If you’re thinking of buying a condo or townhome, there are a lot of reasons why it might be a smart move! Condos have never been more popular, particularly amongst baby boomers, which are starting to downsize and move into homes that require less maintenance. As a result, condos and townhomes are in high demand and appreciating faster than single-family homes.
Buying a condo can be a great option, whether you’re just starting a family or escaping empty nest syndrome. Here are some of the benefits of buying a condo or townhome:
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Low-maintenance Living:
If you’re a fan of spending more time enjoying your hobbies or perhaps you’re a snow bird that flies south for the winter, with condo fees, the management team can arrange for lawn maintenance, and snow removal. No buying needless tools and finding a place to store them, you have more time to enjoy the things you love most.
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Upkeep:
A condominium corporation bylaws are designed to ensure you have an enjoyable experience living in your home. Bylaws prevent you from needing to deal with nuisance neighbors who may have undesirable habits, simply report the issue to your management team and they will deal with the issues you encounter.
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Insurance:
Condo fees cover the overall building insurance, so you only need to obtain content insurance for your personal belongings and any other upgrades you did to your home over the standard home spec, saving you money on insurance costs.
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Shared Costs:
Unexpected building repairs that may not be covered by warranty or insurance are covered. A portion of your condominium fees are designated towards a reserve fund that is in place to help pay for these types of inconveniences.
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Resale:
With all the added services provided and covered by condominium fees, your townhome can retain its value – making it more appealing for future owners.
EXAMPLE: THE EXPENSE OF TOWNHOMES WITHOUT CONDO FEES
On the surface, townhomes without condo fees may appear to be advantageous in comparison to traditional condo townhomes, but it’s important to analyze all the unspoken expenses that come along with this type of ownership to get an accurate calculation of your monthly budgeting. If you bought a townhome without condo fees, you’d be responsible for paying separately, and likely at a higher rate due to the power of group purchasing and one-off contracts.
SERVICE |
WITHOUT CONDO FEES |
WITH CONDO FEES |
| LANDSCAPING
Lawn maintenance including snow removal, mowing and watering, gardening. |
$70/month | Included |
| CLEANING
Common areas including exterior window cleaning, hallways and entrances. |
$25/month | Included |
| MAINTENANCE
Repair and maintenance for common areas such as lighting, entrances, and parking garages. |
$30/month | Included |
| COMMON AREAS
This covers your common area utility costs. |
$10/month | Included |
| REPLACEMENT VALUE INSURANCE**
This is to insure the building’s exterior and common areas which helps take some of the insurance burden off your individual policy. **Excluding Content Insurance |
$50/month | Included |
| CAPITAL RESERVE FUND CONTRIBUTION
This sets aside money on your behalf to at least partially finance any future construction/repair projects. The reserve fund helps to offset the cost instead of having to pay out of pocket. |
$50/month | Included |
| TOTAL* | $235/month on average | $160/month on average |
* Estimate of pricing and cost savings.
THAT’S A MINIMUM SAVINGS OF $75/MONTH OR $900/YEAR! Learn more about where Rohit Communities builds townhomes and condo townhomes in communities around Edmonton including Bulyea Heights, Larkspur Landing, Starling Landing and Essential Allard, as well as in Calgary in Seton and Essential Savanna!
