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North Shore Condos are Not Just for First-Time Homebuyers Anymore

By
Real Estate Agent with The Marla Schneider Team

North Shore living isn’t just for homeowners living in large single-family homes anymore. While condominiums are gaining popularity with retirees, singles and first-time homebuyers, there is also another group emerging as gaining in the market share for condos – those with families.   North Shore Condos

There are many myths about condos, and in today’s economy, condominium living has become a popular choice of all lifestyles.

Here are some myths about multi-unit living:

  • Condos are only for first-time buyers

  • Condos are not made for families

  • Condos cannot be modified or personalized

  • Condos are only for city dwellers

  • Noise is a common problem with living in a condo

  • Renters are the majority of those living in condos

If you have a family and are considering buying a condominium, knowledge is the best way to determine if condo living is right for you and your family.

The Reality of Condominium Living:

  • Not just for first-time homeowners anymore – While it’s true that first-time homebuyer’s make up about 54% of the market, condominiums are quickly becoming popular among both retirees and small families.

  • Busy families are beginning to find condos an attractive option when looking to buy a home. Dual income families can choose multiple bedrooms and bathrooms to accommodate the family while alleviating them of the things they do not have time for such as exterior maintenance and shoveling snow. Also, many condos are now gearing their amenities to families with weekly activities and clubs tailored to children.

  • Although you will have bylaws and rules to follow through your Homeowners Association, what you do inside your purchased unit is up to you. You may modify walls, build built-in bookcases, paint each room, change your kitchen countertops and many other things you could do in a house. However, just remember when you decide to sell your condo, you need to make sure drastic modifications will still appeal to sellers.

  • Condos are becoming more mainstream in North Shore villages. Glenview boasts many condos within The Glen towncenter, and other villages combine condos within subdivisions with single-family homes. Families can achieve condo living while keeping their kids in high-ranking suburban schools. In addition, maintenance-free living and transportation into downtown are very desirable options for those yearning for a simpler lifestyle outside of the city.

  • There is no doubt that owning a condo lends itself to shared space between multiple neighbors. You will need to be social to some degree and accept reasonable noise in the halls while people are leaving and entering their condos. Noise, however, can easily be alleviated with quality construction and building materials. The location of the condo building itself is another factor when deciding if the noise of trains, traffic or the shops below will bother you.

  • There are many great reasons to buy a condo. However, if you are worried about the condominium complex being mostly renters, with a large tenancy turnover rate, check with the Homeowners Association. Most condominium buildings have a cap on the number of units that can be rented or leased ensuring that the majority of units are owned by its occupants, thus maintaining the property value.

If you are interested in buying a condominium or want more information as to whether or not a condo is the right choice for you, contact The Marla Schneider Team. We can help you in making such an important investment and can help educate you as to the best condominium units on the North Shore.

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