If you’ve been looking at buying a house or condo, you may be torn as to which offers more advantages. For some, condo living is a happy medium between renting an apartment and buying a house. Here are some pros and cons to consider about condo living:
- Condos Have Lower Purchase Prices:
Condos often cost less than houses, which is appealing particularly to first-time homebuyers without a big down payment saved up. Or, condos can offer the ability to live in a more urban area without renting an apartment.
- Condo Maintenance Comes With Fewer Headaches:
Condos offer many of the same advantages as apartment buildings, in that you won’t have to worry about lawn maintenance and similar tasks each week. Plus, the cost of condo maintenance is shared by all the owners, which means you’re not alone when it comes time for exterior painting or a new roof.
- Condos Offer More Amenities:
There are many luxurious condos for sale at affordable prices, and the posh feel doesn’t stop inside: There are many condos near a golf course, and most include pools, gym facilities or other common areas.
- Condos Restrict Freedom:
One major downside of owning a condo is that you’ll have less freedom to make decisions by yourself. Any major changes will need to be approved by the condo board. This can take some time, and relies on your neighbors having similar taste to yours.
- Condos Come With Regular Fees:
Condo fees, regular dues paid by each owner, can be quite expensive. These fees can relieve any anxiety you have about saving for big repairs (like re-roofing), but can kill your monthly budget if you don’t remember that you’ll be paying them on top of your mortgage. This makes it difficult to judge whether condo maintenance is truly more or less expensive than repairs on a single-family home.
- Condos May Be Short-Term Homes:
If you do decide on buying a condo, think several years into the future to be sure you won’t need to be moving too soon. There are many people who buy a condo in their 20s, only to realize they need more space as soon as they have children.
Do you have any recommendations for condo living? Share in the comments. Read more like this.