Why you should consider buying a condo when you retire

For some the idea of having to commute to their car (via elevator) and having someone living above, below and on either side of you is the definition of torture. Today we are providing the balance to your “condos aren’t for me” list.


Here are 5 reasons buying a condo might trump a house when you retire:

1 - Lock the door and walk away: Like to travel? With a condo you don’t have to worry about the snow piling up on your roof or if that flash flood ended up in your basement. Safe and secure, a condo is as close to worry-free living as you can find.

2 - Fewer surprises: We advise homebuyers to set aside a maintenance fee to take care of the expenses that pop up with owning. Unfortunately, surprises pop up and those funds aren’t always ready and waiting. With a condo you pay a monthly maintenance fee and a regular (every 2-3 year) reserve fund study is conducted to make sure the funds are in place to cover repairs as they arise.

3 - Budget friendly: Along with the maintenance fees to take care of the building, often there are utilities covered as well. Water, heat, hydro and even cable are included in the monthly fees for some buildings making these expenses easier to budget and pay for each month. Building insurance is also built into the maintenance fees meaning your insurance for your unit will be much less than it is for a freehold house.

4 - Amenities: Many buildings have a lobby to receive guest, underground parking, an exercise room, a meeting room and an outdoor rooftop or garden for residents to enjoy. Get rid of that home gym and let someone else maintain the equipment. Forget having to clear snow off your car before you head out. Pick a building with a concierge and your packages can be received even if you aren’t home. Freedom comes in the form of building amenities.

5 - Layouts for all types: Worried that a condo means a tiny shoebox in the sky? Consider an older building (or a co-op or co-ownership. Sure, the definition of den has taken a dramatic shift towards the absurd in modern buildings, but the stately buildings from the 20th century offer more space and a more traditional layout that is often more appealing to those moving from a house. There are even two level condos that feel more like a house than an apartment. Sure, you can still fulfill that dream of living in a funky industrial loft conversion or on the 67th floor with views for days. There’s a layout to suit just about anyone.

Ian Campbell
" The Guy In The Kilt "
ASA- Accredited Senior Agent
Sarazen Realty, Brokerage Ambleside Drive Office