Around 10% of Americans move each calendar year. While no two moves are the same, many people are moving from an apartment or traditional home into a condo.
The reason why? People know that condo life has a lot to offer that traditional homes simply can’t.
With that being said, there are pros and condos to living in a condo. Below we’ve broken down those pros and cons, so you can clearly see what condo life is all about.
That way, should you be on the fence about living in a condo, you can make the decision a bit easier for yourself.
The Pros of Condo Life:
Again, there’s a lot to like about living in a condo. And while some of these benefits go without saying, others you might not have thought of before.
Below we’ve listed all of the major benefits of condo life. That way you can decide if the lifestyle is right for you and your family.
1. Less Maintenance
Perhaps the biggest benefit to living in a condo has to do with the fact that there’s less maintenance involved with doing so. Sure, you’ll still own your home and be responsible for fixing or replacing a few major items.
But when compared to traditional homeownership, the list of things you’ll have to maintain is much shorter. So, if you don’t like yard work, or having to worry about pressure washing your house yearly, a condo could be the perfect home for you.
2. Access to Amenities
Living in a condo is a lot like living in a really nice apartment. If you’ve ever lived in a really nice apartment before, you know that with that apartment comes access to tons of awesome amenities.
Being able to walk to a gym, pool, or recreation room is a huge plus for many condo owners. This is especially true if you don’t think a home with those same luxuries is in your budget.
3. Better Home Security
For the most part, condos are generally more secure than traditional homes. In fact, many condo buildings come with a doorman or other unique security measures that can help keep you and your family safe.
With that extra security comes peace of mind. That means that you can be even more comfortable and happy when living in your condo, which of course is a good thing.
When it comes to purchasing a home based on just square footage, usually you can get more bang for your buck when buying a condo. That extra wiggle room in your budget can help you get a bit more space, allowing you to live more comfortably.
This can be a huge plus, especially if you want some extra square footage for a family room or a home office. So, keep that in mind when deciding between a condo versus a traditional home.
The Cons of Condo Life:
Of course, when it comes to condo life, there are a few cons that are worth mentioning. For some people, these cons might not be that big of a deal.
In fact, for many people, these cons aren’t even cons at all. With that in mind, having a clear understanding of them will help make sure that, if you decide to go with a condo, it’s the right purchase for you.
1. Lack of Privacy
Again, living in a condo is a lot like living in an apartment. Anyone who has ever lived in an apartment will tell you, it’s not the most private living arrangement in the world, as you literally share walls with your neighbours.
The good news? Condos are built a bit better than apartments. Your walls will be better insulated, and condos will be laid out smartly, allowing you to have some space between you and your neighbours.
But still. If you want a setup where you’re not right beside your neighbour, then a condo isn’t the choice for you.
2. No Backyard
For many people, especially those with dogs or kids, a yard is an absolute must. Of course, when you own a condo, you won’t have your own private yard, which can be a downer for some.
Most condos do offer their residents some sort of shared outdoor area. So, getting your dog outside so they can enjoy the weather or get some exercise is still possible.
However, having your own fenced-in backyard, or a home garden, isn’t going to be possible with a condo-style home.
3. More Rules and Regulations
Many traditional homeowners have to deal with HOA fees and regulations. And while the same is almost guaranteed for condo owners, it’s important to note that the HOA regulations are often more strict for condos.
Sure, you won’t be asked to do anything that is unreasonable. And it’ll help ensure that your neighbours are on their best behaviour, too. But if strict HOA rules and regulations aren’t appealing to you, a condo might not be the way to go.
4. Reselling Issues
Have plans for selling your home and moving again one day? If so, it’s important to note that condos usually sell a bit slower than traditional homes.
Depending on where you live, and the status of the housing market, selling your condo for a good price (and fast) is still very much possible. With that in mind, it’s still worth noting that condos don’t move as fast on the housing market, making them a bit harder to sell.
A pro tip? After you’ve purchased a condo, be sure to invest in condo insurance. Doing so can help save you in the case of an emergency, making it a must-have for all condo owners.
Still Not Sold on Condos?
If you’re still unsure if a condo is right for you or not, talk to a realtor in your area about what condo life in your town is like. You may be surprised to find out that condos in your town offer even more benefits than the ones that we’ve mentioned on this list.
Looking for more real estate tips and tricks? Check back with our blog often!