Condominiums at the Top of the List for Affordability
Living in a condo is all about life style – but also about affordability. You’ve probably heard this phrase in the past, but what does it mean to you? With our economic situation the way it is in Alberta, and with costs rising at the same time, people are looking for ways to maintain their “life style”. Owning a condo is one way of maintaining your life style in an affordable manner not to mention being a wise investment.
So, just how does owning a condominium fall into the category of being affordable? The most obvious answer is the purchase price. For the last quarter of 2016, the average price of a single family home in Calgary was $549,521. Now compare that to the average price of a Calgary condo for $295,311for the last quarter of 2016. But don’t let the “average price” fool you as there are many condos for sale in our city for less than this price! Combine these low prices for condos with low mortgage rates at a fixed rate, and you will be able to meet your monthly budget with ease.
However, remember to take into the account the “condo fee” as you search through condos that are on the real estate market. Condo buildings in Calgary are either “self-managed” or “professionally managed”. There are some great deals to be found in condo fees out there. These fees usually include maintenance such as snow removal and lawn care plus water and heat. However, if you are willing to look around and compare condo fees, some of them even include electricity! And, it is possible to get all of these “goodies” in a self-managed building in Calgary at a lower condo fee. You just have to keep going through the listings of current condos “for sale” in our city.
Outside of the obvious lower purchase price and condo fee, there are many other ways in which living in a condo will save you money. And who doesn’t want to save money? Here are some examples of how condos will help you live within your budget and help your to maintain your life style.
First and foremost, if you choose a condo in the inner city of Calgary, restaurants and outdoor leisure space will be right at your door while the benefits of easily walking to work cannot be overstated! And shopping for whatever your need or want will be right down the street. In fact, perhaps, you might want to even get rid of your car as some monthly car payments for vehicles are just as much as rent! Not only is your car payment costly, but even more money is spent on insurance and gasoline for your vehicle. But, even if you didn’t want to give up your car when you own a condo in Calgary’s downtown core, you can get rid of your monthly transit pass. At the approximate cost of $100.00 per month per person, this alone would be a substantial savings annually.
Yet another savings that condominium living offers you is that usually all condos these days have an exercise room. Just think of those fees that you pay to use gym facilities. Those fees can be very costly! Then, think of having those gym facilities for “free”. And, not only that, but the gym facilities would be right there in your building. There would be no more traffic with which to deal not to mention bad weather. As a condo owner, your gym is now in your very own condominium building. How great is that?
Still another advantage that most condo buildings have currently is a car wash. You have the opportunity to have a clean vehicle every day…if you want. Think of all the dirt and grit that gets on a car in city driving? Also, in the winter, salt is detrimental to any car after time if it is not regularly removed. And we all know what winter can be like in Calgary! So, having your very own car wash for “free” will save you lots of money every year.
Room Mate Option
A final consideration for affordability in condo living is to purchase a larger condo with the idea of “renting” it out to a roommate to help pay for your mortgage. Your mortgage payment would substantially go down with such an arrangement as the rent from your roommate would go directly on your mortgage. Why not have your mortgage paid off sooner than expected with the help of someone else? So, then perhaps, you’ll want to look for a two bedroom condo rather than a one bedroom one. Plus when it comes to selling your condo, the value of a two bedroom condo will have increased more in value than if you had purchased a one bedroom condominium.
As condominiums are very affordable and offer great value for your dollar, you will be able to maintain your life style. And, you will be able to meet your monthly budget with ease. After all, affordability equals lifestyle.
Wouldn’t you agree?