Condos offer an affordable means to own a home. A condo has several owned apartments in a single building. Individuals in the apartment share a common area and on-site amenities. Before you consider buying a condo, you should look at its pros and cons.
Pros:
1. Access to on-site amenities: Owning a condo allow you to access on-site amenities like a swimming pool and fitness center which may be otherwise expensive.
2. High security: Many condos have enhanced security by offering a gated or locked entry with a professional security personnel for all the residents. Your neighbors can always help you in case of emergency as compared to when living alone.
3. No maintenance: Once you buy the condo, you don’t have to maintain a lawn care or even fix any plumbing issue. This is the responsibility of the condo association.
4. Affordable: Condos are cheaper compared to a single-family home. They give you a chance to own a home at lower prices.
5. Proximity: You can look at the profiles of your neighbor before buying a condo. This ensures you will be comfortable in the apartment. If you like a quiet environment, meeting your prospective neighbor will know where you share the same interest or whether they like to party.
6. Voting rights: As an owner of the condo, you will have voting rights in the running of the condominium and you can be elected to the board of directors.
7. Budget your expenses: Since monthly maintenance, charges are predictable you can easily manage your expenses.
8. Community living: Condos foster an interactive environment. You can interact and build good relations with neighbors.
9. Profitable asset: Some individuals consider it as an asset, buy at a low price and sell at a profit when the value rises or rent it to new residents.
10. Tax deductions: Ownership of a condominium helps you benefit from tax deductions.
Cons:
1. Privacy concern: Buying a condo allow you to share a common area with other owners in the building or across the hallway, thus if privacy is your concern then this is not the best option.
2. Outdoor space: In condo apartments, there are no backyards or even a big front yard. If you like outdoor tasks or a garden then this arrangement will not be suitable for you.
3. Monthly association fee: When you buy a condo, you have to pay the monthly maintenance fee on top of your mortgage for the swimming pool, fitness center, and security systems.
4. Challenge to sell: It is difficult to sell condo units especially if you have a lot of empty units. This is because they all look the same.
5. Follow rules: If you decide to buy a condo, you have to abide by the condo management’s rules. Any installation to the apartment like the solar panels, you have to seek permission from the condo association.
6. Slow appreciation: Appreciation value is much slower compared to a single-family home. This is because you only own a living space instead of land.
7. Delinquency: During the recession, many condo owners fail to pay association fees. This leads to an increased fee to everyone in order to cover the delinquency.
8. Less space: In some condos, there may be less space in the units causing some clutter.
9. Different personalities: Condos attract individuals with different personalities making it difficult to reach into consensus.
10. Special assessment charges: Although you pay for the property maintenance fee, there is a possibility to pay for unexpected repair charges.
