Regardless the size of the property, purchasing real estate is a big investment, so you want to make the right choice. Condos are always a popular choice for many home buying sectors: first-time buyers, investors or empty-nesters. Condos in Calgary also generally tend to be consistent investments, regardless of ups and downs in the economy, condos can provide a great return on investment, especially if you buy when properties are less expensive (like now).
If you’re deciphering between buying a condo or not, here’s some of the pros and cons to owning a condo:
Pros:
- Protection from rent increases
- Ability to build equity
- Variety of property types, amenities, etc.
- Pride of ownership
- Freedom of design and renovation
- Minimal maintenance (no landscaping worries)
- Security (options for increased security in some buildings)
- Sense of community
- Live within your lifestyle
- Attractive resale options (condos tend to sell easily)
Cons:
- Paying for amenities you may not use via condo fees
- Some buildings may have restrictions on noise, pets, etc.
- Some loss of freedom depending on condo bylaws for your building
There are a lot of financial things to consider when being a condo owner, such as condo fees and condo reserve funds, etc. Do you know what condo reserve funds are or what they are for? This blog we wrote might offer you some insight on this topic.
If you have any questions about purchasing a condo or selling your current condo, please feel free to contact us anytime.
