Condo Pro: Your First Condominium Suite

By Barbara Lawlor

We read a lot in the media recently about first-time home buyers and how important it is to get as much information as possible when making this all-important lifestyle step. There is much to learn about becoming a homeowner, and many of those entering the marketplace today are selecting condominiums. First-time condominium buyers, however, may not necessarily be purchasing their first home. They might be young couples, single professionals, families, empty-nesters and retirees who have owned freehold residences in the past.

Why such a diverse condo market? For baby boomers who are stressed from keeping frantic work schedules, the idea of eliminating home maintenance from their lives is appealing. Others may be moving down from a large home and looking forward to being able to close the door and leave when they travel. The benefits of buying condo for them include selling their existing homes and investing some of their equity into an easier, more compact lifestyle. Actual first-time buyers often select a condominium for its relative affordability. Over the past few years, condominiums have opened up the new home market to those who would rather pay a monthly mortgage payment than rent, but who find the prices of low-rise homes unattainable. At Baker Real Estate, we even hear from some that they can own a suite for less than they would pay in rent for an equivalent apartment in the same area.

First-time condominium buyers can also be families with children. These purchasers appreciate the convenience of having amenities right under their roofs, as well as security systems and a concierge who has “eyes on the street.” With condominiums available across the GTA as well as downtown Toronto, they can live close to a wealth of entertainment venues, shopping, schools, parks – whatever they need to round out their lifestyles. Having maintenance taken care of means that parents have more time to spend with their children. Today’s builders are accommodating this market with larger two- and three-bedroom layouts that maximize space. Some developers are even adding play areas and other kid-friendly amenities in their buildings.

Another segment of condominium purchasers involves luxury-lovers who move up to a larger, more opulent suite or penthouse. Those who have a second or vacation home down south may find it easier to travel from a condominium than a low-rise home. They can simply lock the door and leave without worrying about lawn maintenance, pool chemicals and the like. Many of these sophisticated buyers enjoy the theatre, symphony, culture and the arts in general. The idea of living within walking distance or a subway or GO Train ride from outstanding amenities might fit in beautifully with their goals.

Whether the condo choice has to do with price, the desire for a more carefree lifestyle or moving down to a more manageable space, buyers must realize that buying condo is different from purchasing freehold. Even if it is your second or third home purchase, the decision to buy your first condo involves just as much homework and consideration as when you started out.

Barbara Lawlor is president of Baker Real Estate Incorporated and an in-demand columnist and speaker. A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in the GTA and overseas. Keep current with The Baker Blog at blog.bakerrealestate.com