A condo (or condominium) is a great option for people who want to live communally but still own their own home. Essentially, a condo is like an apartment, but you own it instead of renting. The apartment itself is yours while all common areas are shared.
Most condos are arranged in some kind of community. They can be one, two, three, or more bedroom apartments in what looks like a traditional apartment building or duplex. Or, the condo could be a townhouse in a community setting. Whichever type of condo you prefer, they all come with some distinct pros and cons.
Here we’ll explain everything you need to know about buying a condo, including the pros and cons.
Condo pros and cons
There are a lot of positives about condos, but they come with a few cons as well. Northern Virginia Real Estate, who have a wealth of experience in selling condos, give the following examples:
Pros
- Many condos are in urban centers. So, you can own home while still enjoying the amenities of a big city
- You don’t have to perform most of the maintenance with a condo. The management company does that for you
- Condos are a more cost-effective option in most cases
- Condo buildings offer a wide variety of amenities
Cons
- Most condos are the size of an apartment and will not match the square footage of a house. If you want a lot of space, a condo may not be right for you
- Condos are not very private as there will be at least one or two other units in the building
- Condos often have management and other association fees. These can get quite expensive depending on the building
Related: 5 Perks Of Owning A Condo Over A House
Rentberry provides few awesome tips for condo rent hunters. Check out
Questions to ask yourself before buying a condo
Now that you know the pros and cons, consider the following questions before beginning your search for your first condo.
- What sort of lifestyle do I live?
Do you like to do household chores? Do you want to live close to people or in an urban area? Do you need a backyard, or do you prefer being indoors? These are the questions you need to ask about your lifestyle before purchasing a condo.
Condos are ideal for those who do not want to perform much maintenance on their home. If you prefer living an urban life and don’t mind sharing walls with a neighbor, condos are the way to go. Your lifestyle and habits will determine how happy you are in a condo. Make sure you are honest with yourself before you make the purchase.
- What amenities am I looking for?
Most condo buildings offer amenities. These may be as simple as a pool or common room. Or, there could be gyms, parking spaces, garages, concierges, and more. Ask yourself what amenities you’d like in your new home and then look for a building or community that supplies those amenities.
Parking, pools, and security are the amenities that seem to be the most important for people. Consider what’s most important for you – as you may have to be realistic in your search.
- What are the association fees and rules?
Almost all condos come with a homeowner’s association. Like HOAs in a subdivision, the condo community association will have its own rules and fees. Make sure that you completely understand how much you will be paying before you sign on the dotted line. Some associations charge monthly, quarterly, or yearly. You will need to understand exactly when you will be paying your dues as well.
Part of the association’s job is to create the rules and regulations for the condo building. Before you buy your condo, make sure that you are familiar with these rules and regulations. You don’t want to be taken off guard when you move in.
- Are there special assessments?
Special assessments are not something that homeowners have to worry about. These are the extra costs that the community association votes on. They typically cover repairs or other maintenance to the condo building, grounds, and common areas.
Before you buy, make sure that you know if any special assessments are currently in effect. They can raise the cost of the condo significantly. Also, make sure that you and your lawyer go over the community’s financial records to ensure that special assessments are used correctly.
Photo by Grovemade on Unsplash
Final thoughts
Purchasing your first condo is a big deal. Many people love condo living because of the flexibility and cost savings they provide. But, before you take the plunge and purchase a condo, you need to consider a few things. Use the pros and cons presented in this article as a way to decide if condo living is right for you. If you definitely want to buy a condo, use the questions here as a way to determine what type of condos are right for you.
