Is Condo Living Right For You? Pros And Cons Of Condo Living
If you are considering buying a house, purchasing a condominium might be a very interesting alternative. You might find condominiums very appealing since you won’t have to worry about maintaining the exteriors, and you get to enjoy the amenities. But before you decide to buy a condo, you must first make sure that condo living is right for you.
Condominium living is not for everyone. Remember that owning a condo is very different from owning a single-family home. You must properly weigh the pros and cons of condo living along with your personal preferences before making a huge decision. Here are a few of the benefits and drawbacks of condo lifestyle to help you make a sound decision.
Pros Of Buying A Condo
Security: One of the main benefits of buying a condominium is security. Many condos offer locked entries, doormen, or have resident security professionals. If security is very important for you, then this can be a huge bonus. And since you will be living near your neighbors, you will be able to seek immediate help in case of an emergency.
Location: Condominiums are usually located in downtown areas. If you want to be in the heart of the city, living in a condo might be what you need.
Amenities: Another benefit of condo living is being able to enjoy the perks that go with it. For instance, if you want to have access to a pool or fitness center, then you will definitely enjoy a condo lifestyle. Many condominium communities offer their residents certain amenities that are usually out of reach for average homeowners.
Low Maintenance: One of the main reasons why many people are attracted to this kind of lifestyle is the fact that they don’t need to worry about home maintenance. You don’t have to worry about mowing the lawn, keeping your grass green, or shoveling snow during winter. Condo living means other people will take care of these tasks. In addition, the management will also handle any repair problems, such as plumbing problems and roof maintenance.
Low-Cost Housing: This type of housing option is more affordable since it is priced lower than single-family homes. If you are a first-time homebuyer and you find single-family homes still beyond your budget, purchasing a condo might be a good idea.
Cons Of Condominium Living
Shared Equity: You have to understand that when you purchase a condominium, you do not have ownership over the land underneath the building. You are simply sharing an interest in it. What you actually own is the space between the walls of your condo unit, and you share ownership of the common areas, such as the amenities, with other residents.
Monthly Fees: As a resident in the building, you will be paying a monthly homeowners association fee every month on top of your mortgage. This fee goes towards the maintenance and repair costs of the building and other future investments. These fees are also used to pay for the amenities you may not use, such as the tennis court, fitness center, and so on.
Lack Of Privacy: Condo living is like living in an apartment. This means that you have neighbors on the other side of the wall. Shared walls and common areas mean that you will hear your neighbors going up and down the hall. In addition, you will more likely run into your neighbors more often than you would like. If you want to live in peace, a condo lifestyle may not be the best for you.
Living By The Association’s Rules: Living in a condominium means living by a set of rules known as Conditions and Restrictions. This includes restrictions on pet ownership and renovations. For instance, you may want to install a system that can help save energy. But before you can install it, you must first ask the association if you are allowed to do so.
Choosing to buy a condo usually boils down to your personal preferences. Remember though that purchasing a condominium is a huge decision; thus, it must involve thorough evaluation and consideration. You need to properly weigh the pros and cons before making any decision.
Kris Hopkins is a writer for real estate websites where she writes about the pros and cons of buying a condominium. She also writes for real estate websites with listings for Oxnard Condos for sale.