Condo Pros And Cons

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Condo Pros And Cons – There are many cons and pros to owning a condo. Today, we will have a discussion for both sides of owning a condo. If you have every considered purchasing a condo or are considering one now, this discussion of the pros and cons should be very enlightening.

Before we get too far into this discussion, maybe we should cover exactly what a condo or a condominium is exactly. As a former real estate appraiser, I find many people talk about various aspects of the industry, but don’t fully understand exactly what it is. With that, allow me to provide a little clarity.

Condo Pros And Cons

Just so we can get on the same page as to what a condo is, let’s turn to Wikipedia for a definition.

According to Wikipedia, a condominium or condo

is the form of housing tenure and other real propertywhere a specified part of a piece of real estate (usually of an apartment house) is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights associated with the individual ownership and controlled by the association of owners that jointly represent ownership of the whole piece.

Condo Pros And Cons

In laymen’s terms, a condo is a property where you individual own your unit, but share ownership in the other elements of the property such as the hallways, roof, heating system, amenities such as pools and decks. it is shared ownership and a very cool way to pool expenses creating more of a wonderful living environment…..most of the time.

I don’t mean to make condo living seem so wonderful, but there are definitely some advantages. Let’s take a moment to go over the condo pros and cons now so we all have an idea of what you might have to look forward to.

Condo Pros: Advantages of Living in a Condo

Let’s jump right into the discussion of pros of condo living. There are some obviously ones that we will discuss now.

Cheaper Cost – After a quick view of the market, you will notice the neighborhoods you desire to live in are lot more affordable when it comes purchasing a condo. They tend to cost less because of the shared living and decreased number of interested buyers. All this equals a benefit to you as a buyer.

Additional Amenities – One of the main reasons people love condos is because of the additional amenities they offer. Often times you are able to enjoy patio areas, decks, pools and more. Because of the shared cost and increase land it is all available.

No Exterior Maintenance – As a home owner, I can tell you it is not fun maintaining the exterior of your home. In fact, it is a drag on owning your home. With a condo, you don’t have to do this personally. The cost comes out of your association fees, but you don’t have to do the work.

Condo Cons: Condo Pros And Cons

With all the condo pros listed above, it may seem like a great option for you to choose, but hold up. You have to consider the cons of living in a condo as well. Let’s take a look at a few of them now.

Privacy – Because most condos are attached to one another, it is kind of like living in an apartment. This means you have to share walls, ceilings, and floors with your neighbors. This could mean you could hear them if they are loud and they can hear you if you are the same. All this equals no privacy, which drives many people crazy. It is one of the reasons we couldn’t wait to live in our own home. We wanted the privacy and peace of mind.

No Yard – You don’t have your own yard. This can be a bit of a drag because there is nothing like opening the back door and allowing your children to roam free in the safety and privacy of your own yard. In many condos, you don’t have this option or you have to share it with the neighbors.

Shared Amenities – I know this is listed as a pro to condo living above, but the fact that you have to share your amenities can drive you crazy from time to tome. It may get on your nerves if you don’t really get along with all your neighbors and you cannot have any privacy in any of these locations as well.

Increasing Association Fees – Depending on who is running your condo board and who your neighbors are, you condo association fees could continuously be on the rise. This has to be very frustrating as I have seen many people live through this nightmare.

At the end of the day, you have to choose what is right for you. If you are going to live n a condo, then more than likely you really want to live in a particular neighborhood or don’t have any children and don’t need the space. Once our children have moved out of the home, I could see my wife and I downsizing and moving into a condo just because I can’t stand doing yard work.

Whatever you choose to do, make sure the decision is one that will make you happy. You have to live their so the pros and cons should balance out to happiness on your end. - Condo Pros And Cons