The Downside of Downsizing to a Condo

A Racquet Social Perspective

Here are some of the unexpected challenges, costs, and considerations that you may encounter.

House vs Condo

House vs condo buying decisions are typically based on budget, space requirements, and lifestyle preferences. Condos are popular with downsizers and first-time buyers.

The thing about fire alarms is that they tend to go off when it is least convenient for you.

The fire alarm can be an annoyance

Things Can Get Cozy

Even a large condo can feel a little tight when you have guests.

if you ignore Management’s notices, you may get stuck without water or be startled by a window washer dangling outside your window.

You have no control over building maintenance

Elevators work fine, except when you are in a hurry or planning a big party.

Elevators can be unpredictable

Neighbors can be noisy

If you are a Teleworker and one of your neighbors is into a long-term renovation project, good luck!

There may be EV charging limitations

Power availability is a major constraint limiting the roll-out of EV charging stations to every resident in a condo.

A pipe break in an upstairs unit can result in water damage to the unit below. If you cause the damage, you need to understand your liability exposure clearly.

Know who is liable for property damage

The good thing about condo insurance is that it tends to be lower than detached homes. The bad news is your insurance will go up even if it is a no-fault claim.

If your heat pump fails in the middle of winter, your discomfort may go beyond the cold. A replacement heat pump and associated labor can cost you over $5K.

Big-ticket repairs can cost you

If you live in a building near undeveloped land, the city can issue development permits that may block your views and vistas.

City development may kill your view

Look for useful amenities. Know what you are getting. Some condo fees cover charges for water, heating, power, TV, and Internet.

Condo fees will climb

Condo party rooms have time limits. If you are really into partying, you may need to plan for an after-party in your condo.

Plan for after parties

Do you want a Cannabis-friendly condominium?

If you plan on smoking weed in your unit, you don’t want to end up in a building with a no-smoking policy.

Your condo may not have recycling rooms on every floor. You may find yourself making multiple trips to the recycling room, with unwieldy cardboard boxes.

Recycling can be a bother

The shopping cart becomes your friend

Dragging a cart around may feel uncool. But, it's the most practical way to bring groceries and beer up to your unit.

Get a portable grill

If you are big into barbecuing, you may have to use the shared barbecues offered by the building or use a portable grill.

The price of convenience

Typically, detached house prices appreciate faster than the price of condos. It is a trade-off between convenience and capital growth.

If you plan on downsizing to a condo, you now know more than I did when I took the plunge.

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