How Small Are Micro-Condos and Should You Buy One?
Tuesday Jan 18th, 2022
Minimal design aesthetics, economized lifestyles, and sky-soaring real estate prices continue to fuel the shift towards micro condo trend. These ultra-small and intricately designed properties are mostly popular with students and young couples. Even though living in such cramped quarters isn’t everybody’s cup of tea, shoebox housing is the only way most people can afford an efficient living solution in a desirable inner-city location.
If you are thinking what a micro-condo is, it is a tiny, space-saving unit that is smaller than even an average sized studio apartment. Most micro-condos are in the 200-400 square footage range, yet offer all the necessity and functionality of a standard apartment by offering the typical amenities. while most micro-condos are self-contained with their own private kitchen, living area, and bathroom, some smaller units may share communal kitchens, bathrooms or laundry areas.
While these dwellings may seem minuscule on paper, high ceilings and large windows create the illusion of space. Micro condos also maximize footage by using compact closets, movable partition walls, retractable kitchen countertops, combined kitchen and living areas, and filling the space up with concealed storage spaces. It is common for Micro-condos to have couches and murphy beds that fold into walls or refrigerators that can be reduced to drawer-sized storage. Not to mention, most micro-condo buildings also feature communal spaces such as lounges, gyms, pools, barbecue areas, rooftop decks, and other outdoor spaces give tenants some extra space to use beyond their unit. For eco-friendly, budget-conscious mindsets, micro-condos offer tons of benefits that outweigh the size constraints.
Who Buys Micro Condos?
These micro-condos are mostly publicized to single, twenty-somethings with hot jobs in the city, who enjoy living closer to work and like having quick access to public transportation. Millennials are often willing to compromise on square footage in lieu of a thriving, convenient location. These micro properties come with a price tag that fit the budget of millennials, who are only getting their feet wet in house ownership. These individuals do not have many possessions and spend the majority of time at work or socializing outside of their apartment and only come home to sleep. Micro-condos may be the answer to Toronto’s housing crisis, where affordable housing is hard to come by. A 20-30% savings in rent, a more desirable location, and the ability to live independently is worth the compromise. While most people buy micro-condos for themselves, many others decide to rent out their mini units. Starting at about $1600 per month, micro-condos are still deemed as affordable by Toronto standards, which is why you will never see a shortage of renters.
Pros and Cons of Living in a Micro-condo?
- Micro units are much more affordable that average condos, which is a major consideration for young renters and first-time buyers who are looking to live close to the downtown. When you invest in a micro-condo, you will need a smaller down payment and will benefit from a greatly reduced monthly mortgage. Not mention, small spaces are far more energy-efficient, resulting in lower utility bills, maintenance costs, and property taxes.
- Micro condos are often in the proximity of trendy inner-city neighborhoods, often prime locations. Investing in a micro-unit is the best option to afford housing in desirable locations without breaking the bank.
- Micro-living often means decluttering and economizing your belongings. When you are short on space, you will realize which of your belongings are actually useful.
- Such a diminutive floor plan doesn’t provide an ideal living situation for everyone. If you need a large sleeping space, got a lot of possessions, or wish to keep pets, such a living arrangement may be uncomfortable for you.
- Most micro-apartments have tiny kitchens, if any. If you are one to cook and need your own kitchen with a stove, range, and a full-size refrigerator, a micro-apartment isn’t your best option.
- Most people survive micro-living thanks to multi-purpose furniture. However, furnishing a micro-condo can prove to be more costly than decking out an average sized condo.
- Buyers may find it hard to secure financing for a micro-condo, since they are a relatively new concept and lenders may be wary of backing something they’re not sure of.