ARE YOU CONSIDERING A CONDOMINIUM LIFESTYLE?

Condominiums are becoming an increasingly popular form of home ownership in the Victoria area. Many purchasers are choosing condominium living to gain the advantages of home ownership while others seek freedom from the yard work and other tasks normally associated with owning your own home.

If you happened to be one of the many individuals making the switch to a condominium lifestyle, it is very important that you prepare for the experience. The following checklist outlines several factors that you should consider.

WHAT ARE THE ADVANTAGES?

Condominium living versus renting:

• Protection form arbitrary rent increases.
• Freedom to decorate an interior unit to reflect your taste.
• May be more secure because of permanence of owners.
• Singles, couples, or small families may move up from a rental apartment to a condominium before they take the next step in purchasing a single-family home.
• Social activities and a sense of neighbourhood normally develop because of the permanency of residents.
• Opportunity for moderate and middle-income earners to purchase their own homes.

Condominium living versus a house:

• Elimination of many of the problems normally associated with home ownership, such as upkeep and maintenance.
• good transition home for "empty nesters" who wish to give up their larger family home.

Condominium living can benefit everyone:

• There is a range of prices, locations, structures and sizes from which to choose.
• There may be amenities such as swimming pools, saunas, hot tubs, exercise rooms, sun decks, etc. for you to enjoy.
• The potential for growth in equity.
• Pride in home ownership.
• Greater security because of controlled entrances.
• Can be an investment opportunity for profit if carefully selected.
• Elected council is responsible for many business and management decisions.
• Participation of owners in the operation of the development which may include budget setting, approval, determination of rules or bylaws, etc.

WHAT ELSE SHOULD I CONSIDER?

• Adherence to the rules and bylaws may seem restrictive.
• The maintenance and operation of amenities, such as swimming pools and tennis courts, are costs you should consider, especially if you have no intention of using them.
• Management of the condominium corporation may be performed by the owners who are also volunteers and may or may not have the appropriate skills and abilities. Conversely, many owner-managed complexes are better cared for because of the owners' vested interest.

After careful consideration of the items listed above, you should have a better idea of whether the condominium concept is right for you. The lists are not all-inclusive, but are a starting point for your investigations.

If you are seriously thinking about purchasing a condominium, be sure to enlist the services of a REALTOR®. A REALTOR® is a highly-trained, real estate marketing professional who has up to the minute listing information on available condominiums in the price range and location of your choice.

Provided by the Victoria Real Estate Board forthe information and benefit of consumers.

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