Pros and Cons of Condominium Ownership
Living in a condominium in Edmonton offers the sense of community living. Whether you are taking out the trash, working out in the exercise room, relaxing in the lobby or picking up your mail, there will be ample opportunities to engage with your neighbors.
Pros of Condominium Ownership
No Maintenance. The biggest benefits of condo living are that other people do the maintenance for you. They cut the grass, maintain the common areas including elevators, amenities, windows, doors, and shingles No grass to mow or snow to shovel with the exception of detached condos and townhouse style condominiums.
Cost. Condominiums are less expensive than buying a comparable house in Edmonton. Obviously, the cost of a condo versus the cost of a house depends on the location. Property values in Edmonton vary in each neighborhood. But typically, you'll spend less on a condo, " Maintaining a single-family house can be expensive. It is your responsibility to keep your home in living standard conditions. When purchasing the first home, going brand new is a smart choice.
Security. Most apartment condos offer gated or locked entries, with special keys or electronic fobs. If you live alone, or security is a concern for you, this can be a major perk. In addition, you’re living in close proximity to other people and in an emergency, this will be helpful.
Amenities. Exercise rooms, Guest suites, swimming pools, underground parking, and courtyards. Many condo communities offer residents amenities that are out of reach for the average homeowner.
Cons of Condominium Ownership
Homeowners Association Fees. Of course, there is a few to live in a condominium. It costs money to maintain a large building. When you buy a condo, you essentially become a business partner in that community. You pay a condominium fee each month (on top of your mortgage) which goes towards the upkeep of the property, as well as future investments. This fee can vary from a few hundred dollars upwards. It will depend on the current condition of the complex, how well the monies have been managed and future expenses.
Less Privacy. You will be meeting your neighbors. Some condominium complexes in Edmonton offer in-house managers and know everyone by name. Depending on how well your complex is built, your neighbor may even know what time you get home every day. Expect to have someone looking at you when you are out on your balcony or sitting in the front yard. Socialites love this!
Less Freedom. Depending on your condominium complex, you may or may not be allowed to have pets, have Bar-be-ques on the balcony, change the flooring to a hardwood, have guests stay for long periods of time or rent out your unit. Read the by-laws before purchasing.
Levies and Special Assessments: In Edmonton, Condos have been hit hard by the recession, the oversupply and there are plenty of issues with a few Edmonton condominiums, whereas some builders missed adding building materials during construction, such as water vapors. Also as more people struggle to make ends meet, more condo owners are dropping out of paying their condo fees. This can increase the cost of what you will be paying each month.
Things to inquire on prior to purchasing a condominium
- Reserve Fund Study
- Are condo fees reasonable
- Bi-laws - are you allowed pets?
- Financials - Is the complex in the red
- Professionally or Self Managed
- AGM - Annual General Meeting
- Any upcoming special assessment
Today, several banks will request to review these documents prior to releasing your financing. Also, have your lawyer review these documents if you are not comfortable with the lingo.