What Buyers Want In a Condominium

What buyers want in a condo depends partly on where they live, but there are some common themes. A recent survey says good building security and low condo fees are the top features that buyers want. Eenergy-efficient building features and attractive interior design features rank first and second in preferences, an low condo maintenance fees are the No. 1 preference.

Also showing up in the top five of the wish list is a balcony, parking for a car and proximity to public transit.

55 per cent of condo buyers say they are looking for social activities between neighbors in their condo.

Women were more likely than men to want a balcony and environmentally friendly features, while men were more interested in buying a new versus resale unit. A different survey found that women are more likely than men to be first-time home buyers in the next two years.

Most people are drawn to condo living because they require less maintenance, are more affordable than single-family homes and offer amenities you don't get with a house. Three-quarters of those polled said that condo fees are worth the extra money to pay for these benefits.

How much are they willing to pay for those fees? About a third said they would pay up to $200 per month in condo fees, 44 per cent said they would pay up to $400 and 17 per cent said they would pay up to $800. While there's no way to 'lock-in' to a monthly fee like you can with a mortgage, you can prepare for a fee increase by building a buffer into your monthly housing budget….That way, if fees go up, it won't be a major shock to your cash flow. If they don't increase, you have extra money to put aside in savings or towards your mortgage.

Many who are buying condos that will not be their primary residence, 46 per cent think they are a good investment to buy now and sell later to make a profit. Another 42 per cent see the condo as a long-term source of rental income, while 38 per cent plan to rent them now for rental income and then move into the units later in life when they want to downsize.