Condos are generally more affordable than single family houses. If you’re still undecided about whether to check out houses or condos in Montreal, here’s a list of reasons why you should pick the latter instead:
You’ll pay a lower downpayment.
In Montreal, you can own a 2-bedroom duplex for $440,000 but you can get a 2-bedroom condo for around $300,000 in a good location. Downpayment varies but the lowest is around 5%. That means if you pick a condo over a house, you’ll fork around $15,000 for your downpayment and you’ll already be able to move into your new home. You’d have to set aside three times that amount if you choose to live in a house.
Its value will increase over time.
Right now, it’s a buyer’s market in Montreal so you’ll be able to buy a condo at a bargain. If you’re considering it as a long-term investment, it’s highly probable that the value of your condo will go up due to the desirability and improvements of the building itself. This is particularly true if you buy before the building is completed. Its market value will increase once all the amenities and facilities of the building are available.
There are several amenities you can use.
Condos have amenities not available in single family houses and duplexes. They usually have swimming pools, a fitness center, a spa, a playground and some cafes. You’ll have to pay condo fees for the maintenance of these amenities but you also get a lot of benefits in return.
The location is very convenient and is often close to your office or school.
One of the main reasons people choose a condo is because its location is very convenient for them. Most condo buildings are near the city center so that means you’ll be close to your work or school, and don’t need to commute for an hour each day to get to where you need to go. Condos are also near supermarkets, malls, theaters, parks, children’s playgrounds and restaurants.
It requires little maintenance.
With a house, you’ll have to mow your lawn, clean your yard, fix your plumbing, and do other maintenance tasks. But when you live in a condo, the condo management will take care of all these for you. Of course, you’ll need to pay the condo fees but it’s a small price to pay and it will save you from having to spend hours maintaining your home’s exteriors. Not to mention, it will spare you from a lot of headaches.
Some people prefer living in a house but others would much rather live in a condo. If you think that choosing a condo gives you more benefits than a house or townhome, start searching for your dream home and prepare for it well. That way, you will be able to find a really nice place for you and your family at a price you can afford.