If you are thinking of buying property this year, either as your home or as a rental unit, it could be worth your while to seriously consider a condo.
There are some definite benefits to purchasing a condo. Here are some reasons why it could be a great choice for you:
It’s a Good Investment
Buying a condo could be a very smart investment. While houses are becoming more popular among millennials looking to start a family, condo sales in Ottawa increased by 6.7% in January 2020, up from January 2019, according to the Ottawa Real Estate Board. The average price of a condo went up 19.1%. (Click here for the full report).
This upward trend doesn’t just mean that buying a condo looks to be a strong financial investment, but also that you should act quickly and buy a condo before the prices go even higher in 2020.
Low Cost and Easier Maintenance
There are misconceptions that a condominium is simply a “fancy apartment you own”. Rather, a condo is your own private residence that shares some common areas with your neighbours. When you buy a condo, you become a joint owner of the common areas — hallways, stairs, laundry rooms, or other amenities.
Condos are generally cheaper and easier to maintain than houses. The initial purchase price will probably be lower, and when you pay into a communal fund that covers upkeep of common areas, this handles things like snow clearing and general maintenance that you would usually have to handle by yourself as a house owner.
If you’re the type that hates coping with general home maintenance (or like most of us: shovelling snow), a condo would be perfect for you.
Access to Amenities
Some condo complexes come with nice features like gyms, swimming pools, tennis / squash courts, and extra security like gates and camera systems for added security.
If you are hoping to live in Ottawa, a condo is a great way to enjoy the convenience of living close to everything the city has to offer, without having to pay a fortune for a property in the downtown area. A house with a comparable cost to a condo would probably mean living far from work, with significant daily travel time.
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A condo is a great alternative to the expense and ongoing work that comes with home ownership, and is even a great investment opportunity. If you have any questions about condos, contact me today!