Are you considering buying a condo, but aren’t sure if it’s the right lifestyle for you? Check our short list of the most popular lifestyles that suit condo life best.
Condos make the perfect home for retirees who are looking to downsize and say goodbye to all the hassles of owning a home. With maintenance included, several activities onsite and amenities right downstairs or close by, a condo allows retirees to finally sit back and relax. Plus, many condos provide social events, which are a great way to stay connected and active.
The Social Butterfly
There’s a clear social aspect with condo living. Condos are more like a small community than just a building. With everyone living in close-quarters, you get to quickly know your neighbours as you cross them in the hallways, the common areas, and even on the treadmill. And as mentioned earlier, there are plenty of activities that allow residents to mingle and get to know one another. You still can maintain your privacy if you so wish, but if you’re a social butterfly who loves to network and meet new people, you’ll love living in a condo.
A condo is also a great option for first-time home buyers. With housing prices soaring, interest rates rising and mortgage rules tightening, buying a home has become out of reach for many. Condos provide another route for those looking to get into the market. Not only are they more affordable to purchase, but they also cost a lot less to maintain. You don’t have to worry about figuring out how to fix the furnace or where the money will come from to repair the roof. (But don’t forget about condo fees) Instead, you can start building equity in your condo until you’re financially and responsibly ready to purchase a house. Purchasing a condo is a great way to develop your real estate investment portfolio. You can rent it out once you buy a house and have a second income. Don’t forget that even if your first home purchase is a condo you can still take advantage of the first-time homebuyers rebate.
When you’re a budding young professional, you lead a busy lifestyle that is focused on your career. You’re less interested in tending to home maintenance and more interested in living close to work, and near the bustling core where everything is within reach. That’s why condos are the top choice for young professionals who want to own a property and invest in their future.
Another lifestyle that suits condo living is active singles. In fact, the number of single buyers is on the rise as more and more millennials are putting off tying the knot. And who said you have to be married to buy a home of your own anyway? Homeownership isn’t just for couples anymore; singles are snatching up units for themselves and even two-bedroom condos to share with friends or rent out.
Whether you want to live in a condo, home, or townhouse, our team at Accord Law can make sure your transaction goes as smoothly as possible. We will explain all the legal jargon, so you fully understand all the terms and conditions with your interests protected. To learn more about our services, contact us today!