The Benefits of Choosing an Apartment-Style Condo

August 20, 2021 7:00 am Published by Terry Paranych Real Estate Group

Are you looking for an affordable, low-maintenance home that offers unlimited access to great amenities? An apartment-style condo may be exactly what you’ve been searching for. Here are just a few of the many advantages that come with owning one of these highly popular Edmonton home styles.

Financial Sense

Affordability is the number one reason why so many Edmonton home buyers opt for an apartment-style condo. Compared to the average price of a single-family home in Edmonton (approximately $450,000), apartment-style condos are significantly cheaper, averaging roughly $250,000 for 1,200 square feet. Note: This average price does not reflect Edmonton luxury condo market prices.

In addition to affordable mortgage payments (not to mention a lower down payment), condo-living is often paired with lower utility bills including heating, air conditioning and electricity. In short, the smaller, more efficient living space condos typically provide can save you hundreds of dollars a year on your bills alone.

Easy Maintenance

Imagine how much extra time you’ll have when you’re no longer tasked with mowing and weeding the lawn, shovelling snow or maintaining your home’s exterior. Following affordability, maintenance (or lack thereof) is a significant advantage in choosing an apartment-style condo.

Many condo communities are managed by a condo board that oversees the outdoor maintenance of your property in exchange for a monthly fee (aka a condo fee). The board is also responsible for maintaining any onsite amenities and common areas, including parking lots, sidewalks and your unit’s roof. Fees will vary according to building size, age and current amenities (more on that below), but are generally well worth it when compared to the cost of maintaining a single-family home.

Apartment condos are also low-maintenance by design as less square footage results in less clutter and less time spent cleaning. Did we mention units in newer developments may also come backed by new home warranty?

Onsite Amenities

One of the biggest perks of opting for an apartment-style condo is the inclusion of onsite amenities, exclusive to residents and their guests. Facilities such as heated underground parking (a major bonus in the winter), swimming pools, saunas, gyms and playgrounds are common. Still, many developments may also come equipped with additional social amenities such as clubhouses (for entertaining), theatre rooms and outdoor recreation areas including community gardens or rooftop patios.

Some developments may even go so far as to include childminding and pet-sitting services, spas and yoga studios, convenience stores, coffee shops and more!

Increased Safety

Apartment-style condos offer an increased sense of safety you won’t find anywhere else. Safety features such as keyless entry, round-the-clock video surveillance, and extra fire protection are typical to many Edmonton condo communities. Some communities are also gated and/or come equipped with their onsite security personnel. Proximity to neighbours is also a huge benefit when it comes to a heightened sense of security. Should anything unusual arise, your neighbours are sure to take notice.

Thanks to their added security features, apartment-style condos are a safe option for all ages and lifestyles, including families with children, homeowners living on their own and/or those wishing to age in place.

A Sense of Community

Apartment-style condo complexes deliver an unparalleled sense of community. With so many friendly neighbours living close by, you’re sure to make more than a few new friends. In addition, many developments host weekly activities or events (barbeques, playgroups, holiday parties and more) where residents can interact and get to know each other. Not to mention, it’s easy to meet others within the community at the local fitness centre, swimming pool or any other shared amenity onsite.

Significant Savings Over Time

Living in an apartment-style condo can also lead to some significant savings over time. By spending less on mortgage payments, utility bills and overall household maintenance, you’ll be able to focus on your greater financial goals such as post-secondary for your children, retirement, travel, hobbies and future investments.

And, like all Edmonton real estate, apartment-style condos tend to appreciate in value over time – meaning you can look forward to a healthy return on your investment should you opt to sell. As condos are a popular choice among students, first-time buyers or anyone in search of an affordable, low-maintenance home, they also make an ideal investment property.

Check out: The 5 Key Benefits of Investing in Real Estate

Location, Location, Location

Constructed with convenience in mind, Edmonton condo developers choose their locations based on proximity to desirable amenities.

In fact, many of Edmonton’s best condo communities are located within walking distance to popular shopping and service districts (West Edmonton Mall, Edmonton City Centre, Southgate Centre, South Edmonton Common, etc.) as well as schools, medical facilities, parks, open green spaces, restaurants, entertainment venues and more.

See: Condos for Sale in Downtown Edmonton

A few of Edmonton’s most popular condo communities include: