A condominium is a great way to own property in an ideal location for a more affordable price, but it may not be ideal for everyone. It is encouraged to consider the pros and cons of living in a condominium before deciding whether or not a home, condominium or apartment is right for you. Although everyone may have a different list of pros and cons depending on the specifics of their situation and preference, there are certain advantages and drawbacks that one can expect when purchasing a condo.
What is a condominium?
A condominium is a private residence that exists within a large building that holds multiple condominiums. Some refer to it as an apartment that you own, although this might be oversimplifying it and there are some notable differences, which are outlined in the pros and cons below. A condominium is not leased but is owned outright. The owner can either pay for it at once or make mortgage payments, just the same as one would when purchasing a home.
The benefits of a condo
The benefits the owner receives from living in a condo depends on the specific condo they are living in. The more notable benefits of living in a condo include:
- Ideal location
- More affordable
- Less maintenance
- Increased safety
- More amenities
In general, condominiums typically make life easier as the owner does not have any responsibility to maintain the community amenities. They are also typically in an ideal location, such as close to the downtown area of a big city or the beach. Also, condominium owners can enjoy increased security and safety. When compared to purchasing a home in the same area, condominiums are typically more affordable.
The drawbacks of a condo
It is also important to consider the potential drawbacks of living in a condo rather than a home before purchasing. The more notable drawbacks may include:
- Homeowners association fees
- Less privacy and more noise
- More challenging property to sell
- Less flexibility in making changes
Although condo owners do not have to worry about the entire cost of the community amenities, they do bear some responsibility in covering the maintenance cost through homeowners association (HOA) fees. Since the condos are close together, there is often less privacy as well, and a noisy neighbor can become a real concern. Many condo owners also find it more challenging to make adjustments to their property and find it more difficult to sell.
Determining your personal preference
Whether or not a condominium, apartment or a home is right for you depends on your personal situation and preference. In general, a condominium is ideal for those who want to own their residence but want to save money. Some may also prefer a condominium due to the location of the property and the luxury of not having to pay or do maintenance on the lawn, pool, etc. For those who do not want the long-term commitment of either a home or a condominium, an apartment might be the most ideal solution.
EXIT Realty Bob Lamb & Associates is Murfreesboro’s most innovative real estate team.
EXIT Realty Bob Lamb & Associates
2630 Memorial Blvd, Murfreesboro, TN 37129