Unparalleled Views: Is Condo Living Perfect For You?
Studies have proven that when you live in a close-knit community, it does good for your well being. You maintain healthy relationships with your surroundings and the people around you. You enhance your mental health and confidence.
Today’s generation entails a lot more of condo living compared to owning townhouses. People are looking up for a comfortable way of life where they can easily interact with people. Some even wanted to get a condo unit to have easy access going to their workplace.
While owning a condo unit is a buzz in the estate market right now, have you ever think if getting one is a smart choice? We have weighed the pros and cons.
Advantages of Condo Living
If you’re one who seriously considers purchasing a condominium unit but is still hesitant to do so, here are the pros that might reinforce your buying decision.
Someone Else Does the Chores
It is one of the most significant advantages of condo living. You have the liberty to enjoy your time because some else is doing the maintenance for you. Your monthly fees cover services such as mowing the lawns, shoveling or even repairing uneven and damaged structures.
Major Costs are Divided
Law governs real estate market. Thus, some fees you pay for your owned unit falls into a reserved fund. Owners equally share this fund. It covers complicated repairs like roofing or replacing the windows.
Culture and Lifestyle
The type of lifestyle of condo living is far away different if you own a townhouse. You have the freedom to access pools, parks, and other places within the vicinity of the building without the hassle of going somewhere else.
Also, you will have ample time to socialize with the people around especially your neighbors. Recreation rooms and playgrounds are also available to enjoy during your free time.
Most condos offer amenities which are beneficial to owners over an average home. They have a free fitness gym, swimming pools, party rooms, and even theatre rooms.
Possessing a freehold home is more expensive than owning a condo unit. There might be condo fees and mortgages included, but it’s more way too affordable compared to renting or getting one.
Condo units are anywhere, but most of which are in major city landmarks. It means that if you are downtown, then you will have easy access going to dining, activities, work, and public transportation.
In all condo building and properties, most marketers say that it offers a more severe security measure than renting or owning a freehold house. Truthfully, security is one of the primary interest of every condo unit owners because they wanted to keep everything safe.
Just like any other investments, buying a condominium unit also has its fair share of cons that you want to educate yourself about. Check the following samples below.
Appreciation and Awareness
Some people say that if you would like to invest in a home, get a townhouse instead of a condo. The value of a condo unit increases over time than a house. In this case, you can compare real estate prices in your targeted area to compare the numbers.
Also, major renovations and repairs do not necessarily raise when you have to sell your property when the time comes. The purchase price for condo units is lower than townhouses.
Condo Fees and Miscellaneous
Most home ownership includes everything once you pay your monthly mortgage. Unlike condo fees, they mostly range from $200 to $600 and is only exclusive to some chosen amenities. Most of the time pools and other recreational places are separated.
Condo fees increase over time and can ultimately cut your profit when it’s time to sell. They can reach triple the price, so the lesser value you will get when you sell it.
It is when your reserved funds and condo boards went beyond the budget, and the excess will be passed to you and have to pay it by law. It applies to water bills and electric bills, especially when there are only a few occupants, and there are more resources utilized.
Rules and Bylaws
Living in a condo unit is controlled and governed by property owners. In any case, there are noise restrictions imposed deviating your liberty to let your emotions out. Curfew sometimes is inflicted to maintain high security.
In acquiring a condo unit, you are going to meet different kinds of people: you’ll encounter first time buyers who wanted to get into the estate market, investors searching for rental units and, of course, neophytes who want to cut their responsibilities and space.
If you have plans buying a condo unit, you can seek help from experts or browse real estate websites online like Precondo.ca and reflect on the pros and cons enumerated above so you’ll not burn a hole in your pocket.