^^ this.
For all the negatives of condo living posted on this forum there are many positives. It all depends on the person and the condo. Just because it's raining today doesn't mean that the sky is always cloudy.
I can walk to work because I don't believe in spending a great deal of time travelling to get to work. For me to buy a house with the same money I spent on my condo, I would have to buy one quite a distance from work, and I really like my job.
It was affordable in that I could put 25% down and still have a reasonable mortgage - so it's great for a 1st time buyer as well.
There is a full gym/sauna/pool which I use daily. There's also a big movie room and billiards table which I also enjoy having.
I can walk to the lake or High Park (where I work) and there's TTC at my door. I have almost unlimited guest parking and visitors can park for great lengths of time without hassles. I live adjacent to the Martin Goodman trail which is awesome for running and cycling and roller-blading.
My utilities are included within my - already low - maintenance fees.
We can BBQ on our personal balconies, just no propane tanks are allowed - so the unit owner has to install a dedicated gas line to their balcony - which some owners have done. Otherwise electric BBQ's can be used whenever... At my girlfriends condo, there are multiple rooftop terraces and they have multiple BBQ's on each and you can drink out there too. They actually have big Molson Indy parties and Caribana and so on...
I can, as you point out, leave town on a moments notice for weeks on end and worry about nothing.
It's a great way to build some equity - I will rent this place out when I move out, because it's so easy to rent out a one bedroom that's on the waterfront. The rental income will cover all my mortgage costs + property taxes and maintenance fees - it's a win win situation.
Since being built 6 years ago, the unit has doubled in value - here's hoping that the market doesn't bust. I just can't find another legit investment that will allow someone to take $150k and turn it into $300k in 6 years. Although new condo prices have corrected a bit since then, this was a great investment at the time.
The builder was decent - not perfect, but in my condo shopping I saw much worse with poor attention to detail and finishing and very few that were better in my price range. As you also point out, it hinges a lot on location and builder.
That said....
I want my own front and back yards again to play in the dirt - it's my first time living in a condo.
I want to build my own green roof.
I want a garage to be able to work on my bikes.
I want no neighbours directly attached to my walls.
Every one of my friends who live in a condo loves their place. Every one of my friends who live in a house loves their place too. It all depends.....
With all the many many known negatives to owning and living in a condo, it sure does beg the question..what are the perks? Do any exist, and if so what are they? I'd be interested to see the list. I have a feeling the appeal is directed primarily to someone who travels a lot and is rarely home, in which case a shared accommodation/rent situation might be a way to build at least some decent level of equity without all the hassles. But that hinges a lot on location and who built the place. You could screw yourself big time if the builder sucked.
You can't even BBQ on the balconies of these joints can you? You must go to a designated spot, then realize a period of Twilight Zone if you expect there to be any heat left in that top sirloin by the time you get it back to your floor. And I'll bet you can't even nurse a beer in those designated BBQ cooking areas, as it is a public place.
For all the negatives of condo living posted on this forum there are many positives. It all depends on the person and the condo. Just because it's raining today doesn't mean that the sky is always cloudy.
I can walk to work because I don't believe in spending a great deal of time travelling to get to work. For me to buy a house with the same money I spent on my condo, I would have to buy one quite a distance from work, and I really like my job.
It was affordable in that I could put 25% down and still have a reasonable mortgage - so it's great for a 1st time buyer as well.
There is a full gym/sauna/pool which I use daily. There's also a big movie room and billiards table which I also enjoy having.
I can walk to the lake or High Park (where I work) and there's TTC at my door. I have almost unlimited guest parking and visitors can park for great lengths of time without hassles. I live adjacent to the Martin Goodman trail which is awesome for running and cycling and roller-blading.
My utilities are included within my - already low - maintenance fees.
We can BBQ on our personal balconies, just no propane tanks are allowed - so the unit owner has to install a dedicated gas line to their balcony - which some owners have done. Otherwise electric BBQ's can be used whenever... At my girlfriends condo, there are multiple rooftop terraces and they have multiple BBQ's on each and you can drink out there too. They actually have big Molson Indy parties and Caribana and so on...
I can, as you point out, leave town on a moments notice for weeks on end and worry about nothing.
It's a great way to build some equity - I will rent this place out when I move out, because it's so easy to rent out a one bedroom that's on the waterfront. The rental income will cover all my mortgage costs + property taxes and maintenance fees - it's a win win situation.
Since being built 6 years ago, the unit has doubled in value - here's hoping that the market doesn't bust. I just can't find another legit investment that will allow someone to take $150k and turn it into $300k in 6 years. Although new condo prices have corrected a bit since then, this was a great investment at the time.
The builder was decent - not perfect, but in my condo shopping I saw much worse with poor attention to detail and finishing and very few that were better in my price range. As you also point out, it hinges a lot on location and builder.
That said....
I want my own front and back yards again to play in the dirt - it's my first time living in a condo.
I want to build my own green roof.
I want a garage to be able to work on my bikes.
I want no neighbours directly attached to my walls.
Every one of my friends who live in a condo loves their place. Every one of my friends who live in a house loves their place too. It all depends.....
Last edited: