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Choosing the Condo Lifestyle

Posted On: 2008-10-24

Reasons for choosing the Condo lifestyle 

With so many Canadians entering the real estate market these days, we’ve seen a noticeable rise in condominium ownership.  If you’re wondering whether the condo lifestyle might be right for you, here are some points to consider:

  • Some people equate the term ‘condominium’ with ‘apartment’, but the term actually refers to a form of ownership.  Condominiums can be apartments, townhouses or flats – or any form of residence that has individually owned units and shared common areas, managed by a Condominium corporation. 
  • Condominiums offer an excellent option to transition from a rental unit to home ownership.  They’re particularly popular with singles and first time buyers and individuals who don’t want to take on all the responsibilities of a single family home. Typically, condos are less expensive to purchase, so they present a viable option to get into the real estate market without having a large down payment.  Since condos are usually located in urban centers or close to major commuter transportation, they can be a good choice for young working professionals. 
  • Condo apartments or townhouses also appeal to active people or retirees who no longer want the work and expense of keeping up a large property.  The set fees take the guesswork out of the unexpected maintenance and repair costs that can be associated with a house.  An urban location also gives condo owners the option of not owning a car, or at least considerably reducing their time behind the wheel.  With today’s rising gas prices, that’s an appealing notion for most people.   In fact, recent gas hikes with the prospect of more to come is luring some buyers back from outlying areas to urban centres where they can use mass transit. 
  • Of course, the most appealing aspect of the condo lifestyle is having far more leisure time than you would if you were caring for a large property or commuting long distances every day.  Condo developments are designed to appeal to the leisure lifestyle and may include such amenities as a fitness centre, swimming pool, game room or even a tennis court.  However, you should bear in mind that nothing comes without a price.  Condominiums charge fees, usually monthly, to cover the cost of maintaining the complex and providing these special services.  When choosing a condo, it’s very important to choose one with facilities you will realistically use on a regular basis.  For example, if you prefer to go to your own fitness club and are unlikely to use a building’s exercise room, you’ll be paying for an asset for which you’ll be getting little or no value. Remember, some of the funds you may be paying on a large maintenance fee could instead be used to pay down your mortgage and build your equity in a complex with lower fees. 

The Kelowna real estate market has many options for the condo lifstyle.  From luxury lakeside to starter condos for the first-time buyer, lofts to retirement home style buildings for seniors wanting to downsize, and even time-share for those wanting resort living for their vacations.  The Kelowna and area real estate market has it all.

Paige and Al can help you estimate your carrying costs such as mortgage, condo fees and other expenses, so you can make an informed decision.

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