Guelph Condo Living - Pros & Cons

Condominium living has become increasingly popular in recent years, offering a unique and modern lifestyle choice for a diverse range of individuals and families. Condos are multi-unit properties where each unit is individually owned, providing a combination of privacy and shared amenities. Here's a brief overview of the benefits and considerations associated with condo living:

Pros

Lower Price Point

Condos often have a lower upfront purchase price compared to freehold homes in the same area. This can make them more accessible to first-time homebuyers or individuals looking to enter the real estate market.

Condo Fees

Condo fees cover a lot of the maintenance costs. There’s a lot less work for owners to do to upkeep the entire condo. Some condominiums also include utilities, such as water, in the condo fees. 

Examples of what’s included in the maintenance fees:

• Building Insurance
• Building Maintenance
• Common Elements
• Ground Maintenance/Landscaping
• Parking
• Property Management Fees
• Roof
• Snow Removal

Low Maintenance

One of the primary advantages of condo living is the minimal maintenance required. Exterior upkeep, landscaping, and common area maintenance are typically handled by a professional management team, freeing residents from the burden of yard work or property repairs.

Premium Location

Condos are often located in a premium area, such as Downtown Guelph. You can still have amazing views and be in walking distance to tons of amenities without paying a premium price. 

Amenities

Condo complexes often come with a variety of amenities such as fitness centers, swimming pools, communal lounges, and even concierge services. These amenities can enhance your quality of life and provide convenient options for relaxation and recreation.

Security

Depending on the building, condos may offer enhanced security features, such as surveillance systems, gated access, private parking garages and on-site security personnel. This can provide a sense of safety and peace of mind, especially for those who travel frequently or prioritize security.

Less Spent on Insurance

Your home insurance is less than a single detached home. The condominium corporation covers insurance for the exterior fo the building. In a single family home, you’d need to cover the interior and exterior of the building. In contrast, your insurance on a condominium is only applicable to the interior. 

Cons

Condo Management Company

You have to ensure the condo is adequately funded and managed, which is why it’s important to have the status certificate reviewed by a lawyer before purchasing the condo. A status certificate review clause is typically included in a conditional offer. If your lawyer advises you of issues or inadequate funding, you will be able to be released from the offer and be refunded the deposit. 

Lack of Privacy

You don’t have the same privacy that a single family home offers. Sometimes you may hear your neighbours in the units beside or people in the hallways. 

Rules & Regulations

The rules and regulations enforced by the condo association might not work for your lifestyle. For example, there might be rules about pets, parking or what decorations you can have out on your balcony. This is another reason why it’s important to have a lawyer review the status certificate document. 

High Condo Fees

While you get the benefit of access to awesome amenities, your condo fees may end up being higher. These fees are factored into your financing and are important for your mortgage agent and lender to know. 

In conclusion, condo living offers a contemporary lifestyle choice that blends the benefits of homeownership with the convenience of shared amenities and reduced maintenance responsibilities. It appeals to a wide range of individuals, from young professionals seeking a vibrant urban environment to retirees looking to downsize and simplify their lives. Understanding the unique features and considerations of condo living is crucial when making the decision to embrace this modern living arrangement.

If you have any questions about condo living or condo listings, feel free to reach out! I'd be happy to chat!

Sierra Rutherford

sierra@royallepage.ca

519-993-6222