If you are in the market for a home in the area, you may have found that single home prices are beyond your grasp at this time. You may have also discovered that buying into a condo association may be your best shot at owning rather than renting.
A condo community has many financial and lifestyle advantages that you may be able to capitalize on depending upon your situation. Keep in mind, however, that condo living isn’t for everyone. Here’s a quick breakdown of what you need to know about the advantages and disadvantages of living in a community, before you sign on the dotted line.
The Advantages to Condo Living
Living in a condo community opens up some advantages to homeownership that aren’t available in other living situations. If you want to own, but you don’t want the hassle of all the maintenance and upkeep that a single home would require, then condo living may be perfect for you.
Generally, part of your monthly condo fee includes all outside landscaping including mowing, landscaping, and clean up. It also includes seasonal plowing, shoveling, and raking. Think of all the weekend hours you free up by not having to take care of these chores!
Another perk of living in an association is access to amenities that are offered. These may include a fitness room, pool, tennis courts, walking paths, and entertaining/common rooms. These are areas that you can use for your own enjoyment.
In addition to these pluses, there is the benefit of a built-in social network in any condo community. This is especially important if your community is designated a senior living community or carries any other designation according to age or interests.
The Disadvantages
While we love community living, the concept is not for everyone. You must be willing to live in an area where your neighbors may be fairly close by. This means living with community rules as well as using common sense to be respectful of everyone’s privacy and living situations.
Some rules may not impact your life but others may greatly affect you. For instance, there may be rules about noise ordinances, pets, parking, and visitors. Be sure to check the bylaws before you decide to buy a condo to make sure the regulations are something you can live with.
There are also cohabitation issues that you may need to deal with. For instance, if your neighbor works the night shift and expects quiet during the day, you may need to work out some compromises. For most people, these little instances do not deter them from the freedom of living in a condo association.
Do you love living in your condo? Why? Drop us a line in the comments below or on our Facebook page.