The Advantages & Disadvantages of Living in a Condo

For most people there is nothing quite like living in a condo. It seems that every condo owner gets to know their neighbours on a personable level much more than living in another type of residence. Like everything in life, there are advantages and disadvantages to live in one the GTA’s most popular forms of housing. Whether you’re deciding to live in our brand-new Stoney Creek condos or another residence it’s important to consider some of the advantages and disadvantages of condo living.

Stoney Creek condos

Advantages

Zero maintenance

This is one of the biggest perks of condo living. The notion that you never have to worry about maintaining your home makes living in a condo worth it for so many. To this end, condos are the perfect choice for many retirees that want to minimize as much stress in their lives as possible as they enjoy their golden years. They are also popular with first-time homeowners. If you are looking for your next home, consider properties like Stoney Creek condos to experience amenities you’re going to love.

It’s worth noting that major maintenance (e.g. roof repairs, landscaping, building additions, etc.) are not completely free. Homeowners have to pay for them via condo fees. A portion of these fees go to a reserve fund which is used to pay for fixing such major repairs. When considering purchasing a condo, always know what the estimated condo fees will be monthly by acquiring a status certificate.

Amazing locations

The great thing about condos in the GTA is that a prime location is almost mandatory to be competitive. Stoney Creek condos are no exception. Located in an up-and-coming neighbourhood like Hamilton there are plenty of amenities and things to see, do, and experience. But that’s just one example. No matter where you go in the GTA you’re liable to find a condo that’s in a location that most people are going to be envious of.

Even so, it’s important to know which location and neighbourhood you feel comfortable at. Not every location – despite if it’s theoretically in a good location – is going to be a good fit. Know what you want and need before committing to buying a condo!

Live safely

Whether you are worried about crime or not everyone can agree that feeling safe at home is one of the top priorities of any homeowner. From Stoney Creek condos to others in the GTA, take solace in knowing that such properties are secured and safe. Typically, you can expect a security guard to guard the entrances to the building. State-of-the-art security systems are also installed to ensure residents feel safe from the moment they walk into the building.

Stoney Creek condos

Disadvantages

Not a people person?

Because condo owners live in such close proximity with their neighbours moreso than any other type of housing, homeowners will get to know them on a more personable level. Not everyone is comfortable with living so close to other people, though. If you are more introverted or you simply prefer to live further away from your neighbours, adjusting to Stoney Creek condos may be difficult. Here at King’s Park, it’s our experience that almost everyone eventually finds living so close to their neighbours a gratifying: in the end we think you’ll feel the same way.

Risk of mismanaged funds

Unfortunately, developers that mismanage condo fee funding do exist. In such instances, homeowners are required to pay a Special Assessment: a one-time payment on top of your condo fees. If a property is ridiculously mismanaged, this mandatory Special Assessment could cost a considerable amount of money. As stated earlier, this is why it’s vital to acquire a status certificate.

If you want the solace to know that your condo fees won’t be mismanaged, contact King’s Park today!