There are many reasons why buying a condo could be the right choice for your first - or next - home.
One of the big draws of a condo purchase is affordability. The high density of most condo buildings, together with the number of developments in many areas of the country, means you'll find unit at a range of price points - often at a cost much lower than a single-family detached home. If you are a first-time buyer, a condo can be a good entry point into homeownership.
Maintenance of the common areas - such as clearing snow from walkways, cutting the grass, and vacuuming hallways - is taken care of by the condo corporation through the monthly maintenance fees that you pay as a unit owner. That means a lot less time and effort spent on doing day-to-day chores.
Many condos have enhanced security systems that the typical house can't match. These may include features such as double-entry systems, security cameras, two-way voice communication stations, and a 24-hour concierge. You may also have an intrusion alarm in your suite.
As a unit owner, you'll know exactly what your monthly maintenance fee is, which makes budgeting a little more predictable. Keep in mind that, as with any owned property, there may occasionally be larger projects to finance that require additional resources.
Condos typically are situated in highly desirable downtown locations or close to transit systems. This can be a real plus if you want to take advantage of urban activities or if you work downtown and want to live close to work or within an easy commute.
Amenities, such as fitness facilities and entertainment areas, can be a big drawing feature of some buildings. If you make use of these areas, they could save you money and will certainly extend your enjoyment of condo living.