Pros and Cons of Buying a Condo
Are you contemplating buying a house in an urban area? You should ask yourself if buying a condo is a better deal. The answer is that it depends. Condo living is not right for everyone, but can be a good solution. Here are some things to consider when making this decision.
No Outside Work
When buying a condo, there will be no more mowing the yard. This is a big part of the appeal for owning a condo. You won’t need to worry about any yard work because you’ll pay dues that will cover most of your maintenance needs.
Having someone else manage your outdoor workload, however, isn’t always easy. Some condominiums are underfunded. They don’t have the money for regular maintenance. You should ask questions about this and make sure the association is being run well before buying a condo. Find out how many condos the association manages. Twelve members out of 500 struggling to pay dues in any given month isn’t likely to have much of an impact on you. In a community of 10 condos, however, two people falling behind takes away 20% of the association’s budget.
Buying a Condo is More Affordable
Condos are a cheaper option as opposed to buying a comparable house. The cost of buying a condo versus a house depends on:
- The size of the home
- The neighborhood property values
- The cost of living in the area
According to industry experts, you’ll typically, spend less on a condo. However, the price of a condo isn’t the only thing you will have to pay. You also have to think about:
- Appreciation
- Mortgage payments
- Association dues
The dues can be quite costly depending on where it is and whether you want a luxury or no-frills condominium community.
The dues, also, only cover what is outside. There are plenty of things that can go wrong inside a home, such as issues with your
- Plumbing
- Air-conditioning
- Heating unit
You might also find yourself receiving an assessment. Condo owners can be asked to pay an assessment if an expense can’t be delayed. These can range from a small pittance to thousands of dollars.
Sense of Community
Condos do have a sense of community. People who own houses might say the same thing about their own neighborhood, but condo owners live closer to each other. Compare that to most suburban homeowners who tend to have large yards separating them.
You will see your neighbors while living in a condo, whether it’s:
- In the elevator
- At the pool
- In the lounge and lobby
You will also be more likely to go out since many condos are in areas with interesting bars, restaurants, and parks within easy walking distance.
You can’t, however, pick your neighbors. You won’t be able to get along with or like everyone. It is a downside since you’re going to run into those people more often than if you lived in a single-family dwelling.
Condo living is great when you have considered the pros and cons and decided that for you the benefits outweigh the negatives. Give us a call if you are thinking about buying a condo. We would love to help you find the right one for your needs.