If you’re living in a major city, the option to buy or lease a single-family home may not be the most convenient or affordable for you. But the truth is, living in an apartment has plenty of advantages of its own so we broke it down to give you just a few.
We asked Toronto-based Realtor, Daniel Milstein why living in an apartment is sometimes a better alternative. Here’s what he shared with us.
“The ratio of clients looking to purchase or rent an apartment in the city is quite high…I think the market is shifting. Young families who are getting into the market and live in major cities in Canada and the USA are seeing a tough time getting into the freehold market therefore condo and apartment options are becoming more and more the reality,” says Milstein.
1. Hakuna Matata: It Means No Worries
Milstein says that having a “worry-free lifestyle” is one key advantage for those looking to live in an apartment. You don’t have to worry about home improvement projects as much as you might in a single-family home.
“Why not live in a luxury condo with peace of mind and a 24 hr concierge? Its a no brainer,” says Milstein.
2. Convenience in Distances
Most apartments or condos are located in the heart of the city, which is a great benefit to have for reasons of transportation. If you work downtown and you’re closer to your destination you won’t need to worry about parking or the cost of gas. You may choose to walk, ride your bike or take public transport saving hundreds of dollars each month.
3. Living The [Suburban] Dream
Milstein says that “High rise living is the new Suburban dream.” He adds that modern age urban living will be continuously evolving around high rise development because more and more people are looking for convenience, location and proximity to what meets their needs.
“We are moving into the future of urbanization and intensification day by day and we can see how important location and proximity are to many people. Commute times are terrible in most major metropolis and people are choosing an alternative to that archaic 80s ‘Yuppie’ idea,” says Milstein.
The Bottom Line
Lastly, Milstein shares a few things to consider before you go all-in.
“The main objective that most people will face when deciding between a condo and a home is the space, layout and exposure. Generally homes have more space and more functionality, however; that being said, I’ve been in condo apartments that would blow your mind away,” shares Milstein.
He says it comes down to three things:
- The building: You want to make sure you’re in a well-respected, well-built place.
- The property management company: In charge of that building (for maintenance, repairs etc.)
- The demographic that lives there: Make sure you’re comfortable with the people around your space and neighborhood.
“I always educate my clients on all these things prior to heading out to see any property because I like them to be educated all aspects of their purchase. It keeps them happy,” explains Milstein.