Pros and Cons of Condo Living
Condo living is very different than living in a house or even an apartment. Some people prefer it and others would never even consider it. The choice to live in a condo often comes down to personal preference and your current situation. Typically, you are more likely to live in a condo if you are single or if you live in a large urban city. But, even then you may prefer to live elsewhere.
There are pros and cons associated with living in a condo – things that people often think about before making the decision to rent or to purchase a condo. They are outlined here:
Pros of Living in a Condo
Here are the most commonly associated benefits of living in a condo:
- You have controlled entry and added security
- Property maintenance is taken care of for you
- You can rent or buy – depending on your situation
- There are lots of options, locations, sizes, and styles to choose from
- Condominiums tend to be cheaper to buy than single family homes
- They offer a wide variety of upscale amenities such as a pool, gym, party room, and more
- It is the perfect bridge between renting and owning a family home
Cons to Living in a Condo
Here are the most commonly cited reasons to not live in a condo:
- Smaller living space (on average) compared to other types of dwellings
- You have to abide by condo building rules and regulations and your decisions may be restricted by condo policies
- Parking may be an issue or limited
- Majority rules – changes may be made to the condo even if you don’t agree
- If you own a unit, you are required to pay condo fees
- You may be paying for amenities and common living spaces in the building you will never use
- You are close to your neighbors and have shared communal areas within the condo building
Have you in the past or current live in a condo? What do you like about it? What do you dislike about it?