5 pros and cons of buying a condo
There are many upsides to living in a condo.
If you’re a long-time homeowner, then you know how much work it is to perform daily upkeep and routine maintenance on your property. When you decide to downsize and move into a condo, you’ll find out how much easier life can be.
Then again, having lots of your own space and a yard is really nice, even if it is a lot of work. In this post, we’re going to discuss five pros and cons of buying a condo because, along with the many benefits, there are some downfalls as well.
1. Pro: Less Maintenance
One of the best things about living in a condo is the end of lawn mowing, cleaning the eavestroughs, and replacing the shingles. You’ve got your space and your balcony, and that’s all that you need to look after.
That gives you more time to sit back and enjoy the finer things in life, like going out for dinner, reading books, and going for strolls around the neighborhood. With a condo, your life just becomes easier.
2. Con: Condo Fees
HOA fees are certainly a knock against condo-living. On top of your mortgage payments, you’ll have monthly fees that go toward things like expanding the parking garage, fixing the elevator, and improving the local dog park.
The problem with these fees is that you don’t really get a say in where this money goes. Sure, you can attend condo meetings and put in your two cents, but you’re really at the mercy of the homeowners association.
Depending on where you live, the fees can be quite substantial as well. In New York, for instance, they’re upwards of $500 per month. In other areas, you can expect to pay around $300 per month, on average.
3. Pro: More Affordable
Even with the HOA fees, owning a condo is way more affordable than owning a home. Not having to perform your own maintenance is a big part of that, but the price of buying a condo is generally cheaper than a small home too.
Just look at condos for sale in your area and compare those prices with single-family homes. We’re willing to bet you can get a much better price on a condo.
4. Con: Lack of Privacy
Owning a home and the surrounding property is undeniably more private than living in a condo building. If you’ve ever lived in an apartment building, then you know how loud it can get when you’ve got a family with young kids above you or someone that loves loud music underneath.
The feeling of privacy is invaluable for some, but others feel more at home with lots of commotion happening around them. This one goes down to personal preference.
5. Pro: Living the City Life
If you’re a city-dweller, then you’re probably going to prefer the condo lifestyle. Condos are often situated in downtown areas, close to what’s going on. This is why you often see younger people make condos their first property rather than homes.
Affordable homes are almost never located in the best areas of a city, so you’re going to have to compromise on location to get something as cheap as a condo.
Pros and Cons of Buying a Condo Depends on You
While there are pros and cons of buying a condo, a lot of this decision comes down to your own preferences. If you value your space and privacy, then owning a home is probably for you, but if you’re someone that loves being in the thick of a city and being around people, you’re better suited for a condo.
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