The recent months have proven to be an exodus for all types for homeowners – from leaving large metropolitan areas and heading to the suburbs or from selling your home and making the decision to rent. Throw a housing shortage in the mix and things have been interesting to say the least! In addition to the scenarios mentioned above, there have been an influx of owners selling their single-family homes and downsizing to a condo. Today I wanted to take a deeper look into the pros and cons of condo living to help you decide of this type of home is right for you!
Condominiums – condos for short – are essentially apartments that you own as opposed to renting. You are less likely to find a condo that is its own detached unit, and instead will typically find them in larger structures or buildings with other shared residences with shared common areas. Condos are also usually smaller than single-family homes when it comes to square footage and are often found in urban areas. This type of home is run by an association, where residents pay dues each month that are used for upkeep and maintenance of the property. These dues also help cover the cost of the provided amenities.
Pros to buying a condo
There are numerous benefits to condo ownership. Condos are more often less expensive than single family homes. In addition, you will be building equity as a homeowner as opposed to simply paying rent. If you lack the time or resources to effectively handle upkeep on your home – for example retirees or first-time home buyers – condos can be an excellent low-maintenance option. Oftentimes water, trash, snow removal and landscaping are all handled by the association. Amenities are another advantage. Pools, gyms, security and community areas are common amenities you find when you reside in a condo complex.
Cons to buying a condo
A potential downside to owning a condo is that, unlike home ownership, you don’t own the land on which your property sits. There can also be challenges with financing, depending on the type of loan you desire. Another possible con are substantial association fees. Amenities are great, but they can be costly depending on what is included. A good rule of thumb: the more amenities you get, the higher dues you’ll pay, although there are some exceptions to this rule. Perhaps one of the most noted cons that come with owning a condo is the rules that are in place regarding your property. This includes pet ownership, guests and restrictions on how the space can be used or updated.
If you are contemplating becoming a condo owner, it is important to take each of these things into consideration and weigh the pros and cons for your unique situation. At Bash & Co. Sotheby’s International Realty, our agents are experienced in all the nuances of buying (and selling) condominiums. We would love to answer any questions you have about this important decision!
Bash & Co. Sotheby’s International Realty is an innovative full-service residential real estate brokerage that leverages the latest technology to serve clients in emerging, established, and luxury neighborhoods across the Kansas City area. Follow them on Instagram here and on Facebook here.