Those looking to buy a home might be wondering if a condo is the right fit for them. Condos certainly have their appeal and while it might not be a good fit for every person, buying a condo instead of a house can be a great choice for some buyers. Condominiums are individual units of real state that are owned separately but share their surrounding common areas.
Most often, the units are constructed as apartment buildings. However, there is also a number of condominiums that are detached into individual homes but everything outside of the unit, the streets, yards, even building exteriors, are jointly owned by the community and maintained by a community association.
While condos might sometimes resemble apartment buildings, condos are not leased like apartments and are always owned. Likewise, the common areas communally owned by all the residents. This ownership extends to hallways, walkways, elevators, community amenities, etc. Condos are appealing to those residing in urban communities but condos have an array of benefits for every situation.
1. Maintenance
One of the greatest benefits of a condo is that you do not have to maintain anything. While you will have to pay community fees, your maintenance will be free of any additional charges. This service can include anything from shoveling snow and landscaping to painting and roofing.
As most homeowners know all too well, these things can add up quickly when you have to pay out of pocket for them every time. Of course, nothing is without a downside and you will generally have to wait for the maintenance technician to come to you on their time, which is usually not a problem until you need something fixed as soon as possible.
2. Lawn and Yards
While on the subject of maintenance, yardwork can take hours to complete when something needs to get done. However, with a condo, all of that is taken care of for you and the yard and lawn will both be professional maintained at all times. Especially in communities with a communal garden or yard area, this can be a huge advantage.
The only downside here is that, if you enjoy doing yardwork and working on a garden yourself to make it your own, that will usually not be an option.
3. Association Rules
Your community association will maintain everything in a pristine condition, including the yard and the lawn, by having the community follow a certain set of rules that will be in place to benefit all of its residents. The community association decides what sort of atmosphere the community wants to create for its residents and rules will be put into place to maintain that atmosphere.
This, however, can work both ways; sometimes it’ll prevent your neighbors from doing something like painting their balcony a color that completely doesn’t match the décor, but it can also prevent you from making your place your own because you will have to abide by these rules as well.
4. Community
Condos create a sense of community by having frequent community events such as pool parties, barbeques, games, etc. This can be a great benefit for both a single person and a family. On the other hand, if you are the type of person that likes to have their privacy, this becomes an unappealing option.
Condos have a variety of benefits for their owners; you get to own your living space but you do little or none of the maintenance that usually comes along with owning a property. Condo living might not be for everyone, but if you are someone that enjoys freedom from maintenance and wishes to be a part of a community, then owning a condo might the perfect living arrangement for you.
