A condominium, sometimes shortened to a condo in the U.S. and most Canadian provinces, is an apartment-like style of living space but individually sealable and often considered to be real estate. … Contrary to apartments rented by their tenants, condominium units are property of their family.
Key Points:-
- Condominiums come in many shapes — townhouses, condos, and even small homes within a larger community or construction environment.
- An affordable condominium is a popular choice for a beachfront vacation home such as Florida, Bermuda, or Hawaii, and high-value property locations such as New York City and Los Angeles.
- It is advisable to submit and read all of the rules of the condominium complex before buying a condo.
- Many condominiums have facilities like swimming pools, clubhouses, tennis courts, and golf courses.
In areas with high property values, condos are particularly popular — holiday hotspots and urban environments are both locations where you can expect to find others. It is primarily because purchasing a single-family home in cities and towns where extra building space can be limited may be prohibitively costly. As such, condos will open up homeownership to whole new classes of individuals.
Search for right condos:-
Looking for an apartment involves the same method as searching for a single-family home. If you have a general idea of what you are interested in, talking to a real estate agent can be a great way to find out about the property you might not discover on your own.
If you’re more of a do-it-yourself guy, then you can check for real estate websites and condo listings in the area you’re interested in. When you are thinking of a particular building or complex, many have on-site sales offices where you can learn more about the condominium and maybe even see a display suite.
Why choose a condo vs. an apartment or a house?
There are several reasons why a condo may be a better choice than an apartment or a single home, and money is one of them, without a doubt. Condo prices continue to rise at a slower rate than single-family homes, according to the Real Estate Journal, making them a more affordable option in markets where prices are on the rise. When compared to renting an apartment, you can take advantage of tax deductions such as interest on your mortgage, since you own your house.
Granted, money is not anything. The condos also provide many potential buyers with desirable lifestyle options. They are especially popular with seniors who want to be able to socialize or benefit from programs in communities that explicitly care for the elderly. Live in a condominium can also set you free from some of the normal homeownership duties, such as a yard and maintenance outside. They can also have attractive communal facilities like pools, gyms, or tennis courts.
Pro and cons of living in condos:-
If you’re thinking about buying a condo, balancing the benefits and challenges is crucial, so your choice suits your lifestyle and budget. Below are a few highlights to remember.
Pros
Low-maintenance living:- As most, if not all, of the exterior maintenance on condo buildings, is done by the HOA, “condos are ideal for buyers who do not want the higher maintenance (responsibility) of owning their property, such as mowing their lawn, repairing a leaky roof, etc …”
Sense of security:- Some condo buildings have security personnel, so outside access to the entrances is more complicated than single-family homes or townhouses. You can have safe entrances and parking, a doorman or a concierge, and other facilities that improve security, depending on the building.
Opportunities to be social:- some condo communities arrange social activities such as pool parties, barbecues, and doggy playmates for their respective HOAs. And when you see your friends in lobbies and elevators, you are more likely to meet them in person than not.
Affordability:- Because condos tend to be more compact and need less land than single-family homes, owning property can be a more affordable way. Land taxes also appear to be lower. To certain first-time buyers, condos make perfect starting homes precisely because they do not have the upkeep and maintenance of a detached house, but you can also take advantage of ownership and construction equipment.
Cons
Investment risk:- “Condos can be a riskier investment because you share ownership in the building with others,” Leonard says.
Lack of privacy:- Since condominiums share common areas such as the lobby, hallways, and facilities if you value your privacy. For example, if you want more seclusion, or you sometimes entertain, a townhouse might be a better choice.
Restricted outdoor space:- Condo buildings typically optimize real estate by building up, meaning that outdoor or green space is often minimal. “If you’re the type of person who likes to park work vehicles at home or requires plenty of outdoor room for your job or recreation, a condo may not be for you,” explains Leonard.