Buying your first home is a major adulting milestone. Your own home comes with independence and the pride of ownership. However, it also means responsibility and increased costs of living. Thus, wisely choosing your first home is key to successful homeownership. First home buyers will often look for smaller homes, fixer uppers and condominiums, mainly because of its price tags. Here are five reasons why condominiums win as the best starter homes;
- Condos are more affordable. Condos are generally cheaper than houses of similar size and location. This means lower contract price, more affordable down payment and lower mortgage. Despite its lower tag price, condos provide the same pride of ownership, a safe and comfortable home and a prestigious address. This gives first home buyers, who are also often young and lower earners, a better chance at starting on the property ladder.
- Condos are centrally located. Condominiums enjoy popular addresses, mostly located in well-developed communities, downtown Toronto areas and prestigious suburbs such as Markham. Its location works perfectly for the young, busy and working segment who prefers to be near their workplaces, entertainment centres, shopping complexes and key facilities like schools, hospitals, churches and commuter hubs.
- Condos come with amenities. Condo owners enjoy a host of amenities that come with their purchase of the unit. Most condos in Canada have some of these amenities ie swimming pools, fitness facilities, business rooms, a community hub, outdoor gardens and even day-care centres. Having these facilities means lower expenses as owners no longer have to pay gym and/or memberships. They also save on commute time and expense as all facilities are in the same building.
- Condos need less maintenance work and expenses. Maintaining a home comes with some nasty and expensive surprises – leaking roof, broken window and busted pipes. And there are several expensive regular maintenance works like fencing and outdoor repainting. And then, there’s the hard work of keeping your home clean and well-kept – yard work, cleaning windows and repairs. All these are taken care of by the condo management. Owners only have to pay a minimal monthly fee that will cover the maintenance costs and work.
- Condos are safe and secure. Condominiums in Canada are equipped with security features designed to protect the property and its residents. The most basic security installations include secured main entrances, security cameras and secured perimeters. Newer and upscale buildings have state-of-the-art condominium security features that include security detail, 24hour concierge, door locks and alarm systems. The safe and secure environment is ideal for busy people always on the run and for growing families with young kids.
