All You Need to Know About Condo Living: Pros and Cons
Condominiums seem like an incredible investment to lots of people. And buying one right now may seem like a smart move. But is condo living for everyone? Or at least, is it for you?
Although you will privately own the unit within the building, you will also jointly own common areas with other owners. These common areas include the garage, gyms, outside hallways, pools, and elevators.
Here is all you need to know about condo living.
Pros and Cons of Condo Living
Here are some benefits you will enjoy:
Enjoy repairs and maintenance free for exterior
Condos appeal to a lot of people due to their low maintenance. Maintenance chores can take a toll on anyone, especially if you travel frequently, are sickly, or simply don’t like shoveling snow and raking leaves. It is a luxurious kind of living, and the maintenance staff does all the exterior maintenance and repairs. All you have to worry about is the condition of your interior space.
Delight in built-in amenities
Another perk of community living is the list of luxuries most single-family homeowners don’t readily have access to. From top-notch gyms to swimming pools, theater rooms, and spas, you can enjoy all these without worrying about maintenance and costs.
Superb location and proximity to city life
Condos are generally located in exclusive and desirable neighborhoods and mostly close to cities. Most owners’ commuting distances are short, and you can readily access essential amenities such as shops, schools, hospitals, and malls.
Community living such as condos gives you a chance to interact with your neighbors compared to living in single-family homes where you hardly ever interact. Plus, condo units usually attract like-minded people, and you may realize that you share the majority of your interests with your neighbors.
If you are looking for a safe and secure space for you and your family, then this is it. Most (if not all) condos have gated and secured entries with installed cameras and the presence of close neighbors who have an extra pair of eyes on your property. And you may also find a security detail posted at the entrance. It reduces the chances of break-ins, which is common in secluded single-family homes.
Condos have been appreciating faster than single-family homes in recent years, unlike a decade ago, which was vice versa. According to the Washington Post, in the five years between 2012 and 2017, condos median market value rose by at least 38.4% while single-family homes appreciated by a mere 27.9%.
Here are some cons of condo living:
Lack of privacy
If you are thinking of buying a private space with peace, then condos are not for you. Sharing a wall with a neighbor will deny you that luxury. Just like living in apartments, you can stay up all night, not because you want to but because your neighbor’s newborn is crying, someone has a party above you, and others have an argument.
Homeowners association fees can prove expensive
HOA fees are for maintenance and repairs, and some condos charge more than others. These monthly fees can overwhelm you, especially if you are still paying for a mortgage or home loan. In recent years, HOA fees are rising, and the risk of having to leave your condo behind because it’s too expensive to live there is high. However, with the right budget, you can readily meet your financial needs.
Too many management rules
If you are lucky, your condo living will only have a couple of rules. Others, however, have lists full of rules that you need to live by – for instance, you need to request the management permission to install a solar panel on the roof, and the answer you get (yes or no) is final.
Lack of room to grow
If you want flexible housing for your growing family, condos may not be the best option. There’s no personal yard for the two dogs you are thinking of adopting or for children to play in. In this case, a single-family home is a better option.
You cannot personalize your living space
Most people want to have flowers running from one end of their yard to the next or paint their homes their favorite colors. Condos deny you this pleasure, and the only space that is indeed yours is the interior of your home. The rest is communal.
Is Condo Living for Everyone?
Condo living has numerous perks, but it certainly isn’t for everyone. Before settling for a condo, go through the benefits and the cons to find out if it’s suitable for your needs. Whether you need a condo or a single-family home, you’ll be able to view all the latest options for sale right here.