Many first, second and even third time home buyers consider buying a condo. After all, it is similar to owning a regular home, except that it comes with additional benefits like someone else having to take care of the exterior maintenance, living in a well organized and managed community and being assured of safety even when you travel. However, buying a condo to live in is not all benefits because it has some disadvantages too. Before you can put your name on that buying agreement, ask yourself whether you really are ready for condo living. The most prudent thing to do would be to weigh the pros of condo ownership against the cons.
The Pros Of Condo Ownership
- Access To Social Amenities
Social amenities in this case means amenities that you have to share with the rest of your condo community. These include things like swimming pools, fitness centers, clubhouse, basketball and tennis courts among others. Granted, you are already paying for these in the service charges, but you can be sure that whatever you are paying is just a small amount as compared to what you would pay if you were to subscribe to gym membership. Some of the amenities that we need so badly yet are not available or affordable to the average homeowners are available in the condo community.
- A Condo Is Great For Elderly, Very Busy Or Sickly People
One thing that sets the condo communities apart from regular home communities is that someone else takes care of the maintenance needs for you. Thus, if you are not always at home, are elderly or sickly, the best place to live is in a condo because there is someone to handle the broken furnace, cut the grass, do outdoor maintenance and basically keep the place in good condition. You can live in a condo without the need to do any of the above.
- Condos Are More Affordable Than Other Types Of Homes
Compared to apartments and detached homes, condos are more affordable and thus, buying a condominium is a good option for first-time home for a young family. While it is cheap, you enjoy the benefits that other homeowners also enjoy. For example, you can rent it out, build an extension and even cash in on your equity, of course after consulting the homeowners association.
- Condo Communities Are Very Secure
Living in a condo community assures you of security especially if you are always traveling. The service provider takes care of the security needs. If you live alone at home or are always on the move, you can be assured of security. Gatemen, doormen and even professional security providers are available. If you ever are in an emergency, you will have many people to assist you.
- Condos Are Built In Good Locations
Condos are close to everything that you need. They are close to schools, hospitals and shopping centers. Some are on the beachfronts, some in the suburbs. A condo location is chosen for its proximity to everything. Thus, should you need to rent yours out in future; it will be easy to find tenants.
Cons Of Living In A Condo
- There Is No Privacy
In a condo community, everyone is in every other person’s way, by design. It is very much like owning an apartment where your family is separated from the next family by a wall. There will be interruptions from neighbors and other people in the other units going up and down the stairs at all time, opening their doors any time of day or night. This can be disruptive to a person looking for quiet and some privacy.
- You Will Pay The Home Association Fees
All the social and recreational amenities that you enjoy have to be paid for by the condo owners. The fees differ from one condo community to another, but they can be as high as $300 per month. Swimming pools, tennis and basketball courts, fitness center and so on need to be paid for.
- Condos Can Sometimes Be Hard To Sell
As good as they are, condos are sometimes hard to sell because they do not come in distinguished designs, all look just about the same. In addition, the lack of privacy and the homeowners association fees tend to discourage many potential buyers.
Conclusion
The number of pros outplays the cons when it comes to buying a condo. When you want to have a place to live in a popular place like Los Angeles, buying a condo is more affordable to most people than buying a regular home. If you are looking to buy a condo in Los Angeles, check out the current condo sale Los Angeles. If you want a condo more specifically in Santa Monica, you can easily find some experienced and professional Santa Monica realtors to help you find the best condo as per your requirements and budget.
