Pros and Cons of Owning a Condo
Â· No Yard = No Yard Work! Letâ€™s face it, raking the leaves in the fall, and shoveling the driveway all winter isnâ€™t fun. Without a yard, you are released from your yard work duties. Many people find this a positive of condominium living.
Â· Common Areas: Living in a condo usually comes with many perks. One of them is the ability to take advantage of swimming pools, exercise rooms, or even tennis/basketball courts. Staying fit is a healthy goal for many, so having these amenities is great. Some common areas even include computer labs, or lounge areas. If you want to entertain, but not too far from home, use the common areas.
Â· Safekeeping: As long as you feel comfortable with your neighbors, they can serve as a sense of security for you. When you live so close to one another, itâ€™s easier to keep an eye on crime. Also, sometimes condos offer a 24 hours security system or security personnel. If you travel a lot, or want to feel extra safe, consider a condo.
Â· Extra Fees: When you live in a home, you donâ€™t pay extra fees to keep maintenance and repairs paid off monthly. Some of the fees go towards the common areas or the security. This is a major turn off for a lot of people who are contemplating between a single-family home, or a condominium.
Â· Future Resale: It is sometimes harder to sell a condominium in a bad market. If you are planning on living in a home/condo for a short period, you may not want to consider a condo. This doesnâ€™t mean you canâ€™t resell a condo, it just means it may take longer.
Â· Restrictions: Although you â€œownâ€ your condo, you donâ€™t exactly get to party all night, or have a 100lb dog. Sometimes the condo association may restrict what kind of displays you have in your window too. You also may need to go through a process when you are making renovations. Ownership of a condo isnâ€™t exactly like ownership of a private single-family home.
There are many pros and cons to owning a condo, these are just a few. Condo living may be better for some, and harder for others. Sit down with your Realtor and discuss what you think is important to you.
Angie Boggeman, The Hermann London Group