Condo development in this region is really (really!) booming, and it’s making a big impact on our real estate markets. Lately, condos are becoming less about affordability, and more about convenience, luxury, lifestyle and, not to forget our three favourite words in real estate…location, location and location! Want to wake up each day and drink your coffee while enjoying the view over Georgian Bay, or perhaps just clip on those skis and be on the slopes within minutes? You’re in luck – because there are condos that can offer just that and more.
There are distinct differences when living in a condo compared to a detached home or rented apartment. We’ve outlined 5 tips to consider when purchasing your new condo in the Collingwood, Wasaga Beach, Grey Highlands, Blue Mountain and Meaford area.
Affordability is naturally a big deciding factor when purchasing a condo. Condos can be a great opportunity for first-time home owners to break into the housing market, especially considering the “stress test” regulations that continue to price some people out home-ownership. An affordably-priced condo can offer people the chance to build up equity and move on to a house down the road if that’s their goal. When buying a condo however, there are fees to keep in mind that can exceed the cost of the mortgage payments, suddenly pricing that condo way out of reach. Be sure to research the condo fees in each building you are considering, as these can vary widely. Don’t forget that when living in a condo, there are utility fees to consider, standard repairs to your unit, as well as possible fees for storage space or parking spots.
2) Luxury living
Although the price for a standard condo is typically less than a detached home in the same area, there are more luxury condos available now that can rival or well-exceed the cost of a house. Some newer condos, particularly in the Collingwood and Wasaga Beach area, boast 10’ ceilings, premium kitchens, large terraces, breathtaking views of the escarpment or Georgian Bay, elaborate landscaping, spa services and so much more. If you want to surround yourself with luxury similar to a stay in a 5-star hotel, it can all be yours…for a price of course.
Those condo fees are often put to good use when considering the many perks that condo living offers. Don’t have time, interest or ability to shovel snow, take the garbage to the curb, rake leaves, mow the lawn and wash the exterior windows? No worries! Those are included! Most condos also boast some fun amenities such as indoor (and outdoor) swimming pools, fitness centres, hot tubs, games rooms, gardens, party rooms, and more. When touring condos, take the time to see if those features are well-used, and if not, find out why.
Are you active and energetic, looking to meet new people? Are you retired and seeking a quiet, serene space? Whatever your ‘scene’, many condos tend to have a bit of a focus to their demographic so that like-minded people can share their common sense of community more easily. Always be sure to ask about the condo demographic you’re investigating so that you’re sure you find a space that is most suited to you and your lifestyle. If you have children for example, make sure it’s a kid-friendly environment. It’s also important to note that a condo may have specific rules and regulations that may directly impact you. For instance, some may ban or limit things such as clotheslines, smoking, BBQs, bicycle racks, guest parking or renting out your space ‘Airbnb’ style. This is another great reason why doing your research and talking with your REALTOR® is essential before you sign on any dotted line.
5) Social life
Most condos have opportunities for owners to meet each other and socialize. There are regular coffee groups, happy hour, cards or games events, holiday celebrations, and overall, a great sense of community for those who wish to partake. If you don’t find a group or event that suits you, there’s no reason why you can’t start your own fun club or social group if there are others who are also interested. Like all things in life, it’s what you make it. If socializing in your building doesn’t suit you, that’s totally fine too; it’s up to you.
As you can see, the purchase of a condo isn’t just about an investment; it’s a lifestyle decision as well. If you are contemplating whether a condo is right for you, be sure to talk to us and find out more about the amazing condominiums right here in Collingwood, Wasaga Beach, Grey Highlands, Blue Mountain or Meaford. Our experienced REALTORS® have been helping people buy and sell condos in this region for many years, and we keep up-to-date with all the latest developments in the works. We want to help you make an informed decision, so be sure to connect today at 705-445-7085.