Don’t let a skimpy homebuying budget stop you from kicking your landlord to the curb. When even the most basic of starter homes soar in price, there’s always the trusty condo to fill the void.
If you’re opposed to even the thought of condo living, consider the purchase a stepping stone – a way to build equity to use for your forever home.
Read on to learn about more good reasons to consider buying a condo in the St. John’s real estate market.
1. Cheaper than a house
Unless you lust after the penthouse unit in higher end St. John’s condo communities, you can pay less for a condo than a single-family home. And, if you shop wisely, even that condo fee tacked onto the mortgage payment won’t put you outside your comfort zone.
If you’re extremely low-budget, we can help you shop for a condo with low condo fees. These are typically condos in low-amenity communities. In other words, you generally won’t find low condo fees in a community that offers underground parking, private elevators and high-end fitness facilities. The good news is that Mount Pearl and St. John’s have a wide variety of condos available for you. Contact me and I will send you all the listings
2. On-site amenities
On the flip side, if the private elevator, underground parking and high-end fitness center is on your wish list, you’ll find condo communities that offer these amenities (and more) with homes far less expensive than buying a single-family home with the same amenities.
Yes, the condo fees will be higher, but, again, your final monthly payment as a homeowner will be less than it would be if you owned a single-family home with similar amenities.
3. Low maintenance living has its perks
While there are some condo communities that offer homes with private yards, most don’t. This means no lawn to mow, weeds to pull, leaves to rake and trees to prune.
Part of your condo fees cover the cost of common area landscape care. as well as exterior maintenance, too.
Think of all the free time you’ll have compared to your friends who own single-family homes. Your weekends will be maintenance-free.
4. Be social, or don’t
Ask any of your single-family-home-dwelling-friends how many of their neighbors they know. Sadly, the answer will most likely be anywhere from none to very few.
Sure, there are vibrant neighbourhoods with connected neighbours, but by and large, most tend to isolate themselves from those who live nearby.
In fact, a recent study found that only 28 percent of people living in a neighbourhood know their neighbours by name.
Condo living puts you in closer proximity to your neighbours. Whether that’s a positive or a negative depends on how sociable you are. If you like getting to know your neighbours you’ll love this aspect of condo life.
5. Building equity and more
We touched earlier on buying a condo in St. John’s as a stepping stone. Not only will you build equity to put toward a future purchase, but the timing now (2018) is great for purchasing a condo.
St. John’s condo prices in recent years have come down considerably making them much more attractive to buyers. They can be a great alternative to a single family home.
6. Feel safer
Many condo developments offer security features. Whether it’s a gated community or one with a roving guard or even a community with camera surveillance, security is a feature lacking in many single-family homes.
This is especially important to people who live alone and may feel vulnerable. Even a community lacking robust security features will feel safer simply for the fact that you live in close proximity to others, so seeking help in an emergency is far easier.
If your aim is to live in the heart of St. John’s or within walking distance to popular area amenities, you’ll find few single-family homes from which to choose. But, this is where the St. John’s condo market shines the brightest.
Do reach out to us if you’re considering purchasing a St. John’s condo. We’re happy to walk you through the process and show you what’s available now. Be sure to read the Newfoundland Condominium Act. Let us know if you have any questions.