Over the
last few years, rising housing prices have outpaced the ability of many
first-time buyers to save a sufficient down payment to service a mortgage for a
single-detached house.
If you are getting tired of paying rent and you would like to own some real estate, there is an alternative. Purchase a condominium as your first home.
Doing so doesn’t mean you have to give up your dream for a white picket fence and big garden. It simply means you shift your current expectations to get into the real estate market and put your monthly payments towards building your own family’s equity instead of a landlord’s equity.
While considering your decision, may we point out a few benefits to condo ownership you might not have considered?
The Primary Consideration - Price
In Greater Victoria, condominiums are more affordable than owning a detached home. You’ll likely find your mortgage plus condo fees are equivalent to how much you pay for rent. If you end up paying more, be assured it’s less than what you’re going to be paying for a detached home mortgage plus maintenance fees. In a condo, those fees are budgeted for and included in your monthly amount. In a detached home, they are often not accounted for until the roof or the deck needs to be replaced.
Locations Are Usually Better
It’s hard to beat living within or on the edge of a bustling city with easy access to work, dining, activities, public transportation and other amenities.
Better Security
Condos are more secure than a detached home. Every building has a front entrance and, in some cases a formal or informal neighbourhood watch with residents keeping an eye on who is entering the building. Having neighbours close at hand if there is ever an emergency isn’t a bad thing.
Simpler Maintenance
Freedom from maintenance is one of the biggest attractions to condo ownership. After all, aren’t there better things to do than mow your lawn or repair outside structures? Your monthly condo fees take care of it.
What About Noisy neighbours?
Did you know Canada's National Building Code (NBC) was updated in 2015 to change how builders and architects design for acoustics to ensure you have quieter neighbours? That means new condos must use building materials that do a better job at dampening the noise coming through the walls, floors and ceilings. Less noise = happier neighbours!
Still prefer a detached home?
If owning a detached dwelling is still your ultimate goal, a condo purchase can be a good interim step. Start putting your hard-earned money towards paying down your own mortgage and building up your own equity rather than your landlord’s. The alternative is to keep trying to save enough down as you chase the market.
Fair warning, though. Once you’ve been living the condo lifestyle for a while, you might find it difficult to give up!
