Can You Pass this 3-Question Condo Test to Buy One for Sale in Montreal?
In a competitive real estate market, a condo seems like the perfect place to call home. The right property offers an easy and often cost-effective intro to homeownership. As a condo owner, you can ditch the yard work and focus on climbing the career ladder. But while condos for sale in Montreal are a wonderful opportunity for some, they’re far from ideal for others.
Skeptical about condo ownership? You’re certainly not alone.
Answer these 3 questions to determine whether you’re a good candidate for a condo for sale in Montreal.
1. Are you hoping to maximize on resale?
Condos may be less expensive upfront, but reduced costs now could lead to reduced profits later. Single-family homes tend to appreciate more over time and therefore fare better in terms of resale value. This is particularly true in buyer-friendly markets. Additionally, with a condo, opportunities for value-adding improvements are limited. While you’re free to remodel the kitchen or add new carpeting, you can’t improve curb appeal via expansion or landscaping improvements.
2. Do you have kids or hope (planning?) to have kids soon?
While it’s possible to raise children in a condo, it’s not always ideal. The first problem: bedroom space. Even a two-bedroom condo will feel cramped, especially if you have multiple kids. Furthermore, most condos lack basements or storage sheds. Where will you stash cribs, toys, and athletic equipment?
Even if you have enough storage, you’ll never stop worrying about noise. A crying baby or tantrum-prone toddler causes sleepless nights for parents, while also disrupting neighbours with shared walls. On the flip side, loud neighbours may keep children up at night.
Arguably the biggest downside of a condo for families with kids: lack of yard space. Prepare to feel cooped up. In a small single-family home, you can send kids outside to play, but as a condo owner, you don’t own a yard.
Condo life with kids can be tough, but it’s far from impossible. Many families thrive in this setting. Aim for a property with community amenities such as a swimming pool or playground. Ideally, your condo community will be located within walking distance of a large park.
3. Do you want more freedom to do what you want?
Whether you love decorating, gardening, or throwing big parties, condo life can cramp your style. (Syndicates of co-ownership) maintain strict bylaws to ensure a safe and harmonious community. Unfortunately, these rules can be tricky to remember and even more difficult to follow. Be prepared to adhere strictly to noise ordinances, design guidelines, and a variety of other rules — some of which will seem frustratingly arbitrary. Even without strict rules, you’ll be hampered by sheer neighbour proximity. Large parties and loud music guarantee drama with your neighbours.
Condos, like any living arrangement, come with unique benefits and downsides. Condo life could mean a close community of friends and a lower cost of living, but also reduced personal freedom. Only you can know whether this tradeoff will prove worthwhile both now and in years to come.