Quote:
Originally Posted by On Edge
What are the issues you have had with condo living? I am thinking of dumping my house and going condo in a few years.
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There is a great chapter in the book "The wealthy Barber" comparing condos to freehold. I will say I have never owned a highrise condo but have owned a three story walk up type condo along with a garden home type condo. There are advantages to condo living and especial if you are older, travel a lot, or just getting into the ownership game but it all depends (IMO) on the board management. You can have boards that take all the fun out of living there or you can have boards that are under financed in regards to reserve funds but you can also have the opposite where it's fun, responsive, and a good balance between what you pay in condo fees and what needs to be done. Main issues I had was being told what I could or could not do in my private spaces, the possibility of a sudden special assessment, and everyone else knowing my business. Condo would suit me once I cannot longer cut the grass or I flew in for a MP meeting a few times a month. Other than that I way prefer freehold and managing and/or paying my own bills.
On another note... always ignore what a builder quotes as condo fees for a new unit because they are always way low on what is actually needed to maintain the building.