The Pros and Cons of Buying a Condo
The Pros and Cons of Buying a Condo
If you love living in an urban environment or you don’t want nosy neighbors spying on you through their windows, a condo becomes your best move. But if you want to have a little gardening space and you love open spaces, forget living in a condo. A condo is perfect for the person who doesn’t want to deal with lawn care and exterior maintenance, and who can get by with a one-car garage or none at all.
Condos come with nice amenities – a tennis court, swimming pool, and a gym. When you are a condo owner, you won’t have to worry about fixing things that need maintenance in these facilities either, same as the amenities in your own building. A maintenance staff takes care of all that and there’s always someone you can ask for assistance and there is full time security. In addition to these advantages, condo complexes are often located near the best areas for jobs and there will be one near your workplace and location is always a factor.
Aside from the benefit of location and amenities, condos are generally cheaper than single family homes. When it comes time to sell it, you will probably be able to sell it easily because of the steady need for condos as homes, since as we noted they are normally lower-priced. These advantages make a condo purchase a more flexible investment.
The Down Side of Buying a Condo
On the flipside, living in a condo can be a little boring and surprisingly expensive. It can become a little dull for some gregarious people who like the neighborhood atmosphere. Of course, people who live in condos may have a great view of the city’s skyline, but if they want to adorn their homes with Christmas lights or make any improvements on their units, they are charged extra fees or fines for any exterior improvements of their condos.
You may be one of those who can’t live with rules and restrictions of that nature – or maybe not.
There will always be association rules to be followed. The rules can go as far as limiting what type of curtains you can use, the noise level of your television or your kids’ playing and maybe you can’t even have a little cookout without the super coming around to reprimand you or turning you in.
When you buy a condo you also buy the services that go with it. Apart from your monthly bill for your home loan you’ll have to put up the cash for various services. There are the association fees, which can be very steep. Besides, these are not tax deductible. In terms of investment stability, when home prices goes down, the first category to go is the condo. When it goes up, the condo is slowest to go higher. This can be good or bad depending on your timing.
If you are thinking about an affordable home, a condo can be a practical choice. College students, newly married couples, and singles most frequently prefer condos to apartments because of location, services, and security. Of course, let your decision be guided by your lifestyle and purpose, and naturally what you can afford.
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