Pros and Cons of Condos

Condos are a popular form of shared living especially for first time home buyers. Condos just like a home, have pros and cons. For those that are wondering whether buying a condo is a good idea or not, this is a good read for you.

Pros

One of the biggest perks of condo ownership is freedom. Owners have freedom from those obligations that come with having a yard. Owners also do not have to shovel snow or take care of outside repairs. These are all covered by monthly condo fees, also known as HOA fees. These fee are placed into a fund used for future repairs that may be needed.

Condos not only give you freedom but also offer many different amenities. These could include a theater room, pool, gym, party room, etc. All homeowners in the community are allowed to use these perks at no extra charge. They are taken care of buy your HOA fees.

Condos just like homes have HOA fees but condos tend to be much more affordable than owning a home. Your monthly payments and fees can be much cheaper than those of a home and or renting. These factors all depend on the location and city you live in but before buying a condo one must take these things into account and do their research.

Cons

One possible cons of living in a condo can be the appreciation value. Condos may not increase value as much as a home would over time. This is not always true, but in some cases it may be. I will be able to help by doing the needed research on the community to provide you with that information.

Another possible con of living in a condo are things known as special assessments. Sometimes the board of directors experiences budgeting problems. If such happens, the problem is passed on to the homeowners. Everyone is charged and the cost is split amongst the community. This rarely happens because of the HOA fund but it is possible.

One of the last possible cons that comes with buying a condo are the rules and bylaws. Just like when renting, homeowners in condo communities must be aware of everything from noise levels to pets, garbage, parking, and outdoor fixtures. If you are considering buying a condo make sure to do your research before hand on the community and its rules.

Ultimately, with any purchase you will have pros and cons. In the end it will all come down to where you want to live and what type of environment you want to live in.

If you are anyone you know is looking to buy or sell, I would love to help!

Please email me at ermusleh@gmail.com or contact me via text or call at 317-650-5898.

Elaina Musleh