Downsizing
Why or why not a condo?
The pros and cons of condo living.
DATE
September 8, 2022
SOURCE
One Stop Home Pros
[PART TWO ]
The “empty-nest” syndrome is amplified by an empty house, where you find yourself using less and less of your home and find it more and more difficult to maintain it. As you get older, the responsibility of mowing your lawn or climbing a ladder to clean the roof is a hindrance to the life you envisioned for yourself. This could be a sign that downsizing could simplify your life. So should you move into a condo?
This is part two of a three part article on condo-living.
To start from the beginning read the first part here
The Pros:
- Less maintenance:
Consider this; no more having to spend your weekends mowing the lawn, pressure washing the driveway, and weeding the flower beds. Now ask yourself, Do you have trouble keeping up with lawn care and other exterior maintenance?Does cutting the lawn and maintaining a garden bring you joy?
- Fewer chores:
As Marie Kondo (a Japanese organizing consultant) said, if it doesn’t bring you joy, get rid of it, it will make you happier. Fewer things and fewer rooms mean less time spent cleaning up. This also means a surplus of time for all the activities that will enrich your life.
- Disposable Income:
With a condo, even a luxury one, you could get a lower mortgage and insurance payment price along with lower utility bills because the space is smaller. Maintenance fees and upkeep are not your headaches, leaving you with more money to lower utility bills since it’s a smaller space, and you won’t be responsible for the maintenance fees and upkeep. Plus, when you sell your current home, you’ll likely have money left over since well-cared-for single-family homes can go for far more than the cost of a condo.
- Onsite Amenities:
Every condo community is different, but you’re likely to find access to varying amenities in most, if not all, condo communities. These might include a pool, tennis courts, gyms, and community rooms. A number of condos also offer enhanced security measures.
- Community Building:
Living in the same building or in close vicinity of other people harbours a sense of community that you would not be able to replicate in a typical neighbourhood. Even better is choosing a condo based on your personal preferences and finding like-minded people.
The Cons:
- Not enough space:
Moving from a house to a condo is undoubtedly an adjustment and takes some time to get accustomed to. You should choose a townhouse, loft or high-rise based on your space needs. Take time to understand how much space you need to live comfortably and what spaces are a priority for you. Pay close attention to the things you use daily. Could they all fit within a condo with some careful storage solutions? We’re betting the answer is yes.
- Noisy neighbours and lack of privacy:
Two words; shared walls. As someone who is used to living in a house that is not connected to your neighbours, the experience regarding noise will be very different from what you’re used to. You could also be restricted on aspects of your home like paint colours, solar panels, and landscaping, which could intrude on your sense of control. Ask yourself, does your need for privacy and control outweigh the benefits of condo living?
- HOA feed and other added costs:
The per square foot price for a condo may be higher than a single-family home, but there are a number of factors that impact the price, such as location and inflation. Additionally, most condo communities have an added Home Owner's Association feed which takes care of the maintenance costs. The solution? Create a budget for yourself and work your way back from that.
