Minimalism is a common trend in today’s generation. The millennials are always on the go, they are working through the day (and night) and are globetrotters. For a lot of them, less is more. Empty nesters and world travelers would find it beneficial to move to a condo for many reasons. For seniors, while a house can provide years of enjoyment, there comes a time for many homeowners when condo living makes more sense. No matter the reason for your downsizing, you would benefit immensely from learning about the pros and cons of condo living.
Are you thinking of downsizing from a house to a condo? Deciding to move to a smaller home is not easy. It is a major life choice. The benefits of downsizing are considerable, whether you are looking to cash in on your home investment, to save money or to embrace a lower-maintenance lifestyle.
It is better to understand the pros and cons before moving to make the transition to a condo as seamless as possible:
Pros of downsizing to a condo
1. Lower cost and less Maintenance
Once you move into a condo, the space you live in will reduce. Certainly, you will require less home maintenance and repairs. Your condo corporation will be responsible for the upkeep of common areas in your building. If most of your time is spent away from the house, condo living provides the luxury of significantly less maintenance.
2. Less space means fewer chores
All houses take effort to maintain. If you downsize, a smaller living space would require your family to declutter and eliminate the less important things from your life. One of the benefits of a small home is fewer areas require constant maintenance. When you have fewer things and fewer rooms, your chore time will reduce. You can spend that time doing activities that enrich your life instead.
3. Proximity to city life
Some buildings have amenities such as a yoga studio, fitness centre or indoor spa. You may have immediate access to these facilities if you choose to move into any of them. Because of more number of houses, popular restaurants, bars, and shopping centres would also be there in the vicinity. Thus you can get more bang for your buck.
4. Strong sense of community
Living in close quarters with other people harbors a sense of community that is different than what you would find in a typical neighborhood.
Cons of downsizing to a condo
1. Reduced space
When you move into a condo, no doubt space will be reduced. You will have to figure out whether you and your family would be comfortable living in a smaller space. You will also have to get rid of some things as the storage space would also get cut.
2. The price might be higher than single-family homes
Price for a condo might be higher than the price for single family homes. Often what you are paying for with a condo is convenience and location.
3. Most condo communities have Strata Owner’s Association Fees and rules
Most condos have maintenance fees. These fees which are collected from every unit owner will go towards maintaining the common areas and in the upkeep of the building.
4. Lack of privacy
If you are downsizing from a spread-out suburban neighborhood and moving to a condo, it can be an extremely different experience in regards to noise. When you buy a condo, you will own a unit in a shared building. You will be sharing walls and floors/ceilings with your neighbors.
Consider the above tips to weigh the pros and cons of a condo and understand if it is a good fit for your lifestyle.