Because of the rising costs of houses these days, Toronto real estate developer Louie Santaguida has said that there will be a higher demand for condominiums as they are much cheaper and convenient, especially if you work in the city and want to live near your place of work.
With that being said, if you are a first time condo buyer, there probably are a lot of things that are going through your head, dreaming about your easy, city life. But living in a condo within a budget has certain demands, including some things you need to give up in order to get your own place without throwing your life savings at a costly house.
Forget about a parking space.
First of all, think long and hard if you really need your car. You’re living in the city, walking distance to your place of work, places to eat, stores, etc. You need the exercise, not the parking space.
Remember that square footage is just a number.
Don’t focus too much on the number determining the size of the unit. Instead, consider the actual living space – which leads us to the next thing you need to take note of:
You don’t need a separate dining area.
This is especially true if you are on a budget. As long as you have your couch and your kitchen in addition to your bed space, you’re good. You can eat on your couch, at your kitchen counter, or on your bed, whatever pleases you, but an actual dining area is a luxury.
A den is unnecessary, if not completely useless.
You are considering living in the city because, most likely, you want traveling to work to be more convenient. Unless you are working from home, you don’t need a den to be made into your office or a walk-in closet, or an extra, unnecessary space for you to store your things in.
Outdoor space is a luxury.
A balcony usually demands additional costs, so it’s definitely not something you need if you are a first time buyer just looking for a place to stay in the city.
Amenities are ussualy inckuded in your maintenance fees however, these are shared spaces so privacy at the gym, pool or yard is unlikely.
A good view is another luxury.
If you want a good view, a unit that offers one costs more, so you will need to skimp on the actual living space. Again, a good view may be nice, but it is a luxury and you need to prioritize what you need over what you want when living within a certain budget.
These are the things you may need to give up if you want to live in a condominium. Not every convenience is handed to you, but you are given what you need for a life in the city.