When it comes time to buy a home, many people immediately think about buying a traditional house. However, you may want to consider buying a condo. For many reasons, buying a condo may be much better for you than opting for a house.
If you’re thinking about investing in a new home, take a minute to read through this article. We’re going to take an in-depth look at the many pros and cons of buying a condo you should consider before you sign on any dotted lines.
Follow along below!
The Pros and Cons of Buying a Condo
Many of the pros and cons of buying a condo come down to you, your lifestyle, and what you want your future to look like.
Therefore, let’s take at all of the perceivable perks and downfalls to buying a condominium to help you make an educated decision.
Pro – Cost-Efficient
First, condos are typically much cheaper than their traditional home counterparts. You can get a condo of similar, if not great size for less money than a house.
However, many people will argue that you’re missing out on having your yard, but that may not be a bad thing for some home buyers. For people who don’t spend a lot of time outdoors or care about having a yard, a less expensive condo may be a clear choice.
Cheaper prices also mean more options. This includes size, location, and quality upgrade advantages compared to traditional houses.
Finally, condo owners typically get a better deal on insurance. Condominium insurance can be hundreds of dollars a year cheaper than regular house insurance.
Pro – Less Maintenance
One of the biggest debates over the pros and cons of buying a condo is the lack of property ownership. While it means you don’t get a yard, it also means there’s a lot less maintenance on your end.
For example, it’s not on you to do the following outdoor house maintenances:
- Mowing
- Raking Leaves
- Pulling Weeds
- Trimming trees, bushes, and other vegetation
- Shoveling walks and driveways
- Cleaning gutters
- Roof maintenance after harsh storms
- Exterior maintenance (cleaning, painting, repairs)
Pro – Convenient Locations
Another benefit to living in a condo is that they are typically built in convenient locations near shopping centers, downtown districts, and schools. This can be a major benefit to anyone with a busy lifestyle.
Some people spend hours commuting back and forth each day. We spend so much time in our cars that we actually form close bonds with them. If you’re not about that “commute life”, a conveniently located condo will save you hundreds of hours of driving.
Pro – Perks and Features
Another great debate between the pros and cons of buying a condo center around the outdoor perks and features.
While some people would love to build and install their own private pool or hot tub, it’s a costly luxury. Many condos, on the other hand, come with community access to those types of perks. Yes, you have to share them, but it costs you next to nothing.
This could also include condo security, doormen, and on-call repair services.
Pro – Community
Lastly, one of the major pros of buying a condo is the fantastic community you would be joining. We mentioned the pool and hot tub above, but many condo associations include tennis courts, fitness rooms, clubhouses, and more.
Not only do you get access to all this stuff, but they also provide a great way to meet your neighbors and build strong relationships with the people around you. This can be equally beneficial for your children.
Con – Limite Outdoor Options
Moving on to the negative side of the pros and cons of buying a condo, you will have limited personal/private outdoor space.
You’ll likely be able to have a grill and put up some lights during the holidays, but gardening is likely out of the question. Depending on the space, you may be able to put up a small swing set for your kids or other playground equipment, but you won’t have the freedom you would enjoy if you bought a traditional home.
Con – Stringent Housing Rules
Condos also come with more strict standards of living. It’s to be expected when you’re living tightly with other people of the community, but it can feel somewhat constraining.
For example, there will be rules about what kind of pets you can have if they allow you to have any at all. There will also be rules that may restrict you from doing certain types of remodeling especially to the outside of the unit. There may also be standards of living such as noise restrictions, how your yard (if you have one) is kept, etc.
Con – Association Fees
Pricing is a commonly debated area in the pros and cons of buying a condo. While the overall price of a condo is typically less than that of a normal house, there are often HOA fees that come with living within the community.
However, these fees are what grant you access to any perks and features in the community, such as pools, hot tubs, fitness studios, etc. These fees also fund the condo association taking care of lawn maintenance, plowing the sidewalks and driveways, and so on.
Con – Resale Can Be Tough
Another negative aspect of buying a condo is that they can be tough to resell in the future, should you choose to move. There are few people out there looking to buy a condo than a traditional house. The buyer pool will be much smaller.
Con – Very Close Neighbors
The pros and cons of buying a condo can apply to the same fields. For example, though a condo community may provide great neighbors and lifelong friends, the close proximity will somewhat limit your privacy.
You will often be able to hear upstairs and side neighbors making noises, listening to music, or even fighting with one another. When choosing to buy a condo, you’re also choosing to live close to other people.
Con – Parking and Storage
Finally, choosing a condo over a traditional house will most likely result in having less storage space. However, many condos come with garage spaces, storage sheds, and attic space. You can also choose to buy a condo with a spare bedroom if you’re worried about space.
Additionally, not all condominiums offer sheltered or even off-street parking. You may have to park on the side of the road and have limited access to shelter in case of storms.
The Choice is Yours
Ultimately, you need to weigh the pros and cons of buying a condo and make your own choice. Based on our list, you should have a good idea of what’s right for you, your family, and your lifestyle.
Good luck with your condo-hunting! And remember to check out the rest of our site for more articles before you go!