What is Right for My Lifestyle? Condo Living or a House?
Understanding Before You Buy
Buying your first Condo is going to be an exciting experience, let's keep it that way by self due diligence.
Questions To Ask Yourself
- Am I generally quiet or am I pretty loud?
- Do I party like an animal, or Netflix and Chill?
- Will I blow a gasket when I hear a neighbour? Or can I get used to it? (within reason of course)
- Can I accept the fact I'll be paying monthly condo fees to an association?
- Does my dog bark a lot when I'm not home?
- What kind of neighbour will I be?
Are You a Rebel?
Let's be straight up and honest here - are you fiercely independent and hate being told what to do? If you want a dog or want to knock down a wall, the only permission you're going to get is from you right?
Answered yes? Condo living isn't for you.
Condo boards can limit what you can and cannot do with respect to renovations, pets, window coverings and if you do not comply, they can fine you. If you do not pay the fines, they can put a lien against your condo. It's serious stuff.
Wait! Don't Run Away
Certainly not trying to scare you off condos, they are a great way to enter the real estate market and build equity. Thousands of condo owners are out there and they love it.
Even if you think condo living isn't your thing, I encourage you to look at a few options available within your budget. This way you can see for yourself if condo living is compatible.
Pull Down the Pants!
What I mean here is check the places out. Go look at available options, find out what the rules are that would affect you and preview the common areas.
You can find young and vibrant condos with large gyms and swimming pools, or mellow and relaxed complexes with a mature atmosphere.
See if you can visualize yourself living there. If you're not able to say "absolutely", you move on.
At least at this point, you can honestly say to yourself that you've check out your options and can confidently either purchase or look for other options - either another complex or perhaps semi-detached or even detached if there are any in your price range.