Purchasing a condo can be a delightful decision, one that delivers a remarkable place to reside. They tend to increase in value, and that investment can help you earn equity. Condos can be rented or resold in most instances, but it is wise to review the bylaws of the building before you buy one. If you can’t commit to following those bylaws, you are setting yourself up for a less than wonderful experience.

condo myths and facts

There are many myths about condos that will be debunked here. If you have avoided considering a condo due to such myths, this information may help you see such structures in a new light. You should compare prices, see what is offered in specific neighbourhoods, and find a realtor specializing in condos for sale.

MYTH: Condos Aren’t Affordable

A big condo myth to debunk is they aren’t affordable. In many locations, a condo is more affordable than a home. Condos are offered in various places, with different amenities and different sizes. Some are about 600 square feet, and others are over 2,000 square feet. Some have one bedroom and one bathroom, and others have multiple bedrooms and at least two bathrooms.

The layouts in different condos are unique! It all depends on what you are after. For example, many people with children or older people prefer everything on one level. Others are fine with a two- or three-level place to live. There are even condos with a finished basement, offering additional living space or a home office.

Many factors influence the price of a condo. They include location, square footage, amenities, and building age. The current real estate market and the demand for housing also influence the selling price. It is recommended to work with a qualified real estate agent. They stay on top of new listings and can match what you seek with what is available in your price range.

Be sure to check out our First Time Buyer Guide, the Buyer Checklist, and Things I Wish I Knew Before Buying A Condo article.

MYTH: Condo Fees Are Outrageous

The cost of condo fees depends on the building and the amenities. The more amenities offered, the higher the condo fees. Newer buildings tend to have higher fees because of the construction and warranty extended with them. However, the chance of repairs and additional expenses above your monthly costs is low. A newer business doesn’t have much in the reserve fund yet, but there shouldn’t be a need for a high-dollar repair or replacement of anything.

Condo fees tend to be less than what the typical single-family household spends annually for maintenance and repairs on their home. When you evaluate it that way, it continues to drive home the fact that living in a condo is affordable and convenient.

MYTH: Families Don’t Thrive In Condos

A condo living experience is for more than just couples or single people. It is more common for families than you may imagine. A common myth is families don’t thrive in a condo. In reality, they usually have more space than in an average apartment. Plus, they can meet other people residing in that building. Families can thrive living in a condo, but make sure you can afford the one you select. Confirm the location is convenient for schools, activities, and commuting.

MYTH: Natural Lighting

With a condo, at least one wall will be shared with another unit. Some worry that this means less natural lighting for them. The design with newer condos ensures this doesn’t happen. They often have floor-to-ceiling windows, offering more sunlight to come in than you may have thought. Plus, this gives you a prime view of your surroundings.

MYTH: Controlling Heat And Air Conditioning

Almost all condo units have individual controls in them for heating and air conditioning. There are some exceptions. It is a myth that you are at the mercy of the condo board on what the temperature will be in your unit. Verify that the place you are interested in has controls in them that allow you to set them where you are comfortable.

Security Is Watching you

The security measures in any condo building are there to protect all that reside there. They are created to prevent those who aren’t living there or who aren’t invited guests from entering. They also offer safety and security when you come and go from the building. Security is watching to ensure nothing out of the ordinary is happening that could put you at risk. It should give you peace of mind to have that in place.

MYTH: Lack Of Storage

There is plenty of storage in the majority of condos. They are created with creative and unique storage options in place. Several of the condo buildings have additional storage on-site, too. This may be on the floor you reside on or in the parking garage. Sometimes, there is an additional fee for that storage. With other buildings, the storage is included in your monthly costs.

MYTH: Bylaws Are Too Strict

The bylaws for each condo structure vary, and a potential owner is responsible for asking to see them. Review them and make sure you agree with what they cover. Otherwise, living there isn’t a good idea for you. The bylaws are in place to help promote safety and harmony within that condo structure. Some locations are far stricter than others; work with your realtor to find a place that allows you to do the things that matter the most to you!

It Is Hard To Rent Out A Condo

If you live in your condo only sometimes, you may be fine with renting it out. Some bylaws in specific structures do make it challenging to rent it out. For example, they may tack on a deposit fee if you allow renters or the place is an Airbnb. Again, read the bylaws and know what you can or can’t do before buying the condo.