Buying a condo is a great investment strategy because of its lower entry costs, manageable maintenance taxes, and low qualifying standards. While there are a lot of undisputed benefits to condo living, there are also some things condo associations don’t want you to know.
What are the pros and cons of condos? You don’t want to find out the cons after you signed the sales contract. Find out now with our guide to the pros and cons of buying a condo.
How Condos Work
Before we get to the advantages and disadvantages of owning a condo, we must first know how they work. The first thing to understand about condos is that they are a type of shared ownership. You own your unit, but you share ownership of the common areas with the other condo owners.
This means that you have to follow the rules set by the condo association, which are usually pretty strict. For example, you might not be allowed to make any changes to the outside of your unit without getting approval from the association first.
Condo associations are responsible for maintaining the common areas and taking care of any repairs that need to be made. They also set the rules that all the condo owners have to follow. You can find more information here as well about other condo-related rules.
Pros of Buying a Condo
There are many benefits to buying a condo over a single-family home. One of the main advantages is that condos are often much less expensive than a home, yet provide many of the same amenities.
For example, many condos have pools, gyms, and other recreational facilities that can be used by residents. Additionally, condos are usually located in desirable areas near shops, restaurants, and other attractions.
Another perk of owning a condo is that they require much less maintenance than a home, as the Homeowners Association takes care of most of the exterior and common areas. This can be a big relief for busy people who don’t have the time or desire to take care of a yard or deal with other maintenance issues.
Cons of Buying a Condo
The cons of buying a condo are that you may have to pay monthly association fees, which can add up over time. In addition, if the complex has any problems, you may be responsible for paying for repairs or replacements. For example, if the complex has a pool, you may be responsible for costly repairs if it becomes damaged.
Another potential downside to condo living is that there can be more rules and restrictions in place. These rules may be in place to maintain the quality and aesthetic of the property, and while they are meant to benefit everyone, they can sometimes be perceived as restrictive.
Finally, your mortgage company may require you to purchase condo insurance. While not always the case, this can add to your monthly expenses.
Know the Pros and Cons of Condos Before You Decide
The pros and cons of condos are varied. On the one hand, condo living can offer many conveniences and a sense of community.
On the other hand, it can be more expensive than living in a house, and you may have less privacy. Ultimately, the decision of whether or not to buy a condo depends on your individual needs and preferences.
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Also published on Medium.