House or condo—it’s a decision most often driven by finances. Many young families elect for condo life when houses in their desired neighbourhoods prove too expensive. The big backyard and white picket fence is out of reach and thus a condo close to work, at a discounted price, makes a lot of sense.
As well, some empty nesters choose to downsize from their large suburban homes to be closer to their kids or because maintaining a house has become too much work. The reasons are many—as are the options.
Condos units come in a range of sizes and types, and what many buyers fail to realize is that the year a condo was built, and its stature plays a large role in what kind of lifestyle you can expect. Wo which condo is right for you and your family? That depends on what you’re looking for.
Maximizing Square Footage
Some families adjust easier to condo life than others. One of the major challenges for families who are adjusting to condo life is a lack of personal space. Take a four-person family for example; a typical square footage for a modern 3-bedroom condo is between 800-1000 square feet.
117 Peter Street, a 2016 built condominium, is a great example of what to expect. 3 bedrooms in this residence come in at just below 900 square feet. That’s not a lot of space for a family of four, though many families make it work without issue, and that can present unique challenges for families with young children or older kids of high school and university ages.
In comparison, and for almost the exact same price as a 3-bedroom unit on Peter Street, 3 bedrooms at 1001 Bay come in at 1400 square feet. The key distinction here; 1001 Bay was built in 1990.
Older condos are an ideal choice for families or any buyer or renter who wants to maximize square footage. Amenities are well maintained in older residences because of maintenance fees—there’s really no sacrifice for an older condo. If you’re set on a condo and the want the most square footage, choose a building that was constructed pre-2000.
Choosing The Best Condo Type
Lofty, condo, or townhome? It’s a question of lifestyle. Lofts are open and not always the most functional units—they do make for great investments. As an investor, your loft will be rarer than a condo or townhome and will be resilient against sudden changes in the supply in demand.
Condos offer more choice in a given location. These building are larger and therefore have more units than a loft or townhome. They’re also common, so if a building in your dream neighbourhood is full, you can probably find something comparable around the corner.
Townhomes are usually the best choice for families, but they don’t necessarily offer the most square footage, and amenities aren’t included, so you won’t have the rec room or the gym to distract and entertain kids and guests.
If you’re an investor, pick a loft. A family—choose a townhome or older condo. If location is top of your list, a modern condo might be the right fit.
Do Amenities Matter?
From an investment standpoint, it’s not clear what value amenities will add to your investment from a dollars and cents perspective. Amenities have become standard in all new condos and a vast number of new buildings feature a laundry list of extras.
Do amenities matter? Yes. You pay for amenities through condo fees, regardless of if you use them. It’s essential to think proactively about what amenities you would utilize, and which would add little value to your life. Common features such as parking and an on-site gym are expected in most condo residences and are less common in lofts and townhomes.
If you’re trying to budget, it’s wise to avoid a building with extensive amenities as those common areas will require maintenance as the years go on leading to higher fees. A mid-rise or boutique residence is likely to have a better curated list of amneites, and lower fees.
