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February 15, 2024

Thinking of Buying A Condo? A Few Things to Consider....

Condominiums are popular in densely populated areas where land prices have skyrocketed. Condo ownership can be a very different experience compared to a detached home or townhouse. As a condo owner, you are also a business partner with the condo board or homeowners’ association and you are financially responsible for its operations. An appointed or elected board of directors represents you and governs how the condo is managed. While condo ownership comes with a number of conveniences, there are also compromises that come from a communal living situation. As such, it’s important that you understand the give and take that comes with condo ownership. Take these three points into account before making your decision.

Monthly Fees
Periodically, often every month, condominium or homeowners’ association fees are due that will be put towards, among other things, maintaining the common elements of the building. This is a shared cost split among all residents to cover public services like amenities, landscaping, snow removal, cleaning, security, and repairs. Utilities may or may not be included. You could be held partially responsible for damage to common elements or structures, regardless of your involvement in their destruction. Does the condo have a healthy reserve fund to cover unexpected major expenses and planned long-term maintenance and upgrades? Condo fees can be a double-edged sword. On the one hand, you can enjoy lavish amenities and avoid shoveling snow at six in the morning, but on the other hand you could be held accountable for the actions of your neighbors.

2. Lifestyle

If you took a suburban neighborhood, stacked it vertically, and tightened the gaps between houses, the result would be a condo. They appeal to particular lifestyles, so it’s important that they mesh with yours. With close quarters and adjacent units, there is less of an expectation of privacy and perpetual silence. With that being said, if you’re new to the neighborhood and looking to develop social ties, this living situation may be perfect for you. Many condo boards or homeowners’ associations organize events and encourage social interaction between neighbors. Amenities can include but are not limited to a fitness centre, concierge, pool, terrace, theatre, sauna, games room, rock climbing wall, playground or bowling alley. These public elements can be a tremendous addition to your living space with unrivaled convenience. However, the more and better the amenities, typically the higher the condo fee, so evaluate the amenities and whether or not you will realistically take advantage of them.

3. Bylaws and Rules

Before signing anything, be sure to familiarize yourself with the condo’s bylaws and rules. The board is free to set rules so long as they can demonstrate that they are protecting the property and its value or the welfare of other residents. Depending on the bylaws, you may have restrictions on pets, how many occupants can live in your unit, noise, parking, the ability to rent out your unit to long- or short-term renters and renovations. Even though you may own your unit, the board may have a say in your renovations and may even dictate style choices. As with anything, it’s important to fully understand what you’re getting into.

Many people find comfort knowing that a lot of the responsibilities that come with homeownership are handled by the association. When a condo is well managed, it can be a very accommodating living experience. Thus it’s important to know who you are going into business with to avoid surprises after you sign on the dotted line.

As always - please feel free to contact me with any of your real estate questions.

Cheers

Paula

January 15, 2024

Thinking of Moving to a Smaller Home?

3 Tips to Upsize Your Happiness When Downsizing Your Home

Don’t take the term “downsizing” as negative. When it comes to our home, it’s not unusual to think that trading in for a smaller space is somehow a step backwards. Instead, consider this transition as “rightsizing” – strategically aligning your living situation with your lifestyle. Following are three tips to help ensure that just your home and not your happiness gets downsized.

Establish your reason for downsizing

Downsizing is often motivated by practical or financial reasons. Smaller homes tend to require less upkeep, which is why downsizing is appealing when there are fewer people living at home. A smaller home often appeals to those who want to simplify their life. A smaller home can also be less expensive, so those who are retiring or looking for more disposable income may seek to downsize. Regardless of the reason, what’s important is that you understand why you want to downsize so that you can dispel the doubts that tend to surface with any big move. Knowing your “why” will also help when it comes to home searching, as financial and practical motivations don’t always go together. For example, a condominium in the city can be very low maintenance, but the associated fees can make it a less budget-friendly option. Understanding why downsizing appeals to you can help you make an informed decision that perfectly matches your expectations.

Calculate how much space you need

Moving all your current possessions into a smaller space can make it feel cramped very quickly. As you downsize your home, you should do the same to your belongings. Go through your home room by room and purge anything that’s nonessential. The kitchen and the bedroom are notorious culprits for excessive clutter. Next, take stock of any unused or excessively bulky furniture. An oversized bed frame or sectional sofa may look great now, but a smaller space requires more appropriately sized furniture. Replacing furniture can be a significant hidden cost when downsizing, which is why knowing ahead of time what will fit in your new space can help you stay on top of your finances and maintain peace of mind. You may be surprised to find that having fewer but more meaningful possessions in your home can be quite liberating. Once you know how much space these possessions require, you can calculate the minimum amount of space you will need and work from there to find your ideal home size.

List your trade-offs

Downsizing doesn’t have to mean “less”. At one time, a fourth bedroom and a finished basement may have made sense, but now you may find having a renovated kitchen, a walkable neighborhood or a shared pool to be an acceptable compromise. Next, outline what you will be giving up with the move. Whether it’s the memories associated with big gatherings at a family house, or your spacious yard and beloved garden, consider the emotional impact of the decision and weigh it accordingly. Once you have a completed list, you can evaluate the move and identify potential issues before they arise.

Downsizing can be a simple living adjustment, and with more people becoming lifestyle conscious, it’s an idea that’s gaining traction. Size isn’t the only consideration; what matters most is that you feel content with where you live.

As always - please feel free to contact me with any of your real estate questions.

Cheers

Paula

January 1, 2024

Welcome to 2024!

Thank you for taking the time to stop by my website. I look forward to keeping you updated with the latest trends, buying and selling tips, and real estate information in our area. I hope that you find what I share helpful.

If you are in the market to buy or are thinking of listing your home I am here as your trusted real estate professional for all of your real estate needs.

Is there a topic that you would like more information on? Send me a message - It may be the subject of my next post!

Here's to 2024! May it be our best year yet!

As always - please feel free to contact me with any of your real estate questions.

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