When the time has come we ask: Should I keep renting, or should I buy? Mostly of the people have been renting various apartments for most of their lives because it's been easy and convenient.
From a financial perspective, it's a lot smarter to start looking at homes on the market if you plan to stay in your city for a long-term than continue to pay for something you'll never own.
So if you are planing to buy a condo, here is a list of pros and cons to help you out!
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Amenities at my leisure.
Along with owning a condo, you have several different condo amenities available to you, which may include: Office, Clubhouse, Concierge, Coffee Lounge, Pool, Hot tub, Fitness Center, Play area for children, Dog park, Outdoor Grilling Area, Tennis court, etc.
No more outdoor maintenance.
The last thing you want to do when you get home from work is mow the grass and work on landscaping. Thanks to the homeowner association, you will no longer have to do any yard or exterior work on your building (that includes the roof).
Lower price tag.
Buying a condo is more affordable than buying a single family home. The number, of course, depends on the size of the condo, and the cost of living in the area.
More Security.
Certain condos provide gated entries, doormen, cameras, or even security guards for their residents. This is very important for someone who lives alone. Also, being in close proximity to your neighbors is beneficial if you ever have an emergency, or feel like youāre in danger.
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Homeowners Association Fees (HOA).
All of those fabulous amenities, maintenance and other services are only available because of the HOA fees you have to pay every month. Yes, this is on top of paying your mortgage. The fees can range from a $200 to a thousand dollars or more a month, and can be raised at different times throughout the year.
You must live by the rules.
Condo associations have a set of rules to keep the building well-kept and everyone happy. The rules are often things like: no loud music after 10 p.m. or before 7 a.m., keeping up the appearance of your home at all times, take note of the regular schedule for garbage collection or where and when the trash bags must be placed. They can even enforce what color they want to paint the exterior of your condo, and you have no say in the matter.
Not as private.
You are very close to your neighbors, so sometimes it can feel like nothing is private. Along with sharing walls, you share parking, pools, tennis courts, etc. There are probably times it will have the same feel as living in an apartment. There is such a thing as detached condos, but that comes with a higher price tag.
Condos appreciate at a slower rate.
This is because when you own a condo, you don't own any land, which is a key factor that increases a home's value. Instead, you only own the inside of the unit. I don't plan on living in a condo forever, so this was a big thing to consider.
If you currently live in a condo, feel free to share your experience in the comments below!
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