Is It Good to Buy a Condo? The Pros and Cons

Are you looking for a new place to live?

Does the idea of owning a home leave you full of dread?

Perhaps you’ve been a homeowner for many years and are thinking about trying a condo instead.

Or you’re looking to buy for the first time and are wondering, is it good to buy a condo?

The Pros of a Condo

There are many benefits to living in a condo.

The qualities you seek in your living situation will determine whether condo living is right for you.

Here are a few of the pros:

1. Low Maintenance

This is probably the biggest benefit of condo living.

With a condo, you’re still responsible for maintaining your living space to some extent. Your days of hitting the contact us button on a website to unclog a drain or get your air ducts cleaned won’t be over.

But you won’t have to worry about mowing the lawn, shoveling the snow, maintaining the grounds, or any of the bigger-ticket maintenance items such as replacing siding or fixing the roof.

2. Location

If you’re someone who’s looking to live right in the heart of a city or have envisioned yourself living on a coast, you’re going to have more luck with a condo.

While finding houses in these areas is possible, they’re usually far too cost-prohibitive.

But there’s a wealth of condos to be found along beaches and in cities.

3. Security

Installing a home security system can be expensive.

With many condos, you don’t need to worry about that. Whether it’s doorkeepers, security professionals on the premises, or gated entries, most condos offer some form of security.

Then there’s the added security of knowing there’s always someone nearby.

4. Sense of Community

Because you typically live in proximity to your neighbors, you know that you’re never going to be alone.

The vast number of amenities that some condos offer means you’ll get to know your neighbors while swimming in the pool or walking on the treadmill in the fitness center.

These factors also make condos great for aging in place. There will always be neighbors and maintenance staff to help, as well as activities to keep seniors involved in their community.

With all of that being said…

Putting the Con in Condo

If the list of benefits of living in a condo was appealing to you, there are a few things you should consider before signing the mortgage.

1. Homeowners Association (HOA) Fees

The HOA fees are the biggest drawback to buying a condo.

But the aforementioned pool, security system, and fitness centers don’t pay for themselves.

So if you decide upon a condo, plan on paying an HOA fee on top of your mortgage payment each month. And keep in mind that if someone in your complex fails to pay their HOA fees, the cost of yours will increase to cover the delinquency.

2. Lack of Privacy

The very items that make for a more communal living are the same ones that can threaten your privacy.

It can be challenging dealing with the sounds of parties, couples arguing, and crying babies in the middle of the night.

So if your desire for peace and quiet outsizes your want of community, then a condo may not be right for you.