Living in a house is quite different from living in a condo. There are things to consider when making the transition from a house to a condo, including costs, living space and lifestyle. As the market continues to rise, houses may be less affordable and downsizing to a condo is becoming a popular option.
- If you want to downsize from your family home, a condo is a more affordable option. The average cost of a condo in Toronto in 2018 was $552,423, compared to the average cost of a house, which was $1,009,535.
- Forget about mowing the lawn, shoveling the snow, and landscaping, that’s someone else’s job now.
- Even if you live on the second floor, you do not have to worry about taking the stairs.
- Most condos have a balcony. If you think you will miss your garden, use this space to hang up any plants or have patio furniture.
- Most condos have common areas and outdoor spaces. The most popular common areas include a pool, sauna, fitness center or gym, BBQ and party room.
- Major costs, such as special assessment fees, that are not outlined in maintenance fees, are shared.
- A lot of condos are located nearby grocery stores, public transit, coffee shops, hospitals and other major areas.
- Security! Most condos have a 24-hour concierge/security guard to secure the building, accept packages, and more!
- Views. No explanation needed. Condos have views of the city and neighbourhood that freeholds rarely have.
- Parking is often underground, and heated. Forget worrying about brushing snow or leaves off your car, or warming it up before going somewhere.
- Fees and bills are generally predictable.
- Appreciates well in Toronto over time.
- Outdoor housework. If you’re someone who likes to work on your yard, this might be missed.
- Less rules. No pet restrictions.
- Driveway. Some may see this as a con (because of having to maintain this in different weather). To others, it is a large private parking space to do with what you’d like.
- More living space. Houses typically have more closets, and more room for things like furniture, appliances or extra storage.
If you live in a house and are considering downsizing to a smaller house/condo, call us at 416.222.1212. We would love the opportunity to share our knowledge, experience and advice with you.