A condominium referred to as condo is like a hybrid between house and apartment. It is a private unit situated in a multi-unit building. The primary difference between condos and apartments is ownership. The former’s exterior (common areas, amenities, services) is managed by Homeowner’s Association (HOA) but there is a separate owner for each unit. Though the units usually share walls just like with apartments, they could be semi-detached or fully detached too.
If you are looking to make a move into a luxury condo, get in touch with the best real estate firm in Montreal, LuxuryMTL. Browse through the enlisted properties in their website catering to different area and price requirements. Contact them for more information. Condos and houses have their own pros and cons.
Why settle in condos?
- Less expensive than houses: Less price means less monthly and down payment
- Less maintenance: Condo residents don’t have to take care of mowing lawn, painting exteriors, trimming hedges, pruning trees, cleaning gutters and shovelling snow which are taken care by HOA.
- Close proximity to amenities: Condos which are in downtown areas are usually densely packed and located close to amenities as opposed to individual houses which are located in distant suburbs. With condos there is less commute involved.
- Social connections: Since there are a number of units nearby and condos are densely populated, you get to interact with many. They can hang out together in common recreational amenities like gyms and swimming pool.
Luxury condos come with tennis courts, BBQ areas, club houses, jogging trails etc. Most also have concierge services like door man service and custodial staff.
Why settle in a house?
- Owning land: Since you own the place, you can create a garden, build a pool or host backyard parties.
- Self-expression: Condos are uniform and you can’t do anything about the exterior. House owners can alter the home however they want, choose their favourite paint color or put flowerbeds.
- Room to grow: When your family grows, you can create additional space for a room by knocking down walls.
- Accommodates life changes: HOA decides how many people stay in a condo unit. If you own a house, you can accommodate your guests as long as your want but with condos it isn’t an option.
It is not possible to point out that a particular option is better since each of us have different requirements during different phases of life. Prioritize your requirements and choose the housing type that works best for you.