The new trend in our society that is redefining modern lifestyle is living in Condos. Many millennials and young families are now preferring to live in condos due to the many benefits it offers such as tight security, access to high quality amenities, active community interactions, and convenience. If you have been wondering whether renting a condo or purchasing one is the best thing for you, we have prepared this article to help you understand the pros and cons of living in a condo.
Let’s get started!
Advantages of living in a condo
1)Security is paramount
Most individuals who prefer living in condos agree that security is one of the key factors that they consider. Living in a condo gives you a sense of community where you get to interact and bond with other residents. All entry and exit points are heavily guarded to ensure only authorized persons are allowed inside the condos. Other security systems such as alarms, CCTV cameras, and emergency exits are available in most condos to guarantee residents a 24/7 security.
2)Access to modern amenities
Living in a condo gives you a unique access to state-of-the art amenities like modern gym, rooftop deck, dog washing areas, swimming pool, steam rooms and sauna, hot tubs, entertainment rooms, meeting rooms, concierge, and library. If you are an active person who loves to work out and socialize, living in a condo provides you with the best lifestyle ever. Most of these amenities are easily accessible and you get to enjoy full value in a modern environment.
3)A sense of community belonging
Living in a condo gives you a sense of belonging as you get to interact with your neighbors. Residents live and interact with each other as one community. Sharing of common amenities also helps in creating a stronger bond and a sense of belonging. When most residents know each other, they are able to interact and socialize freely and this helps in creating a sense of security. If you are an active person who loves to socialize and create new friends and networking, living in a condo is the best choice as you get an opportunity to experience a sense of community belonging in an urban setup.
If you are looking for the easiest way to home ownership, buying a condo is the way to go. Condos are much affordable compared to single-family homes. If you are a first-time homebuyer or looking for the best deal when downsizing, getting yourself a condo is the best decision you can ever make.
Condos are located in urban areas thus, giving residents an easier time to commute to their working places due to their close proximity while at the same time enjoying modern lifestyle. Condo residents don’t have to worry about accessing essential amenities and services as most of them are within reach.
When you live in a condo, you get relieved the burden of regular home maintenance that comes with owning or renting a single-family home. Condos have organized homeowners associations that take care of regular home maintenance such as landscaping, building repairs, painting, and snow removals.
When you live in a condo, you don’t have to worry about doing regular home maintenance yourself. All these services can be provided to you at affordable service charge.
6)Faster property appreciation
Condos are located in developed urban areas. Therefore, if you purchase a condo, you are assured it will appreciate at a higher rate as it’s located in a very attractive area. One of the consideration that homebuyers look at when searching for a home to buy is property location.
Condos are also located in close proximity to key amenities that people require in their daily life. Proper location gives them a competitive advantage when it comes to property appreciation over other property types that are located in less developed areas.
7)Enjoyment of urban lifestyle
Since most condos are located in urban areas,living in a condo gives residents a unique opportunity to experience urban lifestyle. Whether it’s accessing the best shopping malls, entertainment joints, sophisticated road infrastructure, dining options, nightlife or any other perks that city life has to offer, residents in a condo are assured of these services without any hassle.
Disadvantages of living in a condo
1)You can’t own land where the condo is built
Purchasing a condo unit does not guarantee you ownership of the land where your condo sits. If you value owning a piece of land, you better consider buying another type of property such as single-family home where you buy both the house structure and the land where the house is built on. When land value increases, it can become difficult to benefit as you don’t own the land where your condo unit is.
If you live in condos with strong homeowners associations, you will have no option other than obeying the set rules and regulations that governs how the condos community members should co-exist. There are guidelines on allowable noise levels, number guests, guest parking slots, pets, and entertainment and smoking regulations. If you are a pet lover or you are a person who don’t like limited freedom, living in a condo might not be the best choice.
3)Mandatory homeowners Association fees
Living in condos means you have to pay a mandatory monthly or annual homeowners’ association fees to cater for maintenance and repairs of shared amenities. If you can manage to DIY in a single-family unit, you’re lucky as will not have to incur any maintenance and repair costs. Homeowners’ association fees can form a significant expense depending on the type of condo that you are living in and this might affect your budgeting. Since it’s a recurring expense, every prospective buyers must put HOA fees in considerations before making the final decision of buying/renting a condo unit.
If you are a person who like a lot of privacy, then condos may not be the best living option for you. Condos have common amenities such as elevators, meeting rooms, rooftop deck, gym, laundry areas, and parking slots. When living in a condo, you will have minimal control on how your living environment will be in terms of who becomes your neighbor, noise levels, and use of shared amenities. If you value your privacy too much, a single-family housing unit can be a better choice compared to living in a condo.
5)Your neighbors are too close
Condo living is a community living setup where you share amenities with your close-door neighbors. In many situations, you can’t choose who will be your neighbor as units are occupied by different persons. If you are not an outgoing person, you will have a very hard time socializing with strangers. Sharing amenities such as gym and swimming pools can be another challenge for persons who value privacy and autonomy.
6)Fewer parking slots
Parking slots in most condos are very limited. If you have several vehicles or you are a person who likes to host many visitors during your events, you might find it challenging getting enough parking slots. On the other hand, if you don’t own a vehicle and your house has been allocated a parking space, you might still be charged for the empty parking slot irrespective of whether you use it or not.
Although living in a condo comes with a few downsides, the benefits far outweighs the drawbacks and that’s why they are a great preference to majority of homeowners currently. With a sense of community belonging, access to modern shared amenities and tight security, many individuals feel comfortable living in a condo. If you are planning to buy your first-home or downsizing, consider going for a condo.