Condos have a certain appeal—there’s something about the lifestyle they promise that feels modern and convenient. Yet, they often come with mixed reviews: some say they’re unaffordable, while others worry about plummeting values. The truth is, condos aren’t going anywhere and can be a solid investment, depending on location, the deal you secure, and the expertise of your real estate agent. However, buying a condo isn’t quite the same as purchasing a standalone home. Here are a few key factors to consider before making your move.
1. Rules, Rules, and More Rules
One of the biggest differences between a condo and a traditional home is the set of regulations that come with shared spaces. While amenities like pools, gyms, and rooftop patios can be a major perk, they often come with strict rules to ensure fair use.
Beyond the amenities, condo living requires adherence to a detailed set of bylaws. Condo bylaws may regulate everything from pet ownership and noise levels to parking and how you can decorate your balcony. Before you buy, carefully review the strata rules to make sure they align with your lifestyle.
2. Monthly Fees and Financials
Those luxurious amenities and shared maintenance don’t come for free. Every condo owner is required to pay monthly strata fees, which cover building upkeep, landscaping, repairs, and shared utilities. Whether or not you take advantage of the amenities, these fees are non-negotiable, so be sure to factor them into your budget before committing to a purchase.
Additionally, check the strata’s financial health. A well-managed condo should have a reserve fund for unexpected repairs. If the building’s finances are in bad shape, you could be hit with costly special assessments down the line.
3. Your View Today… and Tomorrow
A stunning view can be a huge selling point for a condo—but will it last? If your unit overlooks a scenic city skyline or waterfront, be sure to research zoning laws in the area. New developments could eventually block that million-dollar view, impacting both your enjoyment and your resale value. If a view is an important factor in your decision, get written assurances from the developer or confirm long-term zoning plans.
4. Storage and Parking Considerations
Condos typically offer less storage space than houses, so think carefully about how much room you’ll need for your belongings. Many buildings provide storage lockers, but there may be restrictions on what you can keep there.
Parking is another critical factor. Even if you don’t own a car, having a designated parking spot can add resale value—or be rented out for extra income. Also, consider visitor parking: Will your guests have easy access, or will they be competing for limited street spots?
For many buyers, condo living offers an exciting, low-maintenance lifestyle—perfect for students, young professionals, and retirees alike. The convenience of having everything from a gym to a concierge just an elevator ride away is hard to beat.
However, condos also come with rules, fees, and shared responsibilities that aren’t for everyone. Understanding what’s expected of you as an owner will ensure you enjoy your new home without surprises.
If you ask the right questions before purchasing, a condo won’t just sound appealing—it will be your cool new home.
