While the housing market has fluctuated in the past year, the condo market seems to grow steadily stronger. Real estate across the city is valuable, but mostly condominium owners have reaped the largest benefits. As demand increases, so does the supply. So how can people still charge so much for what is often so little space?
Relative affordability
When it comes down to it, condo units are often still more affordable options than homes and theoretically require less upkeep than homes. Many people appreciate not having to make their own decisions or worry independently when it comes to replacing or repairing certain aspects, such as a roof or windows. Condo unit owners are also not responsible for regular, simple maintenance such as mowing a lawn or shoveling snow.
Easier maintenance
Maintenance fees are a monthly payment required in a condo, but they vary from building to building and tend to rise only gradually. Further, they are meant to cover the cost of such repairs and replacements that tend to naturally occur in a home over time. Rather than it being the sole responsibility of the owner of a house, however, in this case, it is a shared responsibility of all condominium unit owners.
Security and community
There is arguably an increased sense of security living in a condo compared to a home, with cameras and possibly concierge in place to monitor any suspicious activity. This fosters an added familiarity and trust among residents who live in the building.
Units also closely neighbour other units to incite a sense of community, with residents sharing a variety of possible built-in amenities, such as an exercise room, swimming pool, games room, and theatre space. It is also helpful to have commercial businesses typically within walking distance or even right below a condominium.
Amenities vs. Square Footage
While houses offer greater autonomy, there is no question that condominiums offer a greater ease to homeownership. While incurring fewer responsibilities to maintain one’s property, residents can also take advantage of more security and social opportunities. Even though square footage may be an issue, having common use spaces arguably extends one’s feeling of home.