonomy. To make the most of condo living it’s essential for residents to remain involved in the decisions and activities of the community. Those with a need for privacy and autonomy may feel more comfortable with single-family homes or other housing alternatives.
4. Still a Need for Repairs: Many major repairs and maintenance items are taken care of by condo associations, but not all, so condo owners aren’t completely off the hook. Condo owners should set aside a little time to take care of routine repairs and interior maintenance on their units.