Jul 02, 2020
A condominium, or condo for short, is a private apartment that you own. However, it is part of a larger building or space with communal areas. You’ll pay individual condo insurance, while enjoying larger communal spaces shared with your neighbours.
Condos have been increasing in popularity over the past few years, but many people are still confused over whether to invest in one. While there are many benefits to owning a condo, there are also reasons to have reservations. So, what are the pros and cons of owning a condo? Read on to find out...
Many condos are extremely luxurious, offering spacious rooms and private parking. They also have excellent amenities like swimming pools, fitness centres and communal gardens. Sure, you share these with the other residents, but they’re not to be sneered at. Plus, the maintenance staff ensure that all areas are kept clean and secure.
Most condos come at a good price. While we all want to be able to live in a mansion with our own private pool and gym, for most of us this isn’t realistic. However, living in a condo means you get these great amenities at an affordable price.
Many people rate condos because of the added level of security they provide. Most are gated communities with security cameras and staff. This means that robberies and break ins are significantly less likely. Plus, when you go on holiday there are plenty of neighbours around to water the plants if necessary!
Most condos are high rise buildings, which means that they tend to be in convenient locations. While living in other properties with great amenities might mean a long drive to work, living in a condo often means that you can walk or cycle to the city. So, for those who like a thriving social life, condos are great places to live. Explore your options.
One of the reasons that people have reservations about condos is because of the added number of rules. Because they’re gated communities, people have to be a little more respectful of their neighbours. This might mean keeping noise levels to a minimum, not having pets or restricting the number of visitors. So, if you like to throw loud parties or you own several pets, a condo might not be the place for you.
Many people also worry about the level of privacy offered in a condo. While the apartments are completely private, some people worry about bumping into people when they don’t want to or hearing babies crying at 2am. Those who like a little more peace and quiet might not be best suited to the condo life.
Homeowners Association Fees
While condos are great value for money in many senses, you must pay for the amenities. This means pooling money into a monthly Homeowners Association Fee with your neighbours, the amount of which varies depending on the condo. So, while the condo may seem cheap, the additional fees add up. Plus, you rely on your neighbours to pay the fees, too.
Whether or not a condo is right for you is all down to your personal wants and needs. If you’re unsure, book in viewings to get a better understanding and feel for them. Research thoroughly and write down a list of what you want from your accommodation, along with your budget and desired location. If a pool, community and security are what you are looking for then you could find a condo to match. However, if you want to live somewhere more isolated, where you have more freedom in some ways, then maybe your own house would be a better fit. Good luck!