There’s quite the pressure of buying a condo, isn’t there? More than just the expense of leaving your family home, future condo owners also have to worry about faring with the condo life.
In this guide we will help you decide which is the better move to make with the pros and cons of condominium life.
Condo Setup
If you plan to move out and live the condo life, it is important to prepare all the essentials and yourself for a new setup. To know what the condo life has in store for you, we will first discuss the variety of advantages of this living setup.
The Benefits
No Maintenance Work
One of the best pros of condo life is that you’re free from doing all of the maintenance work! Mowing the lawn and cleaning the condo complex? Your condo fees cover anything that takes your time and energy.
Instead of paying for repairs in a rush, the maintenance fees of the condominium will cater to them instead. Best of all, this package includes maintenance checks, too.
Homeowners Share Major Expenses
If you’ve thought about condos at least once, then you’re well aware that in a condominium, there’s a fee to pay. A small amount of these condominium fees go into the reserve fund.
These pay the maintenance and fees for repairs, but if the fund ends up being short, you don’t have to pay for the repairs alone. Instead, all the people present in the condominium units will be dividing the fees of the building damages.
That’s less of a burden on you, as compared to living in single-family homes.
A Better Lifestyle
For anyone who doesn’t mind being in a small space, condo communities are a great way to live a better lifestyle. It’s true that the units would typically consist of just a bedroom or two, but if you have access to the tennis courts, a fitness center, swimming pools, and neighbors, then it’s well worth it.
In fact, some condo developments in buildings even cater their facilities to specific age groups. If you decide not to use the amenities, you also have your own space separate from all the other buyers in the building.
Regardless of the lifestyle you’re used to, condominiums have a way to keep you on your toes in comfort!
(For condo essential tips, you can also read our page about soundproofing a condo here)
World-Class Amenities and Facilities
If we’re talking about the amenities in the condominium building, it’s true that you could get the basic amenities and a swimming pool like in a typical apartment.
But more than this, people in condominium units mostly have access to more luxury-like amenities. Now compare to someone without condominium ownership and is living in a single-family home.
(Planning to renovate your condo? You can check out the best condo flooring we listed here)
Condo Community
One of the paramount needs of humans is social interaction. The condominium market provides this by placing you and your neighbors in one community of condos.
You can rest knowing that you’ll find yourself friends since most of you will be using the same amenities because you live in the same condo building. And what better way to bond than in the comfort of a friendly community living space?
The Downsides
Well, we promised to talk about both the advantages and disadvantages of living in this real estate phenomenon of condos. So let’s get to the cons!
Steep Homeowners Association (HOA) Fees
You’ve seen the facilities provided by the condo owner and accessible to the home buyer, but have you thought about where the owners get the money from?
The condo association gets the fees from the steep HOA fees [1]. And you might want to think twice and calculate the associate dues to know whether the HOA fee outweighs the facilities.
Condo Value of Single Family Home
One of the other cons of living in a condominium is that its value won’t rise as typical home values do. If the HOA, for example, isn’t managing very well, then the value of your condo simply won’t rise.
Another factor that may cause its value to remain stagnant is fewer owners. That is, renters are less likely to take care of the condos’ association dues than a homeowner.
Lack of Privacy
At condos, you and your neighbors are going to be pretty close. If you happen to have condominium ownership and are stuck with an inconsiderate neighbor, there’s not much you can do distance from your with shared walls.
Delinquency
In condos, everyone shares financial responsibilities, which means that you’re bound to make up for the delinquency if someone fails to pay the correct amount.
Condo Living Is Best For You if You're...
It’s safe to say that condo living is best for you if you love to mingle, don’t mind small units, want to have your own space, or want to live a grand life. Not to mention you should also be willing to pay the down payment.
(Looking for a big investment plan? Then, here is our list of top condos worth over $10 million in Canada you can consider)
FAQ
What are the cons of living in a condo
The cons of living in a condo is the lack of privacy, having to live in a relatively small space, delinquency, and a stagnant home value. Take note that condominium common spaces and setups vary, depending on your location and region, so the downsides can differ from one place to another.
What are the benefits of living in a condo?
The benefits of living in a condo include having your own space, availability of facilities, shared fees, and being part of a community.
Conclusion
The pros and cons of condo living can vary depending on the location, region, or structure of the condominium itself. But these are the general points our team would like to share for you to make a wise decision.
Confused about what real estate to acquire? Well, you can check these pages to help you decide:
