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.
