One of the big questions you may ask yourself when purchasing your new home is whether you prefer the benefits of a condo fee home or one that has more work, more risk and no condo fees. The answer may not seem clear at first. However, after you’ve weighed the pros and cons of both sides you may feel that a home with condo fees offers the best experience when purchasing a new home!
As part of our Condo Fee Academy Series, we are going to explore the benefits of buying a condo fee home.
Savings
One of the first benefits impacts the pocketbook directly. By living in a condo fee home you will benefit from reduced monthly expenses for property insurance and taxes. In addition, you are less likely to have surprise unexpected costs from future repairs and ongoing exterior maintenance. While living in a condo fee home, a reserve fund is set-up and maintained to cover any repairs and maintenance.
Investment Security
It’s important to know your new investment is safe and will stand the test of time. Bylaws are in place to keep your new investment protected, leaving you to enjoy your new home worry free. Adversely, living in a non condo fee home could hurt the resale value of your home if the neighbors have not kept up with the maintenance of their home.
Maintenance Free Lifestyle
Maintenance Free LifestyleAre you tired of shoveling snow or cutting grass? Do you often go on vacation? When you live in a condo fee home, you can truly lead a lock and leave lifestyle and leave the maintenance to the professionals. Spend your time on what matters most to you without having to worry about these things.
Pride of Ownership
Pride of Ownership There is a certain sense of pride in owning your own home and your condo fees will help in ensuring a consistent and properly managed community. Without bylaws enforced by a condo board, unfortunately the character and consistency of your community isn’t guaranteed.
Curb Appeal
A reserve fund and professionally managed condo board is there to ensure timely maintenance of your home. This ensures a properly maintained home which translates into strong curb appeal.
Monthly Costs Breakdown
As discussed above, one of the popular benefits of a condo fee home are the savings and how they can directly impact the pocketbook.
Here’s a breakdown of the monthly costs between a condo fee home and a no condo fee home:
Condo fee homes provide a tremendous amount of savings when viewed on a monthly basis. Condo fees help to maintain the value of your home and your neighbours’ homes through comprehensive insurance and proper quality maintenance. As an added bonus, you’ll save a huge amount of time and money by never having to buy or use a shovel or mower!
The choice is yours. If you’re looking to feel secure, enjoy more time doing the things you love and lead a lock and leave lifestyle, a new condo fee home is your best choice!