Condominiums, which are a mix between an apartment and a house, are properties that you can buy and own. Condos offer some of the same perks as living in an apartment.
Are you thinking about buying a condo? Here are some advantages and disadvantages to take into account before making a decision.
Advantages of Getting a Condo
Pro #1: You Don’t Have to Maintain a Lawn Anymore
One of the biggest benefits of living in a condo is that you don’t have to care for lawns, as you would when you own a house. You don’t have to deal with yard work or landscaping or take care of a pool. You’ll pay condo fees, which cover common areas, so you’re not responsible for maintaining anything outside of your unit.
This is especially popular for those who live in cities since yards in urban areas usually aren’t as big.
Pro #2: It’s Cheaper Than a House
If you’re moving to a new city and don’t want to buy a house, a condo may be a great option. In fact, a condo can come with more amenities and be more expensive than a house.
If you’re already renting an apartment, you can consider buying a condo instead. Depending on your budget, you may be able to buy a place with a bigger yard and more space.
Pro #3: There Is a Sense of Community
When you buy a condo, you’re buying a property that’ll be next to other condos. For example, you may have a ground-level unit or an upper-level unit. You may be next to the pool or a parking lot, giving you a sense of community.
You’ll be able to meet your neighbors and see when they come and go. You may even be able to gather and cook dinner together.
Disadvantages of Getting a Condo
Con #1: You Have to Pay Maintenance Fees
Some condominium units don’t have a homeowner’s association, but most do. This means you have to pay annual maintenance fees (AMFs) for things like landscaping, cleaning, and utilities. You’ll pay condo fees, which cover common areas, so you’re not responsible for maintaining anything outside of your unit.
Before you sign on the dotted line of a condo, make sure to calculate how much these fees are going to be. Typically, fees are measured as a percentage of the condo’s total value, so your fees will go up if you decide to sell the property.
Con #2: You Can’t Choose Your Neighbors
If you live in a condo, you may end up living next to someone who you don’t get along with. For example, you may have a neighbor who plays their music loudly at all hours. Since you share a wall with them, you have no choice but to listen.
This can be especially frustrating if you live in an urban area with lots of restaurants and other businesses. You may hear loud noises from the street.
If you’re thinking about buying a condo, make sure it’s what you want. Consider if you’ll be able to afford the condo fees. Take a look at the amenities and features of the property.
Century City Realtors can help you find the condo of your dreams. We are Southern California realtors that will work with you to find the best property for you. Get in touch with us today to learn more.