If you want to move up from a rental but don’t want to move to the suburbs, buying a condo may be the answer. Condos aren’t exactly cutting edge for purchasing a home, but they’re quickly becoming a popular choice for young adults, who are 52% more inclined to buy a condo than their fathers and grandfathers were.
What makes condominiums so appealing? According to the National Organization of Realtors, they’re like apartment complexes, except an association maintains them, and they’re less expensive than owning a home. However, there are certain drawbacks.
Whether you’ve already hit the market or are just kicking the tires, we know you have any questions. There are both advantages and disadvantages to consider.
1- What’s A Condo?
Like a standard apartment, a condominium refers to a “condo.” What makes a Homeowners Association different from a condominium association is that all the common facilities, such as your backyard and patio, are owned and maintained by (HOA) itself.
As a condo owner, it’s up to you to take care of all the common areas in your building, but you don’t have to if you don’t want to.
2- Advantages And Disadvantages Of Buying A Condo
Our research suggests these factors as the prominent influencers in comparing the advantages and disadvantages of buying a condo.
i- Rules And Restrictions
a- Advantage
You’ll be subject to rules and regulations when you live in an HOA. Keeping the music and tidying up after your dog are two of the most obvious ways to keep your home safe. For your neighbor’s monthly drumming sessions, guidelines imply you don’t have to approach him! Having someone else establish the rules might welcome relief if you like a quiet environment. So this is one of the advantages of buying a condo.
b- Disadvantage
Following the rules might be like going back to college. For letting visitors stay over or getting approval for any modifications or decorations, condominium boards have a history of being demanding. Installing green energy technologies, for example, causes seeking authorization from your HOA.
ii- Administration
a- Advantage
HOA’s that are well-run take care of a lot of grunt work for you. Maintenance and repair haters may rest easy knowing they won’t have to run out of cash in an emergency. The board will also take care of all amenities. Likewise, your common outside area will be pristine, and you won’t have to do anything.
b- Disadvantage
A lot of money is collected by HOAs, so be sure you’re OK with the additional costs. You’ll want to ensure your HOA is well-organized to prevent a catastrophe. Every HOA has two types of funds: an operating account and a long-term project reserve account. When money is poorly handled, you may be forced to spend more on completing repairs and projects. So this is one of the disadvantages of buying a condo.
iii- Community
a- Advantage
A condo can be the right choice to live in a friendly neighborhood with plenty of social activities. It’s a terrific way to meet new people and organize movie nights, cookouts, and other events with your fellow students. The complex structure fosters a feeling of community that isn’t felt in single-family houses.
Besides being more secure, living in a community is more convenient. Some condo buildings have high-tech security systems, while others employ security officers around the clock. Residents may feel safer and more secure because of this.
b- Disadvantage
Some people don’t enjoy living near their neighbors, mainly when the sound passes through walls. In most cases, condos are made up of interconnected residential buildings.
If your neighbor is nosy, you’ll have a lot less privacy! Your postal box, waste disposal, and storage space will all have to be shared.
iv- Pricing
a- Advantage
Condos are less expensive than single-family homes. The lower the price, the less money you’ll have to pay upfront, and the less money you’ll spend each month on rent or mortgage payments. According to statistics from the National Association of Realtors, the typical price of a single-family house in the United States is $240,900, while a condo is $225,100.
b- Disadvantage
While condominiums may be a little more affordable than single-family houses, the cost isn’t the only consideration. Depending on the neighborhood and the facilities, HOA dues might go into the thousands of dollars each month. According to Realtor, the typical monthly charge is between $200 and $300.
v- Comfort
a- Advantages
Having access to facilities is a significant feature of living in a condo. For those who can’t afford a home with a pool, a condo could provide opulent facilities such as outdoor space, play areas, a massive pool, or spas. On-site services, such as concierges and cleaning, are available at certain apartment buildings. So again this is one of the advantages of buying a condo.
b- Disadvantages
Why would you be enthusiastic about a ball court in your hotel room if you’re not a basketball player? Plus, don’t expect to discover a spa in every apartment you look at since fancy facilities often come with more costly properties.
3- Our Advice For Buying A Condo
Make sure you examine the benefits and drawbacks before making a purchase. Some people like their personal privacy and don’t want to live in a condominium.
A condo may be the right choice if you value a feeling of belonging, facilities, and having someone else enforce the rules.
Choose Regentology For Buying A Condo In Your Favorite Location
If you’ve always wanted to buy a condo in your desired location, Regentology can help. Expert agents at Regentology can help you find and buy your dream home for less money.
You won’t have to worry about anything since our real estate agents will take care of everything from start to finish. Every step of the way, we’re here to help you understand your needs, your budget, and your timeline. Get in touch with the best local real estate agents for a free consultation by completing our online form.