Going to a New Condo from Your Old House Saves You Time and Money

You may feel your current home no longer suits your needs, that it’s either too big, needs a major renovation or facelift, or simply that you don’t want the costs associated with this house anymore.

You may be considering buying a new home, but you aren’t yet sure what style of home you’re looking to buy. Do you buy a smaller single-family home? A townhouse? A condominium?

Buying a new condo can be a breath of fresh air, saving you both time and money for today and in the long-term. There are certain sacrifices to make when moving from a house you’re used to into a smaller condo, but there are also some major gains as well. It all depends on your needs for today and your plans for your future.

Going to a New Condo from Your Old House Saves You Time and Money Shovelling Snow ImageNo More Time-Consuming Maintenance

One of the most significant benefits to owning a condo over a house is the savings you’ll reap from not having yard work or home maintenance responsibilities. These tasks can be costly, and since they’re seasonal it seems like there is always something to do between lawn mowing, snow shoveling, gutter cleaning, and general repairs.

You’ll also save on the time it takes to complete all that maintenance. Wouldn’t it be great to spend quality weekend time with your family and friends rather than working around the house?

Not only does this cost you time, but all of these maintenance tasks also take their own set of tools. Shovels and snow blowers, rakes and lawnmower - the list goes on. That means all of this maintenance will also cost you money.

None of these worries when it comes to a brand-new condo!

Reduce Your Monthly Costs

The average condo price in Edmonton is around $230,000 for a tower condo and $325,000 for a townhouse or duplex *. By selling your home and buying a condo, you could be significantly reducing your monthly mortgage payment, while putting away the profit from your home sale into retirement savings or fulfilling some of those life-long dreams.

Utility costs will be much less expensive in a condo as well, depending on the size of the house you’re coming from. And in some cases, utilities are included in your condo fees, meaning it’s one less expense you’ll need to worry about.

Going to a New Condo from Your Old House Saves You Time and Money Community ImageGain A Community

You may have a great relationship with your neighbours in your current home, but how often do you see them? As a condo owner, you belong to a much closer-knit community. This gives you a strong sense of security as well, since there will always be someone nearby to call on if you need help or just want to grab a cup of coffee with someone.

One of the other benefits of having a community such as this is during vacation time. Normally, you’d have to call a loved one or a neighbour to watch over your house while you’re gone. In a condo, your neighbours are already nearby, the building will likely have some level of security, and you can leave for a length of time with peace of mind.

Going to a New Condo from Your Old House Saves You Time and Money Costs ImageNo Extra Cost For Amenities

Most amenities within a condo property are included in your condo fees. Features such as an owner’s lounge, recreational activities, and other such amenities would normally cost you a membership fee if you lived in a single-family home.

In a condo, these items are available to you anytime, and you don’t need to drive anywhere to participate. Simply grab your comfy pants and your water bottle and take a few steps from your front door.

Additionally, condo properties are typically located near a wide variety of community amenities such as grocery stores, restaurants, medical facilities, and shopping. Since you won’t need to drive to these types of places, you’ll save money on vehicle maintenance and fuel, not to mention the time to commute!

There are plenty of great reasons to consider moving from your old house into a condo, many of which will save you both time and money. Condo design has come a long way in the last decade, and there is a great deal of choice when it comes to style, purchase price, and location. Whatever your needs are today, there will be a condo that is just waiting for you to move in.

* numbers as of February 2021

Photo credits: depositphotos.com
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