Official statistics released recently show that the demand for condos is much higher than the former City of Ottawa land use plan predicted. Reflected in these stats are the urban dwellers’ preference for apartment and condo living instead of the single family unit.
Ottawa now has many condo projects for buyers to choose from.
There are many possible reasons for this trend including the fact that more single people are living alone, that couples are more often delaying starting a family and the desire that some people have to downsize post retirement.
But aside from reasons related to demographics, condos are an attractive home ownership option for many other reasons!
Check out these 7 advantages of living in a condo instead of a single-family home and consider whether condo living is right for you:
1. Less Expensive than a Single-Family Home
First-time buyers who have a limited budget can afford a new condo in the heart of the city while a stand alone home could be financially out of reach.
2. The Freedom of the Condo Lifestyle
If you travel for work (or pleasure) or if you work long hours you are not likely to be excited about doing yard work and house upkeep. The “lock-up-and-go” lifestyle of a condo is what you need. You won’t find the grass knee high after a long business trip, or have to shovel the driveway just to get the car in the garage upon your return from an out-of-town meeting.
3. Security
Condos, especially highrises, offer secured entrances, cameras, security patrols and some even have a security guard on site. Break-ins are also rare in highrise buildings, so you won’t need a home alarm system, yet you can feel safe at the same time.
4. Community
Many buildings have “common areas” such as a gym, party room or swimming pool where unit owners can get together or just chat on occasion. Often, owners will find many things in common with others in the building because they share a similar lifestyle, care about the same building they are living in and enjoy the same neighbourhood amenities.
5. Lower Operating Costs
In most condos, the building insurance, building maintenance, the water bill and sometimes the heat and hydro are included in the condo fee. If heating is NOT included however, it is very inexpensive to heat a 1000 sp ft condo compared to the average 1000 sp ft bungalow because the units around you help to insulate you.
6. Benefits of Home Ownership
Owners of condos benefit from most of the same advantages that home owners do. They can live in it, rent it out, improve it, give it away or borrow money against it.
7. Building and Grounds are Neat and Tidy
The walks are shoveled of snow, the grass is cut, the gardening is done, the garbage is picked up and the grounds and hallways are cleaned and maintained. And you don’t have to do any of it! Just move in and enjoy!
Ottawa has many beautiful established condominium projects to choose from, and even more new condos being built now or very soon in the future. If you are interested in condo living, please contact me at steve@stevewalsh.ca to find out how I can help you choose the right condo for you.
