Some of the advantages and disadvantages of buying a condo

Items to Verify When Looking for a Condominium
Items to Verify When Looking for a Condominium

Advantages and Disadvantages to Owning a Condominium

Items to Verify When Looking for a Condominium
For many years, people thought that living in a condominium was a luxury. However, some people assert that living in a condominium is already a form of practicality. Because of this, people may be confused and may find it difficult to decide whether to reside in a single family house or in a condominium. Below are some of the advantages and disadvantages to living in a condominium.
Advantages
The greatest advantage which most people consider when living in a condominium is their location. Condominiums are usually located at the city center or a big business park. Therefore, stores and establishments such as convenience stores, coffee shops, restaurants and shopping malls are located nearby.
Also, condominiums usually offer good security service on a 24/7 basis for protecting the property as well as the owners. You can leave your condominium to go on a vacation and not have to worry about burglars breaking into your unit.
In addition, condominiums can be purchased and turned into an income generating property by leasing it out to tenants. You can rent it out to tenants without having to worry about maintenance, housekeeping, and other issues that you have to deal with in a single family house.
Disadvantages
The biggest disadvantage to owning a condominium is that condominium owners have to pay compulsory maintenance fee for the maintenance of common facilities such as the lobby, stairs, swimming pool, fitness gym and other facilities that the condominium owners use in common. Payment is required even if the condominium owner doesn’t use all of the available amenities.
In addition, privacy and noise issues are major concerns. Noise from other tenants living above, below, or right beside your unit can sometimes be heard. Privacy levels in condominiums are usually lower compared to living in a single family home.
Another common problem is the limited parking space. There may be a reserved parking space for the condominium owner, but parking spaces for guests or visitors are limited.
Finally, condominium owners are required to follow the bylaws drafted by the homeowners’ association. Some people may find these bylaws restrictive compared to living in a single family home.
Some people may prefer condominiums over single family houses. For others, the opposite apply. The advantages and disadvantages to living in a condominium must be carefully analyzed, in order to prevent buying mistakes and regret after the purchase of the condominium.