Pros & Cons of Buying a Condo – Is It Worth It?

Pros & Cons of Buying a Condo

If you are thinking of purchasing a condo for your next home, there are plenty of benefits condo living has to offer new buyers. They are increasing in popularity among baby boomers and even among the millennial generation as well. Individuals from these two demographics are currently looking for a home that is easy to care for and that they can own in a few years. A condo can make a great living space, but condo living is not for everyone. There are some aspects of the condo lifestyle that you have to think about before making a purchasing decision.

The Pros: Why You Should Buy

Opting to live in a condo can carry many benefits that other housing options don’t have, and if you are in the process of moving into one, you are going to experience some of the good aspects of condo living.

On-site Maintenance:

Condominium complexes often have dedicated on-site maintenance crews to keep the premises of the property in excellent condition all-year-round. Owning a condo relieves you from all the stress associated with maintenance work, so you don’t have to lift a finger. Instead, you can be confident knowing that your condo complex is well-maintained.

Move-In Ready:

The majority of standard apartments give you the option of moving into your room furnished (furniture is provided at an extra cost) or unfurnished (you have to get your own furniture), whereas condos are already fully furnished. This saves you money and the laborious work of moving big pieces of furniture up to your condo. Condominiums are move-in ready, which is one of the most attractive features to potential buyers.

The Cons: What You Should Think About

While condos can make an excellent place of residence, there are some aspects of condo living that can be a deal-breaker for potential buyers.

Homeowners Association (HOA) Regulations:

Most condominiums are governed by homeowners associations, which are organizations that establish and enforce the rules they make for the property and the residents living there. If you buy a condominium that is overseen by an HOA, you will automatically become a member, and you will be required to pay HOA fees. If you don’t like these regulations, purchasing a condo may not be in your best interest.

Challenging to Re-Sell:

In the event you decide to sell your condo, looking for a potential buyer will be a challenge. Some people may find condos associated with HOAs to be attractive due to their regulations. In this case, it is best to work with a real estate agent that thoroughly understands how to resell and market a condo so you can continue to move onto the next milestone in your life.

Asking the Right Questions

After doing enough research on condo living, you will be prepared on what to expect and on what aspects of condo living you are okay settling with, and what details you won’t accept. To learn more about how a condominium can be a great living arrangement despite some of its drawbacks, it’s recommended to consider all your options before making a decision. This will depend on your lifestyle and your list of requirements for your ideal home. 

About Amanda

I love to buy a lot of products for the home, and dissect them out. I split them into duds and winners, and share the findings here on my site. As a reader of my site, I'm aiming for your next purchase to be an informed and inspired one.

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