Should I Buy A Condo In Guelph?

Buying a condo is a great step to home ownership for young, working professionals, investors, students, and those looking to downsize. This blog post is intended for those unsure about whether condo living is the next step for them. Together, we will lay out the pros and the cons, in hopes that you will feel sure of your next move by the end of this article.

Is A Condo A Strong Investment?

A condo can be a very lucrative, steady investment if you are strategic about a few features. Location is the first principle that determines the worth of a condo. In Guelph, areas surrounding the downtown and within walking distance to the University are the most attractive as rentals/investment opportunities. If you are looking for a condo for personal use, the South-End, Downtown Core, and East End of Guelph are home to newer buildings with great amenities and lifestyle offerings available.

Apart from location, buyers should be aware of the age of the building and its condo board structure. Some condos incur fees for monthly maintenance and access to the amenities. This built-in ownership fee is called a “condo fee,” and the majority of buildings across Guelph will have them in place. The most common/sought-after amenities are normally a workout room, an indoor or outdoor heated pool, and a party room.

Renting Out Your Condo As An Investment

If you plan on renting out your condo, you should look at the purchase from a desirability standpoint. First, consider how likely you would be to move there as a person looking to rent. Factors such as the building’s proximity to the 401, the parking arrangement, the building amenities, and proximity to amenities will all be key factors in how your condo will perform as a rental.

We are here to help you make smart, strategic moves in the realm of Real Estate. If you are interested in a client’s investment potential, see how the units you are interested in compare to the most common selling features in our area by utilizing the checklist below.

Selling Features of a Condominium Unit

Age of the building
Monthly condo fees
Size of the unit— compared to other condos listed in the area
Rentability as a sublet
Proximity to the 401 for commuters
Proximity to Downtown Guelph
Building amenity offerings
Pet restrictions
Proximity to University of Guelph— for student rental
Total parking spaces/ parking arrangements
In-unit vs shared laundry space
Condition of the unit / newer vs original
Bathroom configuration— does it have a bath and shower?
Is there a designated dining area/ room for a kitchen table?
How large are the closets
Does the bedroom offer ensuite access
Proximity to walking trails and parks

Although the selling features that appeal to the general client may not be tailored to everyone’s needs, this list is founded on the most commonly asked questions we experience when buyers are touring a condo unit.

Accessible Lifestyles You Will Love

When considering what sets a condo apart from a detached or semi-detached home, there is one common answer— accessibility. Condo living is great because it appeals to people of all ages due to the low-maintenance lifestyle it offers. For example, most condominium buildings offer underground parking, which eliminates the worry of snow removal in the winter. With the absence of lawns, you don’t have to worry about general outdoor maintenance, and any snow removal in the winter is often included in the monthly fees.

Condominiums have continued to elevate their array of amenities. In Guelph specifically, many luxury/high-end condo units offer specialty amenities tailored to their investors. Some standout examples include a speakeasy bar space, fully-equipped gyms with fitness studios, indoor pools and hot tubs, business meeting rooms, guest suites for overnight visitors, and dog wash stations for your furry friend!

Retirement Focused Condo Communities

Condos often attract a particular demographic depending on location and building offerings. For example, condos close to the University and Downtown are particularly attractive for grad students, current students, and young working professionals; whereas condos built into a residential community are more desirable for empty-nesters and families.

Guelph is also home to a multitude of buildings with an older age demographic. The Arboretum is the most popular retirement community in Guelph. It offers a lifestyle built on community surrounded by nature and focuses on redefining the standards of retirement living through elevated experiences. Many communities also offer pockets of retirement-based communities, such as Kortright Hills, which is home to a variety of condo-townhomes that include monthly maintenance fees and a community center for regular events and social gatherings.

Investing in a condominium for your retirement or a family member’s long-term plans is a smart idea in the current market. High inventory, less buyer demand, and competitive pricing have created strong investment opportunities for home buyers looking to expand their investment portfolio or situate a family member in a new living space. The current market conditions also create room for flexibility within offers, allowing buyers to do their due diligence through various conditions of sale before taking ownership of any given property.

Condominium Vs. Detached Home

If you are a first-time home buyer or an investor looking to break into the market, here are a few key differences you should know between a detached home and a condominium.

Appreciation—Detached homes tend to appreciate at a greater rate, but will require a larger down payment initially; whereas a condo will only increase significantly in price if it is renovated, located in a desirable building/area, or is purchased in a favorable buyer’s market that shifts to a seller’s market.

Maintenance— A condo tends to be a significantly lower maintenance investment. Through the added convenience of condo fees covering many maintenance tasks and the general upkeep of a unit, a condo will require less ongoing maintenance than a home. This factor is especially key if you are not currently living in proximity to your investment property or are looking for a turnkey rental.

Neighborhood Influence— If you are purchasing a condo or detached home as a student investment property, it is important to consider the average student lifestyle and the potential wear and tear this may cause to your property. Detached homes tend to have more privacy, which can lead to greater general tenant wear and tear. In condos, however, the shared wall structure and general rules of the building create a generally controlled living environment.

Is A Condo My Best Investment?

If you are curious about which living arrangement makes the most sense for you as an investment or personal residence, we would love to assist you. As Local Realtors, we understand our local neighborhoods, the best condominium buildings, the most sought-after buildings, the best property management companies, and which plans will make the most sense for your long-term goals. Let us do the hard work for you—from research to showings, agent-to-agent communications, and your personal roadmap to buying a home, we are here to help.

Contact us through our home buying page today, and with some simple information about your wants and needs, we can begin the search for you.

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