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If you’re thinking about buying a condo, there are lots of reasons this could be a smart move. Condos are very popular with the boomer generation in particular, but they’re also great for single people or for young families. This means that condos are in high demand, and are increasing in value faster than single-family homes. Buying a condo could be a good option, but condo living isn’t for everyone.
A condo is a private residence within a larger building or community. Condos share common areas, and owners pay monthly fees to maintain these areas.
Pro: Less Maintenance
One of the big benefits of owning a condo is that other people will do the maintenance for you. If you’re a first-time homeowner looking to move to Palm Springs or a similar area, work long hours, are in poor health, or like to travel, having someone else to handle all the maintenance is very useful.
Con: Homeowners Association Fees
The common areas in condos often include gardens, pools, and fitness centres. These spaces and the maintenance crew that look after them all cost money. You pay a homeowners association fee each month, on top of your mortgage, which will go towards the upkeep of the property. Fees can vary widely by location, size, and quality of the community, but fees have been rising across the industry.
Pro: Security
Many condos are gated communities with gated or locked entries, door staff, or security teams. If you live alone, this can be reassuring, as it can reduce the risk of a break-in. You’ll also be living very close to others so there will be plenty of others to ask for help.
Con: Minimal Privacy
Condos are often structurally very like apartments. You have neighbours on the other side of the wall, and potentially above and below you as well. You will neighbours moving through the halls or crossing the grounds at all hours of the day and night. You will likely to be hear everything from parties to arguments and new babies crying. If you need peace and quiet, you might not like a condo.
Pro: Amenities
Many condo communities offer their residents lots of amenities, like a pool, fitness centre, or a community clubhouse, that would otherwise not be realistic for the average homeowner. These can also make it easier to get to know your neighbours and make friends, which is a great perk for those who live alone or love to socialise.
Con: More Rules
A condo means having to live by the management rules. If you want to make changes to your unit, you will have to ask permission from the condo association. If they deny your request, then you can’t go ahead. HOAs can have a long list of rules that you as an owner will have to abide by. They may restrict the number of pets you can have (or stop you from having them at all), set limits on when you can have visitors, or on the kind of decoration you’re allowed to have.
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