The unpredictability and negative graph lines that the pandemic brought along with it started dissipating into various sectors and industries of the US economy. The situation was no different for the real estate sector.
Since Covid-19 affected the finances of people, mostly for the worse, homebuyers have shown different changes in their real estate purchase options. One of the more popular buying options became the condos.
Short for “condominium,” condos are part of a shared space and community where you can own your own residence, unlike an apartment. This makes putting money in a condo an investment than an expense. Since condos are individually owned, they can be treated as individual property, too, i.e., these can be rented out for short-term or long-term rentals.
But before you consider buying a condo, you should know if it’s a worthy investment for you. So, let’s discuss some pros and cons of being a condo owner in 2022.
Pros of Buying a Condo
Condos offer many benefits that make your living experience and lifestyle much better. But it entirely depends on your own preferences and the kind of condo they are looking at.
So, here are some pros of opting for a condominium. Have a look!
● Cheaper option
Although they are in high demand and have seen a recent hike in prices, they have constantly been a cheaper option than single-family homes.
Single-family apartments come with land, and their prices get drastically affected by fluctuations in the market. Condos, on the other hand, are comparatively smaller in size and have only seen a marginal rise in prices, making them relatively affordable options, especially for first-time homebuyers.
● Individual ownership
Since condos can be owned, you will have more control over them. You can modify the property however you like.
It could be changing the wall colors, drilling pictures into the wall, redoing the built-in furniture, or remodeling the bathroom and kitchen.
No landlords are breathing down your neck to keep the space squeaky clean and in the exact shape as when it was first bought.
● No maintenance hassles
Since a condo is part of a large community and shares many common spaces with other people, the maintenance work is not a worry for the individual condo owner.
All the neighboring owners of the condo complex are expected to maintain the area together. Usually, they hire various experts for exterior work like maintaining the yard, fixing roofs, doing paint jobs, and other repair work.
Thus, it frees an individual condo-owner of security or maintenance concerns for leaving the property for an extended period. Hence, you can go on a holiday whenever you like without worrying about coming back to a yard full of dead leaves!
● Access to innumerable amenities
As mentioned before, a condo complex has many common spaces. These can be gardens, sitting areas, swimming pools, gyms, etc. These make the living experience much more enjoyable. Since these amenities are present within the complex itself, they are easily accessible, and condo owners can use them whenever they want.
These amenities add to the Homeowners Association or HOA fee, which are the monthly payments for the maintenance as well as improvement of the condo complex. The fee ranges between an average of $200 and $300 per month. However, it completely depends on the property and location.
● The proper location to enjoy city life
Condo complexes are generally constructed close to or within a settled urban area. The area is more often than not moderately or well populated. It means that facilities like hospitals, schools, shopping areas, eateries, etc., are close by and easy to access.
Depending on your needs, like if you have a family with kids or older people or even if you are living alone, a good location makes everyday life much easier. However, many condo complexes like the ones found through NextHome on the Coast have extravagant locations next to beaches.
● Enhanced security
With the installed CCTVs, alarm systems, and gated entry points and doors, condominiums offer top-notch security to the residents.
Also, they have professional security guards who keep an eye on the complex throughout. Thus, staying in a condominium reduces the chances of facing home break-ins.
It also introduces you to a community and people. As a result, during any emergency situation, you can expect to get help from many people.
Cons of Buying a Condo
Just as there are many attractive benefits of getting a condo, the cons must not be overlooked and should be seriously considered before buying.
Here are some of the demerits of purchasing a condominium.
● Multifamily living
Although one can own their individual condo, you share the space, or to be more specific, walls with other people. While you can control your condo’s interior space, outside of it, there are other people living.
So, one must be ready to get accustomed to noises, be culturally sensitive, and respect the fact that you are sharing the area with others, and act accordingly. There is definitely a lack of privacy in these complexes as compared to single-family apartments.
● No land ownership
While an advantage to others, not owning land could be an issue for someone who is interested in investing in getting the ownership of land.
So, if you want to be the owner of the land, purchasing a condo might not be a fruitful choice.
● Too many rules and laws to follow
Since the whole concept of the condo complex space is sharing it with others, it is necessary that the members of that community abide by some set of rules and laws. This might include not allowing pets in the complex, inflexible timings for gym accessibility, etc.
Also, it is an issue in the case of HOA fees, which is under the control of the whole community and might increase depending on certain improvements being made to the complex. An individual owner might not want to pay for that improvement, but if the majority demands it, then it can’t be avoided.
Thus, it is evident that there is a balance of pros and cons to buying yourself a condominium. If you are a busy corporate or have a young family, condos can be a great option. But if you are someone who prefers independence and privacy, buying single apartments would be a better choice.
Nevertheless, make sure to get through a real estate consultant and consider all your options before making a decision.