Whether you’re a first time home buyer or this is your fifth go round, buying a condo could be for you. The hybrid between a home and an apartment provides a great lifestyle for some, but a lifestyle that isn’t for everyone. Here are some pros and cons of buying a condo.
The Pros and Cons of Buying a Condo
Once of the biggest pros of buying a condo is that you are not in charge of maintaining a yard. In the winter, you can count on someone else coming through to shovel driveways and mowing the lawn in the summer. This is a big perk if you are an older resident, or a resident who is on the go.
Many condos have built in security camera that provide 24 hour surveillance. Additionally, it is not uncommon to have a full time security guard roaming the premises. Since most condos are located in urban settings, the extra protection and peace of mind is a big perk of condo living.
Maybe you’ve thought about having a pool, but you don’t want to pay to install or to maintain it. With many condos, there is a pool and a hot tub right on site, and only costs a small monthly HOA fee. Additionally, if you’re paying over a hundred dollars a month to be a part of a gym you rarely go to, an on site gym is a big pro of buying a condo.
Since condos are generally smaller in square footage and lack a large outdoor living area, you’ll likely be able to find a condo for a lower price than a similar single family home. Just be aware of the HOA fees as they can change the price significantly depending on location and amenities.
If you’re a family who tends to collect a lot of items, the lack of storage in a condo could be problematic. Some condos provide communal bike storage and maybe even a shared storage shed for multiple units, but don’t count on being able to keep all the stuff you had in your four bedroom single family home.
If you have a large dog and need a yard so your dog can run around, a condo may not be for you. There may be a beautiful common courtyard, but letting your dog off leash is likely frowned upon.
Perhaps one of the largest cons of buying a condo is that you won’t gain equity as fast as you would if you bought a single family home. Selling a condo can be challenging since there are likely several units like yours in the building.
Even if you enjoy the sense of community that comes with living in a condo, the proximity can make for some noise. Since you live so close to your neighbors, you’ll likely hear their dog barking next door. Much like an apartment complex, privacy can be hard to come by if you live in a condo.
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