Many buyers associate the term luxury with a sprawling estate—or at least a single-family home—but are wary of the time and resources that must be put into maintaining such a setup. But what if you could live the luxury lifestyle with less maintenance? That’s the advantage of life in a condo or townhome. Here are a few others:
More Selection
The number of condominium units being built—many of which include ground-level townhomes as part of the complex—by far outpaces the number of detached homes. This means that you will have more options when you start your search. Eventually, single-family homes in the luxury market may become quite scarce in some urban centres.
Less Maintenance
Have you ever dreamed of having access to a swimming pool, high-end fitness centre and manicured green spaces without having to do any of the upkeep? That’s where condos and townhomes come in. Luxury amenities are usually part of the package, except you’re not on the hook for any of the maintenance. While condo or strata fees will be part of your monthly carrying costs—they partially cover condo maintenance—many luxury buyers find it a worthy trade off.
Community
Living in a condo building or townhouse comes with a very specific community atmosphere. When you share common spaces and neighbourhood hangouts on a daily basis, it’s almost impossible not to make friends. This is a great opportunity for families, or social couples looking to make new connections and enjoy the company of like-minded individuals.
Better Resale Value
In Canada, the luxury detached home market has been either declining or holding steady, depending on the part of the country. The price of luxury condos and townhomes, however, has been on the increase for almost a decade and shows no signs of stopping. With buyers increasingly preferring this style of living, there’s a better chance of finding an eager luxury buyer when it comes time to sell your own luxury condo.
