Pros and Cons of Condo Living
Looking for a home can start to feel exhausting over time. With so many things to consider, it’s understandable to feel somewhat overwhelmed at times. As you navigate through this endless list of possibilities, make sure you don’t overlook the possibility of condo living. While it may not be the right route for some, it’s the perfect route for others.
Condo living provides a move-in ready, affordable housing opportunity that is often full of amenities you wouldn’t have owning a house. Owning a condo often offers more freedom than renting, but less responsibilities than owning a house. Here are some quick pros and cons to consider in regard to condo living:
- Ease of maintenance:
Condos give you the option of having a nice space without the hassle of maintaining the upkeep. Certain condominiums include landscaping, trash removal, snow removal, and repair services. This takes some of the burden of owning off of your chest, and ensures that both the outside and inside of your home is always nice and polished.
- More affordable:
Affordability is high on the priority list for many home buyers. Most people look for something that isn’t going to break the bank, but still gives them what they need. Condos are typically cheaper in cost versus a standalone home. Less square footage is the primary factor in this, but also you are only responsible for the interior upkeep of the condo, not the exterior.
Perhaps one of the biggest perks of condos is that they offer great amenities that you don’t often see in a house. Many condominiums have pools, community centers, fitness centers, tennis and basketball courts, playground equipment, etc. Some of the more upscale condos offer spas and saunas; the list can go on and on. You do have to share these amenities in your community, but they are available nevertheless.
- Move-in ready:
Having a home that is move-in ready and needs little to no work at all is such a huge plus for many home buyers. Most condos are move-in ready and rarely require any work to be done, allowing you to move in right away and get settled without the headache.
- HOA Regulations:
Condos typically include HOA fees. These fees are to be paid each month in addition to your mortgage payment. The HOA fee you pay goes towards the costs of maintenance, amenities, and any future improvements they may want to make to the facilities or buildings in the area.
- Lack of Privacy:
While some of us enjoy the idea of having neighbors fairly close and getting to know them, it can be the very thing that turns other buyers away. There is a lack of privacy with condos in comparison to standalone homes due to the close proximity and shared walls.
- Hard Resell:
If you plan on moving often, reconsider purchasing a condo. Trying to resell a condo isn’t always the easiest task. Condos tend to be hard to resell because there are a variety of financial restrictions set forth to purchase them. Also, condos simply don’t appeal to the same market as houses do, so finding the right fit can be more difficult.
When you are searching for a home, many buyers are looking for something to call their own. However, condominiums do come with a fair share of rules and regulations for their residents. If you are looking into getting a condo, be sure to ask or get more information about their do’s and don’ts so you are aware of what to expect to see if it would work for you.
Condo living certainly carries a fair share of pros and cons, but it might very well be the perfect fit for you! Take your time and explore during the home buying process to explore all of the options available to you and what would provide the most ideal living situation.