Living in a house of your own is part of the American Dream, but it’s not the ideal lifestyle for many Americans. There are tons of other options for living, from apartments to tiny houses and more. One residence many people are considering is a condo. Condo living has both positives and negatives, so let’s look at reasons you should live in a condo and what to watch out for.
Reasons to Live in a Condo
If you love living in an apartment, but wish you owned the property, living in a condo might be ideal for you. Condos are typically smaller than houses, with 1-2 bedroom condos being the most common. You’ll likely have one bathroom and a kitchen on the smaller side, so there is less cleaning to do, too.
No Yard Work
Some people seriously dislike yard work or are incapable of handling it on their own. Condos are run by associations that take care of all of that, so you don’t have to worry about weeding and mowing the lawn. Your building’s management company will take care of that.
People who live in apartments may have a few amenities, but most are confined to the inside of your apartment. Condos can be more luxurious, and many include fitness rooms, swimming pools, and gated security. If you want on-site services, condos are a better bet than apartments.
Watch Out For…
Remember the outdoor maintenance and amenities I wrote about? Unfortunately, the cost of upkeep comes out of the pockets of every condo owner within an association. This cost comes in the form of monthly dues, which can be as little as $100 or even more than $1000.
If the building’s shared basement floods, who pays for the renovation? Everyone who resides in the building will, even if they are not affected or directly connected to the problem. This means unexpected bills can pop up from time to time, just as they can in a normal house. Keep this in mind when buying a condo, because it could lead to financial difficulties.
Owning a condo is a great option if you want a permanent, apartment-style residence. However, condo living can come with unforeseen downsides, so be prepared for anything that could come your way. Before committing to a condo, make sure you look at your lifestyle and determine if it’s the right choice for you.