Pros and Cons of Buying a Condo

condominium complex pool blue skies

Whether you want a single-family house or condo is really up to each individual. If you’re ready to buy a property, the decision to purchase a condo vs. a house is a big one. There are many reasons a person might buy a condo instead of a typical single-family house.

There are benefits to owning rather than renting, but condos are definitely an attractive option for first-time homebuyers as condos will help them build equity that they can use to buy their next home. Buying a condo may also be the best option available if you want to live in a certain area and can't quite afford to buy a single-family home. Condos can be less expensive than a single-family house, because condos tend to be smaller. Also, unlike houses, condos don’t come with any land.

What is very nice about living in a condos is that a larger or newer complex may have a number of amenities available to residents that single-family homeowners might not have access to, like a fitness center, a pool, tennit court, meeting/party rooms, 24-hour concierge, guest suites, etc.

Maintaining a single-family home generally requires more upkeep than a condo, like yardwork or other maintenance. Condos have the advantage of reducing your personal responsibility to your space, freeing up your time. In addition, owning a condo can reduce costs since expenses are shared. While you’ll be saving money on the initial purchase and on insurance, you will pay HOA fees to cover expenses like maintenance and lawn care, and they can range from a few hundred dollars to over a thousand dollars a month.

Most condos have a governing board that manages the HOA money and oversees how the community operates and is maintained. These associations make the rules of the complex and are also responsible for the upkeep of the common areas that are owned by all the residents of the building.

Pros

  • More affordable than single-family homes in a desired area.

  • Maintenance is taken care of for exterior and shared spaces.

  • Home improvements are yours to make within your walls.

  • You can build equity in the property.

  • Access to amenities like pools, fitness centers and other spaces.

  • Increased security.

Cons

  • No land ownership.

  • Condo association restrictions and HOA rules.

  • HOA and maintenance fees.

  • Less privacy. You'll be sharing a wall and corridors with your neighbors.

  • Financing a condo is often different and more difficult that financing a single-family home.

  • Limited parking and storage space.

There’s no doubt that buying a condo can be a great option. First-time buyers, young families, empty nesters, and busy professionals often find it easier and less stressful to live in a low-maintenance space where major decisions are handled by others. However, if you love your privacy and don’t want to live by someone else’s rules, then a condo might not be the opportunity for you.

.Cecilie Korst////