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Living in a condo seems to be a good option for people who like to be in the heart of the city. For many it is better than living in an apartment. Condo living has so many great things to offer than an apartment. But let me tell you now, before you finally make a purchase, living in a condo is different from living in a single-family housing unit. This is mainly due to its quirks.
• Condominiums are located in cities and when you live in a condominium, you own the space between the walls of your unit and you share ownership of the common areas with other owners, but you do not own the land where the building is built. You simply share an interest in it with your neighbors.
• Most people who live in condominiums own their spaces. So you can have long-term neighbors and build relationships with them, but you also have to share walls and common areas with them. If you are not a very social person, this could become a problem for you.
• Condominiums offer better security than apartments. Condominium buildings often have security features, whether it be doorbells or a surveillance service. Also, you find it easy to leave the place for a trip or vacation knowing that you have familiar neighbors. What you can find a problem is sharing amnesties with your neighbors and every time there is a meeting of the association, as part of the community, you have to show up, reach out and coordinate.
• Living in a condominium could be less expensive than living in an apartment, but with maintenance and repair in common areas, your monthly salary could increase. You will be charged the pool fee, but you did not use the pool.
• More people, especially first-time homebuyers, prefer condominiums because they are less expensive than residential single-family homes. But in the housing market, when there’s a dip, condos are the last to recover. Therefore, it will be difficult to sell a condo after difficult weather.
• In condominiums, you have access to the gym, swimming pool and other common areas that you could not afford on your own. But the problem is that there are what we call Covenants, Conditions and Restrictions (CC&Rs), a set of rules that prohibit space owners from bringing pets or doing renovations, and many others.
I hope you found this article helpful in making your decision to buy a condo or single-family home.