Pros and Cons of Condo Living - NYCM Insurance Blog

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Apr 7, 2021

Pros and Cons of Condo Living


Maybe you’ve heard a little bit about what living in a condo entails, but you’re not sure if it’s the right choice for you. While there are a lot of perks to living in a condominium, there are also a lot of regulations and nuances that you have probably never experienced before when living in a house, dorm, or apartment.


Check out this list of pros and cons to help you decide if condo living is right for you:


Pros:

A Condo May Better Fit Your Budget

For most people, price is the biggest deciding factor when considering a change in their living situation. Assess your finances and do some research to determine if buying a condo is your best financial option. Because the cost of common areas is shared among condominium owners, some people find condo-living to be more affordable than purchasing a house.


Enjoy the Extras!

One of the perks of living in a condo is that you can have access to things you may not be able to afford on your own. You’re more likely to have a pool or gym than if you were to buy a freehold home due to the expenses being shared by all condominium owners.


No More Yard Work

Perhaps you’re tired of renting but you’re also not ready to be responsible for a house and all the work that comes with it. Another great benefit to living in a condominium is that you’re not responsible for taking care of the property outside of your walls. For example, while you are still a partial owner of the lawn, you won’t have to worry about mowing it or raking up leaves.


Cons:

Sharing Common Areas

Everything within your walls is totally under your control but common areas such as the lobby and even your own balcony fall out of your influence. In other words, you can paint your living space any time you’d like, but your HOA has jurisdiction over when your windows or roof get replaced.


Additional Monthly Fees

Having all those cool amenities doesn’t come for free. Condo owners are expected to pay fees to a homeowners association on a monthly, quarterly or yearly basis.


You May Have Limited Privacy

Because you have people living close to you and have to share the property outside of your walls, you may find that living in a condo comes with limited privacy. You may have a private balcony, however outdoor spaces are generally shared in this type of home.


Condo living can be cost effective and require less maintenance, however there are important details to understand when living amongst shared spaces. For example, if someone is severely injured on the condominium property, you may be responsible for a portion of the medical bills if they exceed your homeowners association’s (HOA) insurance coverage limit. It’s important to check your HOA contract and master policy to see what coverage is provided, as well as talk with your insurance agent to fully understand what you’re covered for. For more information on tips for buying a condo, click the button below.




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