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The transition to a condominium entails many lifestyle aspects. You may be familiar with many of them. Here is an overview for you to consider.
Condo living is quite different than living in a house – there are obvious advantages and disadvantages. Advantages include no outside maintenance, no snow shovelling, no grass cutting – although these come at a price in the form of monthly maintenance fees. Generally, the older the building, the higher the fees.
There is a range of shared amenities for the use of the condo residents. Some amenities such as swimming pools require significant upkeep and maintenance and will have an impact on the monthly fees. If you’re an avid swimmer you’re probably ok with this.
Consider also how many units will share the expenses. Smaller boutique buildings have fewer owners sharing the costs so individual fees will be higher. Often these buildings have fewer amenities as well, so that helps to keep the fees down.
Older buildings often have great locations and larger units, but have higher fees due to their age requiring more spending on items such as new roofs and repairs to underground parking garages. A portion of each owner’s condo fees is allocated to build the Condo Corporation’s Reserve fund for these purposes.
Also, look at which utility costs are included in the monthly fees. Newer buildings for example tend to have individual metering for hydro which are the responsibility of the owner. Older buildings may include hydro in the monthly fees. All these items need to be accounted for.
Condo living is all about convenience and location
If you plan on travelling a lot or spending many months in warmer climes as a snowbird, or as a Cottager in the summer, the condo life may be perfect for you. Lock it and leave it!
Perhaps you’re a suburban dweller now and you’re thinking of moving downtown to take advantage of all the attractions that downtown has to offer. Maybe you’ve always dreamed of living up in the clouds with an amazing view – maybe even a water view!
Other points to consider
Condos have bylaws, rules, and regulations that owners must abide by. This helps maintain standards, but it also imposes restrictions in what you can do. Any renovations to your unit especially those involving removal of interior walls will require approval of the condominium board.
Parking is a factor in condo living. Many older buildings include a parking space. This is not always the case with newer buildings. If Buying from a builder, it’s an additional cost in the tens of thousands of dollars, especially in downtown locations. Parking for a second car becomes even more challenging.
To summarize then, here are some of the main advantages and disadvantages:
Advantages:
- Maintenance is done for you
- Amenities that enhance the lifestyle experience
- Bylaws and rules ensure property standards
Disadvantages:
- Monthly fees can get expensive as buildings age
- Parking is an added cost, especially expensive in new buildings
- Have to abide by Board decisions, even if you don’t agree
Next Steps:
A very thoughtful and thorough downsizing of your belongings will be required to facilitate your move, especially if the new unit has a smaller footprint and less storage than what you have now.
Once you have made the decision to downsize, the transition to your next home is an exciting time with builders responding with buildings incorporating many modern design and convenience features that appeal to empty-nesters.
As always I invite you to call for a free personal consultation. See you here next time. Let’s talk Downsizing!
Client testimonials:
We worked with Luci and Marc to buy our new condo sell our Toronto home. The kids had left and we had been retired for a couple of years. We knew we wanted to simplify and move into a space that would be maintenance free. We always loved the idea of moving into a condo and just spending some real quality time travelling and golfing. We ended up buying a condo in the east end of Toronto with amazing views of the Lake – it’s so amazing we can hardly wait to move in! We actually found Luci online, believe it or not. We called Luci and set an appointment for a consultation. Luci and Marc are a husband-and-wife team and were very professional. We had lots of questions they were able to answer all of them. It was a very good experience. We bought the condo first because we wanted to ensure we had a great place to move to. When it came time to sell the house, Luci brought in the service people we needed to get the house ready for sale. The home was staged, and professional photos were taken. We really liked Luci’s quick and thorough communication. She was always available to take our calls. That was really important to us. We sold in 6 days for top dollar and couldn’t be happier with the entire experience. We would not hesitate to refer Luci and Marc to anyone we know. Thank you Luci and Marc!
Steve and Marilyn C.
I used Luci Rizzo to sell my house in Toronto while I was in BC. Excellent service, she helped with every detail including hiring painters, cleaning services and electrical work. I would highly recommend her.
Olive Spence
In the current overheated real-estate market, Lucy is a trustworthy, transparent, honest and proactive partner of any buyer or seller. Thanks to her ongoing commitment and sound advice, I was able to make a great buy and investment. I recommended Lucy to numerous people and I will always do so because it is really hard to find such a great agent who works hard to help her clients succeed by being there for them during the whole process and beyond. I am really glad that our paths crossed because, in the end, her hard work and dedication had an amazing an positive impact on my quality of life.
Charles Jean Sucsan
I would highly recommend Luci Rizzo for any of your real estate requirements. Luci helped us sell our home and downsize to a condo, which we love! With years of experience in the real estate market Luci is trustworthy, personable, is client focused, she listened to what we wanted, and provided great suggestions and communication throughout the process. Always prepared, Luci offered honest feedback and up-to-date research which enabled us to make the right decisions along the way regarding both selling and buying . We couldn't be happier and would not hesitate to use Luci again when we go to sell our condo.
Lesa Warner
Great overall service and experience! As first-time home buyers in Toronto, my partner and I were very nervous and had innumerable questions. Luci guided us, with patience and expertise, every step of the way. I would definitely recommend Luci and her team to friends and family for any real estate needs!
Mauricio Morales
My husband and I worked with Luci Rizzo and Marc de Bellefeuille recently in looking for our new home. We found them to be consistently professional, helpful and very knowledgeable about both the real estate market in Toronto and also about house construction and design. We started house hunting with little understanding of prices and a stubborn and outdated mindset about real estate values. Luci and Marc took us to upwards of thirty properties and always gave us relevant and helpful information, helping us learn to analyze and understand pricing and home value. Looking back, it is clear that we needed to fundamentally change our understanding before we could make a decision that was right for us. Luci and Marc were never impatient with our naive assessments and when we found a house we loved, they gave us clear analyses to help us make the most rational decision we could. I am so impressed by their expert knowledge of both the Toronto Real Estate market and house values. We found a wonderful house and I am certain it is all down to the expertise of this great team, Luci Rizzo and Marc de Bellefeuille.
Katherine Beattie
Recently, I decided to sell and downsize my semi detached downtown Toronto home. Luci was there for me advising on the whole downsizing procedures and suggesting from her contacts various ways that could ease and expedite getting my home ready for the market. Once my home went on the market, Luci really shined as she dealt with numerous inquiries and requests for showings during a covid19 lockdown. She is a great communicator and we exchanged a number of emails and phone calls daily to keep me in the loop and to ensure every detail had been looked after. I found Luci to be dedicated to helping her clients receive the best possible outcome, detailed and an excellent negotiator.
Linda Sebastian
Luci and Marc made my experience as a first time home buyer as easy as I think it could have been. They were really flexible around my schedule and helped me find the perfect place fast. Any questions I had, they had the answer or knew where to find it. I am hoping not to move for a long time but if I did I would use Luci and Marc again in a heartbeat
Michael Legere
Luci was very patient when helping us purchase our current home. As soon as the purchase was confirmed, Luci came over prepared to discuss details of selling our townhouse. She gave us an estimate of market value of our home and went through her market strategy with us. Our property was listed on MLS the next day. And to our surprise, it was sold in a week at the price we wanted. We couldn’t be happier.
Alistair Chan
I’d recommend Luci for managing a Toronto real estate sale. She’s conscientious and careful. She knew the market and gave us good advice. She managed all the showings, and managed the selling process very well. We benefited from Luci’s professionalism and experience.