Living in a small condo can be tough for some. But with the right mindset and a bit of Marie Kondo inspired flair, you can make the most of living in a small space, while seeing your investment rise in value. You’ll find a high density of small condos popping up in any new construction buildings throughout the downtown core – which make for fantastic investments in your future real estate portfolio.
Benefits of Living in a Small Condo
There are many benefits of living in a small condo. It’s better for the environment, you’re forced to declutter your life, you’ll be more organized, it’s cheaper (for the most part), and you’ll be able to find a place within the downtown Toronto core that’s close to work, friends and an exciting city life. You’ll also likely forego the need for a car, which will also help your bank account and your monthly expenses.
When you don’t have a large amount of space to fill, it’s a lot easier to focus on making your environment just right for you. Small, inexpensive pieces of decor, like accents pillows, throws and candles will have a bigger impact on the overall ambiance than they would in a larger space, making it super simple to create the vibe you’re after. It’s also a whole lot easier and cost effective to change things up once you’re ready for something different.
When you’re living in tight quarters, there’s much less room for all that the extra miscellaneous “stuff” that happens to accumulate in your space, even when you don’t need it, like it , or use it.
Things that are no longer useful stand out more, making it easier to toss the clutter, get organized, and surround yourself only with things you love (a little Marie Kondo inspo there). When you’re not constantly searching all over for what you need, it makes day-to-day living that much more efficient.
How to Make the Most of 500 Square Feet
There are many things to consider when maximizing space and organization should be the at the top of your list. Most people don’t realize how big a 500 square feet apartment or condo actually is. There are also several companies that make furniture to really maximize the space you have. There are Murphy Beds, fold-out tables and unique shelving that can sometimes be super pricey but also equally amazing.
The first step is to make sure the condo has ample storage, or room for you to add creative storage to the floorplan and walls. Think of going up, instead of spreading out – everything should ultimately have a dual purpose for storage.
When purchasing a bed, make sure there is under-bed storage in either drawers, or in a way where the mattress base can lift up. There is a lot of space under there that can be used for off-season clothing and shoes that can make all the difference in the world for your closet. If you already have a bed and it’s lacking built-in storage, measure the space you have under the bed and invest in some packing cubes or decorative boxes.
Consider a chic over the toilet wall cabinet or over the toilet space savers to add more storage. Pick up some decorative boxes so the unit will look neat and tidy, but still hold all of your necessities that you use on a day-to-day basis. As you can see, 500 square feet doesn’t mean tiny condo living at all!
Small Condos – A Solid Real Estate Investment
If you’re currently living in a small condo and are about to make the jump into something bigger, don’t immediately think you have to sell to move on. If you’re financially able, consider holding on to what is likely your first Real Estate investment. Renting out a small condo, especially in the downtown core should be something you consider. The value will almost certainly continue to increase, and this could be your opportunity to become a landlord, and reap the benefits of a tenant paying your mortgage for you.
Your small condo could turn into a money-making machine, especially after your principal mortgage is paid off. Extra income coming in each month could help you start your own business, travel the world or continue to expand your Real Estate portfolio.