Thinking of getting your own condo? Weigh the pros and cons of condo living before you seal the deal.
Pros
- Tight security – Condo buildings have several layers of security in the form of CCTV, gated entries, doormen, and guards. Since people live nearby, you’ll always have someone to turn to for help if there’s an emergency.
- Upscale amenities – Living in a condo gives you access to shared amenities like an outdoor pool, gym, and a clubhouse. This gives you countless recreational opportunities.
Condos are often located in and around downtowns, giving you numerous shopping and dining options. Get a feel for Connecticut’s restaurant scene by visiting the Higgins Group blog. - Low maintenance – If you don’t have the time or energy to do general maintenance and repairs, then condo living is ideal for you. Other people will make sure that your home is in good shape.
- Affordability – There are many factors that affect home values, but condo units are generally more affordable than single-family homes. This tends to be the case in higher cost markets, where condos are the only alternative to pricey single-family homes.
Cons
- Privacy issues – With so many tenants in the same building, you’ll have to deal with neighbors on the other side of your wall and walking up and down the halls at various times of the day. If you crave solitude, condo living might not be for you.
- Restrictions – You’ll have to follow the management’s rules throughout your stay in the building. You won’t be able to make drastic changes to your home with getting the go-signal from the condo association first.
- Homeowners Association (HOA) fees – In addition to your mortgage, you’ll have to pay a monthly fee for the upkeep of common areas and amenities. The amount will also go towards the condo building’s security system.
- Slow appreciation – Compared with single-family homes, condo units are slow to appreciate. Land is the biggest driver for appreciation, and because condo buyers don’t own land, it will take longer for you to see property values go up.
If you think condo living is for you, search for condo properties here.
