Is Condo Living Right For You?

Whether you are looking for your first place or you’re ready to move on to the next one, you’ll have to make the decision to rent or buy a home early on. Many people choose to purchase their home, but don’t want all the responsibility of owning a house. If that’s the case for you, a condo may be the perfect choice.

As you start your hunt, you’ll want to keep these benefits and drawbacks of living in a condo in mind:

A Few Benefits of Living in a Condo

  • Living in a condo means paying monthly or annual dues. At first this sounds like a bad thing, but it’s really a benefit. These dues cover things like landscaping, exterior repairs, etc.

  • Condos have a wide price range so the possibility of finding one you can afford shouldn’t be an issue. Many times you can find a desirable condo with a smaller price tag than a comparable single family home.

  • Always wanted a pool but never wanted to deal with the hassle? Condos usually have you covered. You’ll often have access to other amenities such as tennis courts, fitness rooms, and reception areas too.

  • If you live in a traditional home, messy neighbors are something you have to put up with. Living in a condo allows you to keep your neighbors accountable for how the exterior of their home looks. If things get out of hand, you have the help of an association to get things back in order.

A Few Drawbacks of Living in a Condo

  • Paper thin walls. Okay maybe not paper thin, but you’ll likely be sharing walls with a neighbor. Get used to hearing what’s going on next door, especially if you have a noisy neighbor.

  • Historically, condos are more difficult to resell than a traditional home. When the market dips the condo sector is typically the first to respond and the last to bounce back, so keep that in mind.

  • When you own a condo you really only own what’s confined by the walls. Depending on how you look at it, this could be a benefit. If your goal is to have less to maintain, then this is a good thing!

  • Not a fan of rules? Living in a condo may not be the best option for you. When you decide to live in a condo, you agree to maintain things a certain way. Your HOA may have quiet hours, pet restrictions, and rules against exterior additions like signs and yard ornaments. More than likely these rules won’t be deal breakers but be sure to plan ahead.

After considering the pros and cons of a condo you should be ready to make your decision. Is condo living the right life for you?

No matter what type of home you’re looking for, we’re here to help. Contact us anytime with questions about buying, selling, or building your next home.