Major Pros and Cons of Buying a Condo

Still trying to decide what type of housing is suitable for you? Then you might consider buying a condo. A condominium, simply called condo, is a blend of an apartment and a house. It is not uncommon to see several condos stacked side by side in the cities. In fact, it is possible to site a condo above or below a high-rise building. The decision of whether or not to buy a condo has sparked several debates among enthusiasts. While a group of people loves the condo life, others are quick to say that it is better to buy a house. If you’re contemplating buying a condo, here are a few pros and cons of owning one.

Pros

There Is No Yard To Mow: Living in a condo saves you the stress of having to mow a yard. It’s quite reassuring to know that the condominium association is responsible for all maintenance works. All you have to do is pay your dues and everything will be taken care of.

It’s Less Expensive Than Buying A House: When the size of the home, the neighborhood, and the recent rise in real estate valuation are taken into perspective, then it’s way economical to buy a condo versus a house. In fact, according to industry experts, you’ll pay less for a condo and few years after purchase, the value rises way more compared to houses.

A Great Sense Of Communal Life: There is an amazing sense of community in neighborhoods filled with condominiums. The close proximity of the buildings ensures that neighbors can almost not escape each other. oreover, the absence of individual yards as found in houses encourages a better social life as condo owners are more likely to go back out and catch fun in interesting bars and parks.

Cons

Managing The Outdoor Workload Managed Can Be Difficult: Some condo associations aren’t well funded and therefore lack the resources to keep up with maintenance works. To overcome this obstacle, it is always smarter to know beforehand the number of condos overseen by an association. An association with more condo will likely find it easier to pull funds from residents compared with one managing just a few condos.

Some Neighbors Aren’t So Friendly: There are downsides to the communal life among condo dwellers. Residents don’t always get along well and this can create some sort of friction. Unfortunately, leaving in a condo makes it almost impossible to escape the unfriendly neighbors due to the layout. Many people can cope with this inconvenience but some have had to move out of their condo and bought a house.

Condos Can Be More Expensive On The Long Run: Initially, the price of the condo is attractive and provides a good reason to opt for one versus buying a house. However, the long-term expenses incurred from buying a condo raises new questions. When you factor in the regular association fees and the unexpected occasional assessment fees, buying a condo might not always be as cheap as it looks from the outside.

Conclusion

If you want to live in a city centre, buying a big house might be a too expensive option for you. In that case, a condo can be the perfect alternative. If you are from Los Angeles, you can check out condo for sale Los Angeles. If you are more specifically from the Santa Monica region of Los Angeles, you can check out these Santa Monica condo for sale listings. Know the pros and cons of having a condo before you make a final decision.