The Pros and Cons of Condo Living
Choosing your home is a big decision, so you should be sure to weigh the pros and cons before committing to anything.
Pros of Condo Living
Security. Community living is, by nature, more secure than living by yourself. Neighbors will be around to watch out for you and there will always be a door to knock on in case of an emergency. In addition, many condo buildings have doormen or locked entries. For someone who likes greater than average security, condo living could be a good bet.
Amenities. With condo living, your dreams of a pool or tennis court in your backyard could be a reality. And you don’t have to be worth millions! Many people choose condo living for the amenities. Fitness centers, playground, and community grills are all amenities that some condo buildings offer.
Low Maintenance. If for you the thought of home ownership comes along with the terror of shouldering the burden of a new roof on your own, consider a condo. The cost of major repairs is shared among the condo owners, so you’ll never be left dealing with a large repair bill on your own.
Cost. The cost of condo is typically smaller than the cost of a single family home, however, it also comes with monthly fees that could even the cost out.
Cons of Condo Living
Shared Equity. Although you own your condo unit, you share ownership of the land, common areas, and that coveted pool. Before committing to a condo purchase, be sure you’re comfortable with shared equity.
Privacy. Extremely private people may not be comfortable living in a condo. You’ll hear people walking the halls, run into neighbors frequently, and you’ll rarely have private time swimming laps in the pool.
Association Rules. If you live in a condo, you’ll have to abide by the association’s rules. This means you might not be able to make your own decisions about pet ownership or renovations and will have to abide by the conditions and restrictions instead.
Monthly Fees. In addition to your mortgage, you’ll have to pay a monthly fee to the homeowners association. This fee goes toward repairs or maintenance of the property. And even if you don’t use the pool, you’ll have to pay to help maintain it.
Ultimately, it’s up to you. There’s nothing better about a condo or a single-family home. It just depends on your personal preference. So spend some time weighing your decision before you place a call to your realtor.
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