Condominium living is one of the most attractive city dwelling options, because of all of the conveniences it has to offer. Last week, Statistics Canada showed inflation falling, (1.3% in the quarter to March 2016), and the cost of housing is rising at close to that level (4.9 percent).
Inner city one bedroom apartments rents are rising, averaging $938.86 per month, generally in the range $800-1,150. Outside of the city center, rents are around 30% less. This is the reason many people are already considering buying a condo, rather than renting and paying someone else’s mortgage. Before you contact a broker, here’s an important question you need to answer: are Montreal condos the best option?
Is Condominium Living Right for You?
Personal preferences matter the most when it comes to living in a condominium. As they offer an entirely different environment from actual houses, it should be carefully considered whether this change will work for you. Here are some points to ponder.
- Do you commute long distances to get to your workplace on a daily basis?
If you work in the city and live outside of the metro, the everyday commute can really take a toll on you. Not only can it be exhausting, but it can also be a waste of time and money. Living near your workplace can be the best decision you can make as it can significantly improve your quality of life.
- Do you value everyday conveniences above all of your other preferences?
Some people don’t need much to be happy. Having convenience in their everyday lives can be enough for them to be content. Convenience is definitely one of the things living in a condo can offer as it puts you in a great location with everything within reach. Be sure to check the distance to the supermarket, restaurants, the park and any other places you need to visit regularly.
- Do you live alone?
Who you live with is also a big factor in the decision-making process. Condos have limited floor area, so you have to consider the comfort of your family before you decide. If you live alone or if you are newly married, a condo can offer you a great living space. A condo has less space to spread out in than a house, but there is less to clean and maintain. But if you have a large family, it may not be the best option.
- Are you willing to make small compromises?
Having a yard means you can enjoy a few hobbies at home like gardening or carpentry. Living in a condo, on the other hand, may not provide you ample space for such activities. You can always compromise, however. For garden lovers, a small indoor garden can be incorporated within the unit, and come condos have a balcony. Those who need a workshop can rent a different space or pick up a different hobby. It all depends on your willingness to compromise.
Condo v. House as an Investment
While condo units are great investment now, those who are more traditional in their financial views may not see it as such. This is why you should also consider whether you are willing to invest in a condo instead of just buying a house. A house will be more expensive and there is more of everything to buy and maintain.
If living in one of the best Montreal condominiums suits your needs and preferences, then start looking and shopping. Be sure to do your research first and look at all the different options before closing the deal. Buying a condo is a big investment so you have to think about it carefully, weighing up the pros and cons before making a decision.