5 Key Benefits of Moving To A Condominium

As many of us age we find that we’re looking at condominiums as an alternative to owning a larger home or as an alternative to moving to a seniors’ residence.

Condominiums are taking a bigger piece of the real estate pie recently, both with the young and the “not so young”. If you are in this particular category here are some key benefits to condominium ownership that you may or may not have thought of.

Less maintenance

There will be a lot less maintenance owning a condo, not only on the outside but the inside as well. No more grass to cut and trim, no more driveways to shovel and no more repairs to the furnace, siding or other unexpected expenses that come up.

There is much less maintenance on the inside as well due to decreased living space to clean or to repaint. If you love to tend a garden many condos now have roof top garden plots for you to grow your own vegetables or herbs or just to plant your favourite flowers.

Location

Many of us have left the hustle and bustle of the city and moved to a quieter area with a bit of property situated on a bit more than a postage sized lot. As we get older we appreciate being closer to theatres, restaurants and excellent health care. Most condos are now being built in the city within a short distance to all of these must have conveniences. Condos are being built in all areas of the major cities, not just in the downtown areas where all the action (noise) is.

Amenities

How would you like to have a swimming pool, movie theatre, billiards’ room, terrace, entertainment room and gym all in your home? Well, all of these are at your disposal with most of today’s modern condos. If you are worried about not having room for a large group, fear not. Most condos have rooms that you can book for large groups to have private dinners or parties that even have their own kitchens.

So if you love to cook for a large family or gathering of friends, don’t worry about that not being an option….in the new condos it is!

Resale value

It is no surprise that real estate values have gone through the roof over the last several years. What is surprising is that condos are at the top of the list for number of units sold and increase in value over the last year.

Most people just cannot afford a detached home these days and are turning to condos to get their foot into the real estate market.

Affordability

As stated above, most homes have soared in value and selling your current home and purchasing a condo can provide an influx of cash to be added to your current retirement savings. The average detached home price in the city of Toronto recently hit $1 million. The average condo price is now about $400K. That leaves a lot of equity that can be added to your retirement savings.

If you are thinking of downsizing and purchasing a condominium make sure you not only enlist the help of a trusted real estate agent but also a trusted and insured professional organizer to help you with the critical decisions that are required in any downsizing and organizing project and make your move a smooth transition for years to come!