Buying a property of any kind is a significant financial and life decision. There’s always that nagging doubt that you’re taking the wrong course of action. You might be looking at condos but worried a house would be a better choice, or maybe a villa. We’re here to ease those concerns with these five advantages of a condominium over other types of property.
Advantages of Owning a Condo
Condos give you access to facilities and amenities you might otherwise be unable to afford. Each complex is different, but condo owners often have access to swimming pools, tennis courts, bars, gardens and more.
You might be able to own a private home that has a swimming pool, for example, but you’ll need to organize maintenance and cleaning yourself. With a condo, all of this work is taken care of for you by the homeowners’ association (HOA).
If you’re someone that loves to be close to bars, nightlife and the local culture, then a condo is the choice for you. A home is more likely to be further away from the busy areas, meaning you’ll always need to drive in or pay for a taxi. With a condo, the best restaurants, bars, theatres and shops are right on your doorstep. You could live in a home closer to everything, but you’d have to pay a lot more for a property.
Everything is just a short walk away or is included within the condo complex, allowing you to make great savings on public transport and the cost of owning a car.
When you buy a condo, maintenance is covered by the fees you pay to the HOA. For example, lawn maintenance can be an irritating task for you to have to do at the weekend or contract-out to a provider in your absence. With a condo, this is carried out by the HOA, meaning you never have to worry about it.
The HOA fees are an extra cost that you wouldn’t have to pay in a private house, but they allow you to spend less time worrying about chores like maintenance.
Condos provide safety and security to all residents thanks to high-quality alarm systems, locked entry doors and gated entry points. Security is managed by the HOA to ensure residents are safe at all times. Neighbors are always on hand to keep an eye on your property while you’re away. A secluded and empty home might be seen as being an easier target for potential thieves.
One of the main drawbacks often cited against owning a condo is how close your neighbors are to you. Homes offer a little more privacy as you won’t encounter neighbors in the hallway or in communal areas. However, having neighbors close by helps to create a strong sense of community.
Neighbors in condos are great for keeping an eye on your property when you aren’t there. You’ll get to know them when using the complex’s swimming pool or tennis courts and they’re great to grab a quick cup of coffee with. If you only plan on being in the condo for a few weeks per year, then they’ll always be a recognizable friendly face to greet you on arrival.
Condo vs. House
If you’re deciding between a condo or a house, then there are a few key questions you’ll need to consider to help you to make a decision.
- Which best suits your lifestyle and needs?
When choosing between a condo and a house, you need to consider exactly what you need at this time in your life. A house might be the perfect choice for a family looking for privacy, whereas a condo is ideal for someone that’s going to be spending a lot of time enjoying the sights.
- What are the costs of both?
A condo costs less money than a house, but that isn’t the only figure that needs considering. HOA fees are a surprise to many that choose a condo as it’s something they’ve never come across before. Make sure to evaluate your financial position and select a property that suits your budget.
- Which is the better investment?
It seems silly to think about selling a condo or home you haven’t even bought yet, but you should consider the long-term marketability before committing to a purchase. Houses are more likely to provide good investment opportunities as condos are only ever as valuable as the units around you. That doesn’t mean their prices can’t increase and the initial costs are far lower than if you were buying a house. If someone in the same complex sells the same sized condo as yours for cheap, then the price of yours is affected.
- What are the potential issues you could face?
Buying a property is a complicated process and there are several factors that can impact the sale. Some condos are purchased and sold before they’re constructed and there’s a small chance that it won’t ever be completed due to manufacturing issues. Whichever course of action you choose to take, make sure to consult industry specialists for expert advice.
Buying a Condo? Don’t Forget To Follow Our Checklist Guide
It’s easy to forget crucial steps when it comes to buying a condo. You need to be 100 percent certain that you’ve considered everything before signing on that dotted line. To help make the process as stress-free as possible, we’ve put together a handy checklist.
It’s packed with useful tips that can help when finding a vendor, asking questions during a viewing and the budget you’ll need to have available. Get the checklist now by clicking on the download link below.