Is A Condo Better Than A House for the Busy Professional?
You’ve been thinking about buying a home for some time but haven’t made the decision yet about what it is you want to buy. As a busy professional, you may be considering a home that feels comfortable or reflects your hard work.
But when you think about it, you likely won’t have a lot of time to deal with caring for the property. And that commute, oh that commute...
A new condo could be a better solution for your lifestyle. Here are a few reasons why.
No Regular Maintenance to Worry About
In a condo, the lawn mowing and snow shovelling are handled by someone else. No need to paint the fence, refinish the deck every year, or clean out those gutters. Your life is already busy, you don’t need to add the worry of typical repairs and maintenance that comes with owning a single-family home.
When you’re working long hours or running a side business, you can focus on what you need to do rather than spending that time worrying about maintenance tasks.
You can choose to live in the urban core and be immersed in the vibrancy of the city. Living here is walkable to restaurants, shopping, concerts, and sporting events. Condos are also available in the suburbs if you prefer to live in a quieter neighbourhood near parks and recreational facilities.
You can choose a condo style that matches your lifestyle best. When you think of condos, you may automatically think of high-rise towers, but there are also low-rise walk-ups with only a few floors, townhouse style condos with detached or attached garages, or gated communities with luxury villas, duplexes, or single-family homes.
More Freedom Awaits
We talked about the fact that property maintenance is taken care of, but the freedom you gain is so much more. In a condo, you’ll be able to take a vacation with a lot less planning as no one will need to mow your lawn while you’re gone. Depending on the condo style you choose, you may also have built-in security, so there is no need to have someone watch the house.
If you choose to live close to work or common amenities, you’ll have the freedom to leave the car behind and pop out for a walk.
A Great Way to Save Money
When you choose a condo for your new home, you’ll gain more financial freedom as well. The purchase price of many condos is generally much lower than of that of a single-family home, saving you a considerable amount of money each month in mortgage payments. Utilities and insurance are also less in a condo, further reducing your costs.
Depending on the location you choose, you won’t need a vehicle since you can walk or take a short trip on public transit to get where you need to go. A new condo in the downtown core that is close to work is a perfect example of this.
Home maintenance costs money, something you won’t have to deal with in a condo. Watering the lawn, upkeeping the mower, painting the fence, repairs on the home exterior, and re-staining the deck all cost money on a regular basis.
Access To Amenities
If you typically hold a gym membership, you can opt for a condo that has a gym available right at home. The fees for this facility are usually included in your condo fees, so you not only avoid paying extra every month to attend the gym, but you won’t have a commute either. Imagine popping onto the treadmill after work and not having to drive home afterwards.
Future Real Estate Investment
As a busy professional, a condo sounds ideal for you today. Eventually, you may wish to move into a bigger home or simply change your living situation. If that time comes, you can use your condo as an investment property later and have your tenants pay the rest of your mortgage for you.
The equity you build in your condo can be used as a down payment on your next home. Buying a condo is a great stepping stone into future real estate investment.
If you’re a busy professional, your life is already full of things to do. By purchasing a condo rather than a house at this stage of your life, you’ll gain time and energy, save money, and set yourself up for a solid financial future.