The Pros and Cons of Condo Living
Owning a condo has many differences from owning a house. It is a specific lifestyle, one that is not meant for everybody. However, for some people it meets the perfect lifestyle and is something that they strive for. Here are some of the pros and cons of condo living.
One of the largest pros is that the location is almost always in the heart of the city, making it a premium location. If you strive to live somewhere surrounded by people and entertainment at all times, the condo life is perfect for you.
A condo is always low maintenance compared to owning a home. You do not have to mow the lawn or shovel snow, someone else takes care of the plumbing issues or any other maintenance problems that you might encounter.
Condos typically have a wide range of amenities in the common areas. This means that you might have a swimming pool, gym, tennis courts, movie rooms, or other amenities that are easily accessible for you.
With a condo, everyone is a member of the condo association. This helps to enforce any laws, handle maintenance and repair problems, and deal with disputes between owners or developers, making your living situation more at ease and comfortable whenever any problems do come up.
If this is your first real estate property to own, you might find that a condo is more within your price range than most single-family houses. Condos have a wide price range, but they tend to be within the right budget for those that are single or looking for their first real estate purchase.
You have an added sense of security when you live in a condo. Condo buildings often have door buzzers or a guard service, which makes it harder for anybody to walk in without having a reason to be there. If you leave for a long period of time, you can feel safe knowing that your property is well secured.
When you own a condo, you only share what is yours and you do not own the land of the building. You own your space, but you share all of the other areas around it. Sometimes this is something that people do not like to deal with and would prefer to own a home.
You are also living within a community. You will run into your neighbors and you a more likely going to be able to hear your neighbors from inside your condo. If you never liked living in an apartment or in a shared space, condo living might not be right for you.
The fees that come with condos can be costly. There are monthly fees that go towards maintenance and repairs in the common areas such as those amenities that you might not even use.
Condos are highly sensitive to the trends that go on in the real estate market. So if the market falls, condos are the last to recover and you could lose money from your condo if you decide to sell it. Therefore, it can be costly to own a condo if the market looks like it might be taking a downturn.
Since you are part of an association, you have to be ready to be part of an inefficient association since it is made up of other homeowners. If you want to do any renovations on your unit, you will have to get approval from the association before you can do so, which can be a hassle for you if the renovation is simple and does not require doing much.
There are many pros and cons to owning a condo, and knowing what you expect out of your new home is going to help you make the decision a lot easier than jumping into a choice. Figure out what type of living situation fits in with your lifestyle the best to make the most profitable and rewarding decision.
About the Author
Denver Luxury Condos Building, Residence XXV is pleased to bring you this article on the pros and cons of condo living. Residence XXV has a number of luxury condos in Denver available. If you are interested, check out their website today.
Tags: Real Estate Trends
, Condo Real Estate
, Pros vs Cons
, Low Maintenance Costs
, Condo Location