If you are looking to relocate to Hamilton, you must be asking yourself whether it is more feasible to buy a condo than owning a home. In this guide, you’ll find out why you should choose a new condo in Hamilton over other housing options. But before that, let’s find out the answer to a basic question, what is a condo?
What is a Condo?
Used as a short form for condominium, a condo is a type of living space similar to an apartment in a mid-rise or high-rise building. However, it can be independently sold. Condos can also be townhouses, separate dwellings, or duplexes. What is important to understand about condos is that they are a form of legal ownership more than a type of construction.
A condo complex is like a community, in which a condo owner also owns some part of the exterior property as well as the common areas of the community. A monthly maintenance fee is payable to care for the common areas and assets.
The three main types of condos on the Hamilton real estate market include resale condos, new or pre-construction condos, and renovation condos.
Why You Should Choose a New Condo in Hamilton
Helps You Save on Commute
Location is one of the most significant reasons to buy a condo. Living near your place of work results in significant cost savings. Condos are typically found in better locations than detached houses, such as business centres and downtowns. Since you should easily be able to find one near your office, you won’t have to face long commutes to get to work. Thus, your transportation costs will reduce by a substantial amount.
The savings may look insignificant, but the incremental savings add up to massive amounts when you analyze them at the end of the month. More and more professionals, including those of the Greater Toronto area, are preferring Hamilton condos as a result.
Maintenance and Security Are Not Your Headache
It’s true that detached homes come with a lot of flexibility in terms of what you can do with the property, but then they also bring an outrageous number of responsibilities, where you have to take care of every inch of the property yourself as well as manage security.
Some homeowners don’t have the time to handle and manage cleaning and maintenance. It can also be a huge inconvenience if most of their time is spent in the office. If this sounds like you and you’re comfortable with sharing some of the facilities with others, condos are one of the best housing options for you.
They are designed to offer maximum efficiency to owners. You get the same amenities, and in many cases, luxury facilities, but you need not worry about security or maintenance. This is because condos are managed properties that are taken care of by the building management. They’ll ensure regular maintenance of the exterior and common areas, including the swimming pool. However, you’ll only need to pay a small maintenance and security fee on a monthly basis.
You Are Part of a Community
Relocating to a condo means you’re joining a group of people who may share the interests with you. What strengthens the bond between families living in a condominium complex is the sharing of the same living environment and public facilities.
If you can look for a condominium complex with residents working in the same industry as you, you’ll never regret your decision.
Pricing is Stable
In the highly volatile real estate market, condos are an ideal housing option. This is primarily because the value growth of condominiums is more predictable and restrained. Their values follow their own path and grow independently of the changes in the rest of the real estate market.
Furthermore, condos are a great investment, in the long run, due to their sustainable growth. It’s true that you won’t be able to exploit price hikes, and you will be safe from the risks linked to market volatility.
Now that you know what a condo is and why you should consider them, it’s time to go ahead and make that critical purchase decision. However, before you proceed to buy a new condo in Hamilton, you must first examine your financial position and analyze it to make a rational decision.
Hamilton is a great city in which to buy a condo. It is a great city for all individuals, including art and history lovers and art enthusiasts. The Niagara Escarpment, for instance, offers tremendous hiking opportunities, while the numerous heritage sites are a perfect setting for history-related tours for those looking to expand their knowledge.
In other words, owning a condo in Hamilton means everything you need, including the amenities, should be right outside your front door. Once you’re ready to buy a new condo in Hamilton, get in touch with LJM Tower!