Ever wondered about the benefits of living a condo life? Let’s discuss some of the advantages and disadvantages. You might be unsure if it’s worth moving from a house to a condo. Primarily if you are someone who spends less time at home, it is a perfect indication that you should be moving to a condo. But you should not be deciding to live a condo life for only this simple reason. There are drawbacks you need to consider while making the decision.
What do We Mean by a Condo?
A condo is a privately owned space inside a building. It isn’t the same as an apartment as the latter is mostly rented and not owned. Condominium owners are required to pay HOA fees for maintenance of communal areas such as workout zone and pools. The property can be inside a highrise, loft, or townhouse.
Price of a Condo
The pricing is entirely dependent on the market conditions. It’s calculated per square foot, not like the residential single-family home. Appreciation of the property is also dependent on the market conditions. The appreciation is more in the case of single-family homes in rural areas when compared to a same-sized condo. But it’s completely the opposite in urban areas where condo prices increase much quickly than single-family homes.
Advantages of Living a Condo Life
Maintenance Cost is Cheaper
If you are spending the majority of your time outside the house, a condo provides you the flexibility of paying less maintenance. For instance, you will not require spending your weekends mowing the lawn, weeding the flower beds, or washing your driveway.
One of the most important benefits of a condo that would make you happier. The entire time spent doing your chores will be cut by 50% because you will be having fewer things and lessor space. You can spend the saved time doing activities and lead a healthier life.
Each condo has a different community and is equipped with various amenities. It could include a tennis court, community room, gym, pool, etc. Additionally, most condos have enhanced security measures.
A condo gives you the option to live within close quarters with people from different backgrounds. Many residents are proud of the community they live in and become close friends with neighbors.
Disadvantages Of A Condo Life
Comparing your life inside a house and a condo has one evident difference. A condo offers you limited space and initially, it can be challenging to adjust. If you have things or hobbies that are difficult to part with, you will have a tough time adjusting all inside a condo.
The best possible solution for this would be decluttering your house and keeping things that you would be needing.
Lack of Privacy and Excess Noise
The experience of living in a condo would be vast when you compare the spread-out suburban neighborhood. You share your floors and walls with neighbors, the noise is more, you must follow common rules, you might not be allowed to keep pets, etc. You might also be restricted from using paint colors, landscaping, or installing solar panels for personal use. If you do not like excess noise around you, it’s better to look for a condo that’s the end unit inside a side-by-side building. You can even use noise-canceling earphones when working.
Additional Expenses and HOA Fees
The price per square foot for a condo is higher in comparison to single-family homes. The amount you pay for a condo is based on the location and convenience. Even the mortgage payments increase if you consider these things.
A condo also attracts an added Home Owner’s Association Fees which is used to cover expenses of pool cleaning and lawn cutting. Hence it will be better that you set your budgets and priorities before choosing a condo for living.
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