| Oct 28, 2020
Toronto’s skyline has changed dramatically over the last couple of decades, now lined with shimmering glass condominium communities that stand as a beacon for the best the city has to offer – culture, entertainment and excitement, mere steps from your front door. We already know that condominiums and townhomes are a top choice among first-time home buyers thanks to their affordable prices and coveted central locations relative to their single-detached counterparts. But condo living is also gaining interest from established homeowners who are seeking to downsize their home without downgrading their lifestyle. Here are three important benefits to consider in the search for a smaller, but sweeter, home.
Location
The old real estate adage, that location is everything, holds true. Your home’s location impacts everything from the price you’ll pay for it (and the resale value when you sell) to your work commute, social life and recreational pursuits. Prime location come at a premium price, which is why many people are gladly sacrificing some square footage in favour of a location that includes access to shopping and services, parks, schools and community centres, bars and restaurants, employment, medical and dental offices, access to highways and public transit. A great location will not only improve your quality of life while you live there, but it will always be in high demand on the resale market too.
Features
When it comes to the actual home, what you’re lacking in size, you can more than make up for in quality appointments. Since you’ll have less square footage to buy and maintain, you should have some budget for the upgrades you’ve always dreamed of, whether they come with the home or you incorporate them later by renovating. A modern kitchen with gourmet appliances, and a luxurious bathroom will pay off in spades, but also look for features such as custom built-ins, which are a great way to maximize the space and your ROI.
Lifestyle
Apart from their great locations and second-to-none style, condominium suites and townhomes offer a unique lock-and-leave lifestyle that frees up time for owners to enjoy the finer things in life, such as world travel or quiet reflection at home. Shovelling the driveway, lawn-mowing and landscaping, and lugging trash to the curb are things of the past. Add to this access to five-star amenities like a pool, gym, tennis court, rooftop patio, lobby and in the right building, a concierge to tend to your every need and whim. And in many cases, residents don’t even have to leave their building to shop or dine.
The city is full of these shimmering gems, and if you’re in the market and looking to downsize your space, the Toronto condo market is ripe for the picking right now. Before you start to home hunt, determine your needs and wants in your new home, based on your lifestyle and budget. Keep and open mind, and work with a trusted real estate professional, who can help you find just what you’re looking for.