Owning a real estate property is simply the best accomplishment anyone can buy. Condos, specifically, are an ideal place to live if you're an independent working professional. From the privacy to the security, a condo unit is safe and convenient. In this blog, we'll discuss the pros and cons of living in a condominium environment.
Pros of Condo Living
1) Condos are more affordable than single-family homes.
2) Condos can be rented out and earn you passive income. Some properties, particularly those in prominent cities like Washington DC, Boston and San Francisco generate thousands of dollars every month. You don't have to worry about finding tenants because property management companies take care of that for you.
3) The condo community is safer for children compared to a regular apartment building. With the added security measures in place, parents can have peace of mind knowing they're kids are safe inside the condo unit's vicinity.
Also, having common areas such as swimming pools serve as socialization spots for kids and their friends while allowing them to burn off extra energy on a hot summer day or as a way to just relax outside instead of spending most of their time indoors.
4) The condo fees or dues can include services that are usually not included in apartment rents. These extra services can be as simple as items that help you keep your home clean and dust-free to providing a 24/7 doorman or mail forwarding service.
5) The condos' physical structure is more sound and stale compared to an apartment unit's, which may not have the same foundation walls and high-quality materials used for newer condos. This solid construction translates into less risk of flooding, structural damage during inclement weather, and falling debris from top floors damaging those below it.
Cons of Condo Living
1) Condo fees can add up to thousands of money per year, and when you factor in common area utilities this can mean a significant portion of your household budget. If you find that all these fees are beyond your means, talk to the manager or board about condo association scholarships for low-income households if such group allows.
2) As with an apartment complex, common areas such as hallways and elevators may be poorly lit at night and unsupervised by employees or security guards. Lack of lighting is especially problematic in multi-unit buildings that have balconies located near ground level because it could attract shady characters looking to break into the units below. Some condos opt instead for blacked out windows along hallways or lobbies which prevents suspicious people from creeping in.
3) If there is only one entrance door into your building, this could pose a serious security threat if it was ever left unlocked. If the condo management company or board adopts a strict policy requiring all doors to be locked at all times, this could present an inconvenience when you need to get back home after public transportation stops running for the night.
4) Condo units are usually smaller than apartment units because they have fewer walls separating them from each other - meaning that sound travels faster between your unit and others compared to living in a house which has more walls and separate rooms. This depends on your condo developer, so always choose a reputable developer that builds quality buildings that offers maximum privacy.
5) Since condos are built in heart of the city, you'll most likely hear the hustle and bustle of the city more often than in a suburbia area.
If it's very important for you to have a big yard, private playgrounds or parks nearby your home, then condo living is not ideal for you. But if you're okay with living in an urban environment and low maintenance lifestyle, then condos are definitely something to consider!
6) Condo fees includes all utility bills- water, sewage disposal, garbage disposal etc., whereas apartment dwellers pay for their individual utilities at additional cost. This could add up over time but nevertheless, it'll be much cheaper than paying utilities on your own while renting out a house from someone else.