Condos are one of the most popular living options today. There are several reasons why it might come off as a smart move. Condos have never been as prominent, especially with the Boomer community that prefers downsizing and shifting into households that are easy to care for. Condos are relatively easy to maintain because, essentially they’re private residences, but all other facilities and units are shared among owners in a building. Due to this, their demand is rising quickly, especially as single-family homes. Owning a condominium is a great option whether you’re starting a family or escaping from the responsibilities of a single-family house. However, there are always downsides to everything. In the same manner, living in a condo isn’t everyone’s cup of tea. There are as many downsides as there are benefits. Here’s what you need to know:
Pros of Condo Living
Condos offer a long list of pros. Here are the advantages of condo living:
•Minor Maintenance - If you’re a person who is owning a residence for the first time, has health complications, is occupied with work, travels often, and doesn't wish to deal with the house chores, condo living is for you. This is because all maintenance work including grass cutting, ground maintenance, is done by others.
•Provides Security - Condos offer higher security professionals, doorkeepers, and locked entries to the residences. So, if you’re living alone, your security is highly maintained by such security measures.
•Offer Amenities - As a single house owner, you might have issues going far away to enjoy amenities such as swimming, gaming, and exercising. In condos, you have these amenities at your disposal and you can enjoy them whenever you want.
•Minor Maintenance - If you’re a person who is owning a residence for the first time, has health complications, is occupied with work, travels often, and doesn't wish to deal with the house chores, condo living is for you. This is because all maintenance work including grass cutting, ground maintenance, is done by others.
•Provides Security - Condos offer higher security professionals, doorkeepers, and locked entries to the residences. So, if you’re living alone, your security is highly maintained by such security measures.
•Offer Amenities - As a single house owner, you might have issues going far away to enjoy amenities such as swimming, gaming, and exercising. In condos, you have these amenities at your disposal and you can enjoy them whenever you want.
Cons of Condo Living
Along with several benefits, condo living has some drawbacks too. Here are some cons of condo living:
•Absence of Privacy - In a condo, you have neighbors everywhere. Most of the time, it means being exposed to constant noise, whether it’s celebrations or babies crying at 2 am. It’s also challenging to have your own space.
•Mismanaged Funds - When you live in a condo, you need to pay for an operating account. The operating account funds are utilized for regular maintenance costs, including lawn mowing, pool maintenance, and snow shoveling. If something sudden occurs, such as a tree falling on a roof, all of the condo owners have to pay for it.
•Excess Rules - Condo owners need to follow the rules and regulations of the management. For instance, if you want to have a pet in your residence, you’ll have to comply with the building’s rules.
•Absence of Privacy - In a condo, you have neighbors everywhere. Most of the time, it means being exposed to constant noise, whether it’s celebrations or babies crying at 2 am. It’s also challenging to have your own space.
•Mismanaged Funds - When you live in a condo, you need to pay for an operating account. The operating account funds are utilized for regular maintenance costs, including lawn mowing, pool maintenance, and snow shoveling. If something sudden occurs, such as a tree falling on a roof, all of the condo owners have to pay for it.
•Excess Rules - Condo owners need to follow the rules and regulations of the management. For instance, if you want to have a pet in your residence, you’ll have to comply with the building’s rules.
The Bottom Line
Buying a condo is a good decision for some people. Young or new families, busy professionals, and other empty nest finders often find residing in a low-maintenance residence appealing where crucial decisions are controlled by other people. If you’ve made your mind to buy a condo, you should read the governing document carefully and understand what is included in your unit. You should also be aware of the common places that you have to share with other condo owners of your building. Lastly, before you buy a condo, talk to your to-be neighbors so you may know what type of people will be living with you. It’s also a good idea to research into the area and ask other condo owners what living in one feels like. As long as you research beforehand, you’ll enjoy living in a condo.