The Cons of Condo Living
Yesterday we looked at all of the great reasons to buy a condo. They require no outdoor maintenance, you have the benefits of great amenities, without the cost, and you can enjoy a built in community.
Condo living is definitely not for everyone, though. If you have been dreaming of owning your own home so that you can get away from the rental situation, with neighbors often living above, below, and on either side of you, you won’t like a condo any more than your apartment. You still have to be careful about the amount of noise you make, and you are still living under the rules of the condominium association. You also have a lot less privacy than you would have in your own home.
You have to pay condominium association fees. Although these can vary from one condo to the next, they still add up quickly. This covers any yard work, maintenance, and other costs that are split between the people living in the condo.
You only own from the interior of your walls in. If you want to have a garden, you’re stuck growing plants on your balcony (if you have one), unless your condo has plots for purchase or rent, and not many do. You have very little control over changes to the exterior of the building. Any ideas for changes have to go through the condo association for approval. You don’t have as much control as you would have if you owned your own property.
The built in community that works out really well for some people may not work for you. Not everyone likes to have a conversation with a near-stranger every time they go to pick up their mail. Living in a condo means that you will see a lot of other people every day, unless you stay inside your own condo.
When you get ready to sell a condo, you need to be prepared to wait. Condos typically take longer to sell than a regular home does. There’s not really an opportunity to stick a “For Sale” sign in the front yard, so marketing the home might take a little more work.
If you have been enjoying apartment living, and you’re looking to move up into something a little nicer or more spacious, condo living might be a very good option for you. However, if you hate renting, and you really want your own space, buy a traditional home. Don’t settle for something that won’t make you happy. It’s your home; it should be a place that is just right for you.