Condominiums are becoming more prevalent in the Ottawa cityscape. While the city skyline is certainly dominated by low rise buildings, more high rises are sure to pop up in the coming years. While the development of condo building gs is increasing, so are condo sales. In fact, according to the Ottawa Real Estate Board, condo sales have been steadily rising as of late. Sales rose over 14% year-over-year in July and sat at 16.5% during the first 7 months of 2018 . But how do you know if buying a condo will work for you and your lifestyle? We’ ve compiled some pros and cons of condo living to help you navigate this emerging realm of Ottawa housing.
- Convenience: Many people boast about the ease and convenience that comes along with living in a condo You don’ t need to spend your time on building or yard maintenance which many consider a major asset. Condo living is easy in the sense that you don’ t need to worry about repairs, shove ling snow, mowing a lawn, etc.
- Price Point: Buying a condo will typically cost you less than purchasing a comparable free hold home. This is not always true, but is seen often enough. Definitely a worthwhile reason to at leas t consider buying one over a house!
- Amenities: Many condo buildings come with amenities which may be a tantalizing prospect for some buyers. Things like a gym, pool, common area, parking garage and party room are not guaranteed but are not uncommon .
- Condo Fees: While this isn’t necessarily a negative, many people neglect to factor in the price of condo fees when looking to purchase. Condo fees cover amenities and maintenance which is great , but they can get pricey. Fees typically range between
$200-$600 depending upon numerous factors such as location, amenities, and what’s actually included in the fees.
- Less Control Over Design: if you desire to change design aspects of your condo, it will cost you a pretty penny and it’ll require approval from the condo corporation Some don’ t like the rigidity of this aspect of condo living and may be a discouraging feat when considering whether or not to purchase a condo. If you would like a little more freedom over the design, your best bet would be to look into purchasing in a new building.
- No Outdoor Space: If having ample outdoor space is of huge importance to you, then buying a condo may not be your best choice Naturally, living in a high rise really limits your outdoor space; some may include a balcony but these don’ t tend to be very spacious .