As for everything else in life, there is a good and bad side of life in the condo, and this article will deal with the pros and cons of condo living. However, the best thing about condos is the fact that life in these conditions has all the advantages of living in the apartment – you do not have to worry about the outer appearance and be burdened by cleaning the yard, but unlike the apartment, you are the owner and you are regulating your interior the way you want it yourself. There are also different types of condos, taking into account that they can be low-rise buildings, townhouses, freestanding houses, duplexes, triplexes or “mixed-use” buildings, but they can also be brand new, re-sell or conversions – that is, buildings that were apartments or factories and are now turned into condos. The main difference between condo and freehold houses is the fact that the ownership of the land, buildings and designated premises is common, and that the costs are shared among all tenants, and the main decisions are made by the board of directors or the property management. Having said all of this, let’s have a look at some of the pros and cons of condo living. This article will start with some of the good sides.
Living in a condo means living at the place with locked entries, doormen, or even security professionals for residents. Additionally, you will be surrounded by many people, which is a plus, especially in the case if you live alone.
Condos usually offer some common residents amenities, such as a fitness center, pool, game nights, clubhouses, and much more. This is something that you definitely don’t get if you live in the house.
This is one of the biggest benefits, especially for busy people – living in a condo implies that you don’t need to worry about the maintenance, as other people do it for you. They take care of everything, and you just come after things are fixed.
If you want to buy your own place, but you still have no money for buying a house, condominiums are a great solution, as they are often priced lower. Condos are usually a first step to having your own place.
But, there are also some cons of condo living, such as:
- Homeowners Association Fees
We mentioned all of the things you may enjoy as a condo owner, but we did not mention that those things are not free. You need to pay a monthly fee for all of that, even if you don’t plan on using it.
- Lack of Privacy
Being surrounded by people may not always be good; as having neighbors on the other side of the wall is not pleasant for everyone. If you enjoy your own peace of mind, a condo may not be a good choice.
- Challenging to Sell
If you don’t plan on staying in a condo until the rest of your life, think about the fact that condos may be a little bit difficult to sell.
- Living by the Rules
There are a strict management’s rules in condos that must be respected, so if you are not a person who easily follows the rules, rethink your decision.