Micro Condos: Is Small Condo Living Right For You?

Posted by on Wednesday, July 27th, 2022 at 2:52pm.

Micro Condos: Are They Right For You?

Living in a micro condo provides a compact, efficient, and affordable option for many people browsing condos for sale. Tiny condos, or micro-condos, are perfect for minimalists and city dwellers who know how to squeeze their lives into small spaces. The thought of living in a small space and the accompanying price tag could be very attractive to some, but how can you know if buying a micro condo is right for you?

What Is a Micro Condo?

Micro units are a trendy form of housing and are often put on the market by builders and developers who advertise these homes as affordable alternatives. They're preferred mainly by first-time British Columbia buyers who want to get away from the exorbitant prices in Vancouver.

A micro condo is usually defined as a dwelling measuring 600 square feet or less, but in some cases, these units can be as tiny as 200-350 square feet. In comparison, the median square footage for a Vancouver condo is just under 800 square feet.

The tiny home trend has inspired many people to get creative with how they live. Multi-functional furniture, clever storage hacks, and a minimalist mindset are all essential if you want to make it work.

What to Consider Before Buying a Micro Condo

When purchasing a micro condo, you need to consider what community and privacy mean to you. When you live in a tiny apartment, much of your living space will come from the building and the neighbourhood.

These communities highlight shared features such as a rooftop garden, shared outdoor space, or party rooms with full kitchens to compensate for the minimal square footage in each unit. They even point to nearby coffee shops and fitness clubs as alternative living spaces.

Location matters more than ever when you have limited space. It's a benefit that people in these very small spaces can expand their lives outside their four walls. But, you have to be that kind of person in the first place.

If you like hanging out at the park down the street or the coffee shop downstairs, you're more likely to enjoy life in a micro condo. If you're not the type to hang out in public, you might purchase a single-family home over a condo.

Pros of Micro Condos

The most apparent advantage of a micro condo is the price. These units are typically more affordable than regular-sized condos, which makes them an excellent option for first-time buyers. Many micro condos are located in dense urban areas, where the average price per square foot drives single-family home prices way up.

Micro condos are also very efficient in terms of space and utility usage. Because they're small, they're much less expensive to furnish and decorate than a larger unit. Are you tired of seeing your energy bill spike during hot spells and cold snaps? When you live in a small space, you don't need to do much to make your home more eco-friendly. A micro condo will use less energy to heat and cool, saving you money in the long run.

Micro condos are also easy to clean and maintain. There's less surface area to dust and vacuum, and because there aren't as many nooks and crannies, it's easier to keep your small space tidy.

Another advantage is that micro condos often come with shared amenities that would be too expensive for you to have in your unit. For example, some buildings have gyms, swimming pools, and community events that keep residents out and about instead of cramped up indoors.

Cons of Micro Condos

Micro homes are not for everyone. One of the most significant drawbacks is that you'll have to make some serious sacrifices in terms of unit size. At the biggest, you'll be able to find a 1-bedroom condo. Otherwise, it'll be mostly studio units. A micro condo could be a challenging adjustment if you love to entertain or have a lot of stuff.

Another potential downside is that you might have to pay monthly condo fees for amenities you don't use. For example, you'll still have to pay for the gym, even if you never step foot in it. If you'd rather have more private space than shared amenities, you could also consider buying an older condo

As with most multi-family living arrangements, noise is a factor to consider. Micro condos can be frustrating for anyone sensitive to footsteps from upstairs neighbours or traffic sounds from the street below.

Resale Value on Micro-Condos

The micro-condo market is still relatively new, so it's difficult to say how well these units will hold their value over time. However, it's reasonable to expect they'll appreciate similar to full-sized condos. It's also worth noting that, as the population continues to increase, the demand for micro condos might increase with it.

Is a Micro Condo Right For You?

So, is a micro condo right for you? It depends on your lifestyle and needs. If you're looking for something affordable and don't mind sacrificing some space, a micro condo may be perfect. Keep in mind that the resale value on these units may not be as high as traditional condos, so if you think you might want to sell your unit in the future. That said, top-notch amenities and desirable locations are sure to provide endless fun while you're there. Weigh the pros and cons to make an informed decision about fitting your life into a micro condo.

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