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From A Woman's Perspective: March 15th, 2025 “Condo Considerations”
Over the past couple of weeks, we have been examining the various property options available to seniors thinking about trading in their oversized empty houses for a place that meets their longer-term health, wellness and lifestyle needs.
So far I have shared the pros and cons of renting as a senior, various property types that one might consider buying, and a few out of the box solutions that you might not have heard of. These past blog posts can be accessed on our website, smartrealtysolution.com/blogs to revisit.
I’ve also shared that while many downsizing seniors have reluctance to buy a condo, this property option can often be a safe, affordable and convenient option. Today I’d like to delve into some of the common misconceptions I hear from clients about buying a condo.
- Condos are all tiny shoeboxes in the sky.
This myth can easily be dispelled once you understand that the term “condo” does not just mean an apartment; condos can be townhouses, bungalows, and yes, apartments. But even within the condo apartment category, sizes can range from under 500 sq ft to 2500 sq ft or more! For many of my clients, around 1200 sq ft with two bedrooms and two bathrooms is more than enough, and luckily this size of condo apartment is readily available.
- Condo maintenance fees are unaffordable.
Admittedly, paying monthly maintenance fees is a mindset adjustment for many detached homeowners, especially if you have been mortgage-free for some time. But just as the size of condos varies widely, so too do fees. As a matter of fact, one of the determining factors of the monthly maintenance fees will be the size of the unit you are buying. Other contributors will be the age of the building, the amenities that are provided, and the utilities that are also included in the monthly fees. For example, I have a 1385 sq ft, three bedroom condo listed for sale right now, and this includes water, heat, air conditioning, electricity, internet, cable tv, upkeep of the grounds, snow removal, garbage removal, fitness and recreation facilities, guest parking, etc. At 85 cents a square foot, this seems like a small price to pay for somebody else to take care of all these things for you. One cheque a month, and it doesn’t matter whether you are in Toronto or Tripoli, the place is being taken care of by somebody who isn’t you!
- Condo fees can be increased at will by condo boards.
Here’s another easily dispelled misconception: the condo board that deals with budgeting, rules, and building improvements is not some outside professional organization, usually, but a group of volunteer residents. They are there to ensure everyone’s best interests are taken into account, and since they live there too, they aren’t going to arbitrarily raise condo maintenance fees in a willy-nilly fashion. They are going to practice fiscal responsibility and be accountable to the residents because ultimately this is in their best interest, too.
- Conds don’t allow pets.
Pets, smoking and BBQs are all policies that individual condo boards decide on for themselves. There are very few condos that ban pets outright, with most placing some kind of restriction on the number of pets, or the size of the pet, particularly dogs. For example, some condos require your dog to be under 25 lbs - I guess they are hoping you’ll carry Mr. Mugs through the lobby and not scare people in the elevator. Being a conscientious pet owner, or tobacco enjoyer, or BBQ pit master all require some consideration of your fellow residents.
- Condo purchasers really don’t know what they are getting into financially when they buy.
For downsizers who have no experience with buying a condo, there can seem to be a bit of mystery surrounding the inner workings of the condo corporation. But rest assured, every single condo I purchase for a client has had its budget, reserve fund, rules and regulations carefully vetted by a real estate lawyer prior to firming up. Your lawyer will look for evidence of good fiscal stewardship, the trend of increases to maintenance fees, and several other potential red flags before giving you the green light.
If you’re intrigued by the option of owning a condo, why not check out two free resources available through our website, smartreatlysolution.com.
- Join us on Wednesday, March 26th at 4:00 pm for our virtual condo tour. We’ll take a zoom tour through 8 condo properties currently listed to get a better understanding of size, price, amenities and other senior-friendly features. Register even if you can’t make it, and we’ll send you the recording to watch at your convenience.
- Request your copy of the accompanying workbook, “Condo Considerations” available for free from our website or by calling me, Sharon, at 416-460-5636.
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Marilyn Wetson's "From a Woman's Perspective"
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