Welcome back my loyal and faithful servants. At least that is what I would like to think of you as!  

Last week, my office had the pleasure of getting a private showing to the new Navy Lanes building that is about to hit ground in the Spring. This got me thinking (I know, I know, thinking right?) that I should do a blog on condo living as opposed to single family living.  

First off, I want to let you know that the Navy Lane condos are being built two doors down from my office on Gottingen Street. They are slated to begin construction this Spring, which means another round of blast for us! If you are looking for a beautiful downtown condo, this could be the place for you. They currently have 15 suites left for sale, starting at $449,900 for a 1 bedroom.  

Why would I pick a condo over a single-family home you may ask? Well, that is a good question. My rebuttal to you would be, what is it you are looking for in a home? Maybe it’s the convenience of being closer to the downtown areas, or maybe it’s the property maintenance that you don’t want to deal with. That might mean that a condo might be right for you!  

When I mention property maintenance in a condo, I mean other than within your unit. The maintenance of the building is looked after by the condo corporation and board. This is where most of your monthly condo fees would be going towards. Every owner in the same building pays a monthly condo fee which goes towards the integrity of the building (i.e. maintenance, common area utilities, etc.). If you decide to purchase a condo, it is crucial to research what your fees are going towards.  

The reserve fund is where all the owners' fees are held. Every 5 years, the building does what is called a “reserve fund study”. This study is done by numerous industry professionals that go up and down, left and right, inside and out of the building, and deemed what areas will need to be addressed for maintenance (example could be something like the windows on one side of the building need to be replaced). They estimate the total costs of the next 5 years of work that be required, and they compare it to the funds that are in the reserve fund. Of course, this might mean a slight increase in your condo fees to anticipate the upcoming expenses. This is why it is very important to go over the reserve fund study of the building prior to purchasing. I know, it’s a lot of mundane reading. That’s why I am here to help! It’skinda my job ya know (winky face).  

These condo fees reflect the potential maintenance of your single-family home. Either way you look at it, all properties need to be maintained! You just must ask yourself, “what work am I willing to do towards the property”. If you are not blessed with a handy thumb, things could get expensive around the house. That’s why a condo might be more up your alley. The board and corporation do the work for you!  

Now Adam, you say. “I don’t think I'm sold on condo living”. Well, the beauty of condos is they come in all sorts of shapes and sizes. Condosdon't necessarily mean living in a 10-story building. If you are looking for more square footage and are not ready to give up the grass and backyard yet, then maybe you should think about condo townhouses. There are many options around the city (my first sale was a condo townhouse). With a condo townhouse, you could potentially get the best of both worlds of condo living and single-family living. Usually with these styles of condos you have a multi-story house with a front and backyard. The condo fees usually include lawn maintenance and snow removal. I personally know that I would be very pickyabout how they would cut the grass.  

Maybe you are a downsizer thinking about condo vs renting. I’m not here to sway you either way because I understand both flips of the coin. My only advice would be to way the pros and cons of both situations. Hopefully, when you are downsizing from your home, you can get a good price on your property (inserting selfish plug to use my brilliant services to help you obtain maximum value for your property here.), so that you can purchase your humble abode at a stellar cost and be mortgage free! If this is the scenario, then why would you want to be paying high rental payments? Sure, I get it, the sense that you don’t have to look after the rental is fantastic thought. If you do go the rental route, you are also subject to rental rate increases that could happen year over year.  

Over the last couple years, I have had the privilege to sell numerous suites in the Roy building. This building has a lot to offer if you are thinking about making the move. There are only 3 non-penthouses left to sell, which are all on the southwest side of the building. These suites are all the same, with 3 beds and 2.5 bathrooms, and 1,770 square feet of living space. What I love most about this luxury building is the “Roy club”. This is where you get bang for buck on your condo fees. This club has its own entire floor and is equipped with its own movie theatre, pool, sauna, steam room, full sized gym, yoga room, library, pool table, conference room, and a party room! Man, oh man, talk about a lot to offer. I wouldn’t need to leave. Not to mention you are within crawling distance to all the local pubs, restaurants, and Scotiabank Center. This building is the epitome of downtown Halifax living!  

I think I have captured enough of your attention for the time being. I should have just made a TikTok video for you people with low attention spans lol (I say this, because I am one of you). In all seriousness though, if you would like to know more about how condos and how they operate. I would like to sit down and have a lengthy conversation with you (I'm kidding, it won’t be that grueling or long). Or, if you would like to know more about Navy Lanes, or the Roy building, I can organize a private viewing for you! Let’s go be nosey and view some high-end condos! It’s my job, and I love every minute of it.  

Until we meet again. I hope you wait on bated breath for my next insightful blog posts.