When you’re looking to buy a property, a condo can appear to be a great alternative to buying a single-family home. Often you can get more square footage for your dollar. You usually don’t need to concern yourself with things like mowing the lawn or shoveling the sidewalk. And many condo complexes have high-end amenities like swimming pools, gyms, and concierge service.
But think very carefully about the condo lifestyle before you take the plunge. First of all, there are always HOA fees, and depending on how hefty they are, the bargain price of the condo might not be such a bargain after all. Second, be aware that you’re opting for communal living. A house on a large lot of land is a far cry from having common walls with neighbors on both sides. Be sure you’re comfortable living so close to other folks.
Then there are scenarios that most people don’t think about, but probably should. For example, if you have aging parents, it there a possibility they might need to come live with you? If you own a home, you can always make any external and internal changes you like to make things easier for them, but in a condo, not so much. Are you thinking of starting a business? It’s a lot more challenging to set one up in a condo complex than in your own home, and often times it’s downright impossible because of bylaws.
As with anything, there are pros and cons to investing in a condo. As long as you weigh it out and you’re sure the condo lifestyle appeals to you, the choice should be a simple one.
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