A condominium, also known as a condo, has become a popular choice of residence. It’s a privately owned individual housing unit in a network of other housing units and all the rage right now because of increased demand. This increase in demand has also increased prices. Market surveys show that between 2012 to 2017, the market value for condos rose by 38.4% between 2012 and 2017, while the value of single-family homes only rose by 27.9%. Despite the rise in value, they’re still more affordable than houses for the Millennials in the short and long term.
Just like homes, condos are not for everyone. They may be an appealing option for some but, for others, they may not offer the right structure, environment, or level of privacy needed. Finding a condo that is according to your taste is not easy, which is mainly why many people prefer finding rentals over owning one.
Whether you’re buying or renting, one thing is certain, condos are a popular choice of accommodation not only for long-term living but also for vacation. The increasing popularity of condo rentals in Pigeon Forge and Palm Springs—some of the country’s hottest tourist destinations—is a testament to that.
It is pivotal to do a risk-benefits analysis when moving into any new place. So, before you decide to move into a condo, know if that lifestyle would be suitable for you. For people wanting a laid-back and safe community lifestyle, a condo might be the right choice. Like every other thing, condos also have their cons.
Let’s take a look at the various pros and cons of living in a condo are as follows;
Pros
- Security
Condos are safer as compared to apartments and single-family homes. They have secured entry gates. Security guards keep an eye on everyone entering or leaving the unit. Most condos have a close-knit community so, you can rest assured. In case of emergency, you can contact and get help from your neighbors as well. Many single people do not like living alone, and condos offer security making them feel safer.
- Facilities
A great benefit of living in a condo is the amenities that you get. Swimming pools, clubs, gyms and, sports centers are almost always present on the ground floor of the condo buildings. Despite the fact that housing units are owned privately, these amenities are shared equally by all inhabitants. Everyone benefits from them. The best thing is that you do not even have to worry about maintenance. For example, you do not have to clean the pool yourself. The monthly or yearly maintenance fees cover that. So you can enjoy all these luxuries without the hassle of management.
- Affordability
The condos are constructed on property that is considered a common area shared by all residents. If the management is efficient, condos are considered a good investment. Condos are thousands of dollars cheaper than single-family homes. Condos are smaller in size, and since you are only responsible for the upkeep of your interior, it is overall inexpensive than maintaining a house.
- Less Maintenance
Condo owners do not have to worry about maintenance, whereas homeowners are responsible for managing every nook and cranny of their homes. The building crew is in charge of outdoor maintenance such as lawn mowing, plant watering, and pruning. The condo association receives a fee for these services.
Even if maintenance is not a prime concern for you, not being responsible for it can save you a lot of time, effort, and money. In that spare time, you can work, rest, or do whatever you choose to do. The condo association is also responsible for indoor maintenance and structural issues such as a leaking pipe, a hole in the roof, or any other repair difficulties.
Cons
- Low Resale Value
Condos have a low resale value. There is considerable competition from newer condos that have more up-to-date features. Sometimes they may not have that specific appeal that families crave in their future residence. One of the most critical factors to consider that can affect your condo’s resale value is its location. Unattractive common areas due to poor management can also reduce the resale value by a large margin. Outdated amenities can keep you from asking for a reasonable price for your unit.
- Delinquency
All unit owners are supposed to pay for the shared amenities and other benefits. Some people do not keep up with their payments or often fall behind. Such irresponsible behavior by one affects all. This delinquent behavior of your neighbor can also hinder your condo’s resale.
- More rules
Buying a condo makes you a part of that community automatically. And with that come a set of rules and regulations that you have to follow. These rules are set in place by the condo management, and every resident has to follow them. Even though these rules are in place for the benefit of all, they can be frustrating at times. However, if you are okay with such orders, a condo can be a good living option.
- Lack of Privacy
A sizeable issue that comes with living in a condo is being in proximity to other people. You have to share space with other tenants in the building. Communal places are shared among all. For introverted people, it can be a nightmare. Some people might feel uncomfortable in such situations. It can get quite awkward to see someone you do not like in shared places.
If you value your privacy, condos may not be the right choice for you.
The Takeaway
Despite the advantages and disadvantages of condo living, some people prefer it. The pros can outweigh the cons based on personal preference and vice versa. In some areas, they’re becoming the only viable housing alternative.
You must inspect any condo you intend to live in before deciding to move there. It is of utmost importance to acquire a sense of the condo’s physical condition as well as the surrounding community. Because individuals tend to live in condominiums for exactly as long as they do in houses, finding a community that is in tune with your values is essential.
