Pros and cons of buying a condo



There are many reasons why buying a condo might be a smart move. There is no doubt that condos are very popular among people of all ages. Condos are becoming increasingly popular, especially since people opt to downsize and move into homes that are easier to take care of. This results in condos being in high demand and being preferred over other accommodations. Condominiums also, especially in resort areas, make great vacation rentals and investment properties.

What Are Condos?

Condos are like apartments, but they have some distinct differences. Condos are private residences, while apartments are leased residences in larger buildings or communities. In condo communities, residents have access to various common areas like a gym, swimming pool, park, and playground. Condo owners must pay monthly maintenance fees to keep these facilities and common areas in good working order.

When you’re starting a family or packing up after your children have left, buying a condo might be a great option. Condos can be good for many reasons. However, it is important to ask yourself questions about your needs and wants before buying one. Condo communities have their perks, but some people find they are happier with more privacy and freedom. Condos are not for everyone. There are many advantages and a few disadvantages to buying a condo. 

Benefits of buying a combo

Condos have many benefits. Some of the benefits of owning a condominium are:

They are easier to maintain

One of the biggest perks of living in a condo is that someone else takes care of the maintenance. You don’t have to worry about finding a contractor to fix anything because everything is taken care of by someone else. Everybody can benefit from such an arrangement, especially those who own a home for the first time, do not have time due to work or travel, and poor health. Besides offering a lot of neighbors, maintenance staff who take care of the repair and activities to keep you engaged and busy, condos are also a good choice for anyone and everyone. It is especially great if you are looking for a permanent place that will offer stability. 

They have immense security

A lot of condos offer gates and locked security systems at the entry. They have doorkeepers or professional security personnel to ensure the safety of the residents and guests. Even if you live alone, you will not have to worry about break-ins and security breaches in a condo. There are many security measures available that will offer protection of every kind. Since a condo offers many neighbors, there will always be people around you, and you will not be isolated. This is especially helpful in an emergency because there will be many people to ask for help. Anybody who lives alone or falls sick often can benefit immensely from living in a condo.  

A wide range of amenities are available

There are many amenities in condo buildings are located, such as swimming pools, gyms, community clubs, etc. Condo communities offer many high-end facilities to their residents. Usually, such facilities like a gym, park, play area, etc., come at very high costs that are typically beyond the means of an average homeowner. So, getting these complimentary facilities with a condo is a great opportunity not to miss out on. In addition, these amenities also enable residents to get to know their neighbors better. Residents can spend time with their neighbors doing activities in these areas. It can be a great perk for individuals who live alone or enjoy socializing. It is a great way to make new friends while staying engaged and active. 

They are extremely cost-effective

A condominium is usually cheaper than a single-family home or an apartment and other types of accommodations. According to the statistics, a single-family home will cost an average of $260,000 while condos sell for less than $248,200 on average. Condos are cost-effective and so are a good option for those who are on a tight budget. Condos offer the same level of security, amenities, access to the city, and standard of living as an apartment, but they give all of that at a much lower price.

They have a good rate of appreciation

Apart from its other benefits, buying a condo is also a great investment. Even though single-family homes are very popular, people slowly realize the benefits and advantages of owning a condo.

 They offer easy access to city life

Condominiums are commonly located in vibrant downtown areas, which is appealing for many reasons. It is no surprise that people are getting sick of spending an hour or more sitting in rush hour traffic each day. More and more people have chosen to walk, ride their bikes, or take public transportation to work. It is more reasonable, cheap, and allows them to have a more active lifestyle. Moreover, it keeps car and fuel costs low if you live close to your place of work. People can save thousands of dollars each year by having access to the city and not traveling long distances in their cars. 

There are so many benefits of buying a condo. Since they are near the main city, the residents are so close to the main attractions of city life. They can explore new restaurants, go shopping, walk-in malls, and attend live shows. So many fun activities are possible if you live near a thriving downtown. Walking or taking public transportation makes people more likely to get more exercise because it’s easier to go anywhere. Additionally, condos in prime neighborhoods might appreciate faster than condos in the suburbs, making them a wise investment. 

Disadvantages of buying a condo

While there are plenty of benefits of buying a condo, there are some downsides to it too. Some of them are:

They require payment of Homeowners Association Fees

Condos offer so many facilities that make a living there more enjoyable but, understandably, amenities like the pool, fitness center, security, and maintenance system do not come free. They cost some money, and buying a condo is like becoming a business partner in the condo community. You want your condo to have the best facilities that attract more and more people to be friends with. So, it is fair that you will be required to pay a maintenance fee to enjoy your condo life and the facilities that it offers. On top of your mortgage, you pay a monthly homeowners association fee. This fee is used to keep the property safe and secure for all the residents and make future improvements. The amount of your HOA fee varies widely depending on where you live, the size of your community, and the quality of the neighborhood. However, the HOA fee is not much and is completely affordable.

There is some invasion of privacy

Condos are somewhat similar apartments in the way that they are structured. As a condo owner, you have neighbors next to your accommodation. That means that it will be a bustling space, and there will be neighbors around your condo all the time. You might sometimes hear noises from their condos and bump into them while going in and out of your unit. However, that is a part of condo life. If you become acquainted with the people who live around you, you will become a part of their lives. You can be friends with them and spend time with them and their families. They will be there when you need any help, and you will be able to spend festivals with them if you are away from your family. Having a condo is a great way to get to know more people. But if you do not like interacting with people and live in an isolated place, a condo is probably not the best option.

Selling a condo might be difficult

There are many reasons why condos can be difficult to sell. A condo isn’t for everyone. Some people do not want neighbors, and families will prefer living in a suburban area over living in a condo. The second consideration is your HOA. Some people may be discouraged from purchasing a condo if your HOA demands high dues. People won’t want to live in your HOA if it is underfunded and the community looks rundown. So, it might be difficult to sell your condo, but due to the rise of the rate of appreciation of condos, it is still a good investment to go for.

Tips for Buying a Condo

If you think that buying a condo is a good option for you, you might benefit from some tips that help you in the process.

Older Condos Might Have Special Assessments

While searching for a condo, it is important to remember that the HOA fees will be higher in older condo communities. Since they are older and have been around for more time, they require more maintenance and looking after. If you are on a tight budget and do not want to give a lot of HOA fees, you will be better off choosing a newer condo that will not require much maintenance. 

Carefully read the rules and regulations

It is appealing not to deal with many home maintenance chores and leave it to the HOA. Nevertheless, you should understand which elements are covered by the HOA and which are your responsibility. It will save you a lot of hassle if you know which part of the condo community you must care for. The condo you live in is your private property, and so it is your responsibility to take care of the area within your four walls. The common elements are those things that all condo owners have access to. Maintenance and repairs of those areas are the responsibility of the homeowners’ association. This includes the pools, fountains, parking lots, clubhouses, hallways, entrance gates, etc.

Know the area well

Talking to the neighbors and people in and around the area you are looking for a condo is a good idea for knowing the neighborhood. You will get to know the people who live there, what the community is like and what people do to enjoy themselves in the area.       

Danny Margagliano About Danny Margagliano

Danny Margagliano has over a decade of experience in the real estate industry. He works for 30a Local Properties in Santa Rosa Beach on the beautiful Emerald Coast of Florida. He specializes in working with residential investment properties and second homes. Danny also is the owner and founder of the Internet marketing company for real estate agents, Web Tech SEO. He’s a former professional surfer as well as a firefighter paramedic.