Real estate

Condo It All: Pros and Cons of Investing in a Condominium Property

Living in a condominium unit is the new trend for the past few years. Condo units can be duplexes, townhouses, or low rise buildings. More mortgagor gets hooked on the promise of reasonable homeownership fee and cheerful living that condos usually offer.

However, what many homeowners usually forget is that residing in a condo means sharing everything with your neighbors from floors, walls, and even ceilings. Soon after homeowners move into a condo, they may face the advantages as well as the disadvantages of living in a condo.

Pro: More Affordable

Buying a condo is more affordable rather than purchasing a house with the same interior space. If you’re thinking of home ownership, it’s an excellent first step. The mortgage price is lower, and can sometimes be handled even on a single salary earning.

Together with the mortgage utilities and installment, the monthly fees for your maintenance and condos are set and foreseen so you can budget more efficiently with less failure.

Pro: Secured Property

Most condos provide secured gates, surveillance cameras, and mostly have security guards who are always keeping an eye on the property. This feature is great especially for those who are living alone.

An added security is a bonus if you’re living in close areas with other people, and they will easily recognize people who aren’t residents and will call upon in emergency cases.

Pro: Pre-furnished Room

When you think of buying a house, you usually have to buy appliances such as ovens, refrigerators, dryers, and washers. Although the sale included some of these appliances, you will have to modernize them in the future if you think of selling your property.

Most condo units come in pre-furnished including some of these appliances, and in other cases, their building maintenance covers their repairs, which is a great advantage.

Pro: Access to Amenities

Condo communities usually offer access to some particular amenities that would not be affordable or practical for every house owner.

Golf courses, clubhouses, swimming pools, fitness equipment, tennis courts, and even the physical area such as a shoreside estate will be much affordable when administered by an organization of owners, rather than by an exclusive property owner.

Cons: Problem in Parking

Parking space is as sensitive as possible. Once condo owners determine the pros and cons of spending money for a parking space, many of them may park their cars outside and leave at risk of vandalism. And at times owners have scheduled guests, the first thing they would warn is the parking space.

Some condos don’t have the parking area for the owners. They have to purchase a separate one for them.

Cons: Condo Rules and Regulations

Each condo community has the rules and regulations that you must abide. There may be rules for noise, parking, pets, smoking, or even the style and color of window doors and coverings.

You may also need permission to place solar panels on your rooftop or using a specific TV cable company because of their exclusive deal with a provider. Briefly, you may request the condo administration, and you need to follow their decision.

Cons: Offers Less Privacy

Same as apartment property, you are sharing walls, and have next-door-neighbor above and below of you. Also, there might be night owls in the part of your condo community. Some may have noisy cars who come home late at night.

Further, when your neighbor’s music is louder than your TV set, then its more disturbing and uncomfortable for you.

Cons: Storage is Limited

Condos don’t have an attic, garage, basement, or additional cabinets and can be a disadvantage for residents who need some space for stocking of items. Other condos can offer small storage space designated for each unit.

However, this is not always a guarantee for some, that means you probably have to downsize your assets or decide to move to a much spacious area. And of course, you are always free to lease a storage unit, which can be more affordable compared when moving to a larger condo unit.

Takeaway

Obviously, condominiums don’t necessarily have to be a good investment for some reasons. Though condo provides security, affordability, and some amenities, the downside is it offers limited parking space, less privacy, and defined storage.

You have to balance its advantages and disadvantages if you are planning to purchase a new one. If you want to be sure of your decision, you can consult some companies such as Rose & Jones so you can have a wise choice.

A post by Ivan Palen (11 Posts)

Ivan Palen is author at LeraBlog. The author's views are entirely his/her own and may not reflect the views and opinions of LeraBlog staff.

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