- Real Estate

The Pros and Cons of Investing in a Condo

Condo living can be both a blessing and a curse. Depending on what you’re looking for from condo life, there are many factors that will influence your decision. You can have a look at CELH Development to see what are the benefits and disadvantages of getting and investing in a condo. There are several factors that you should consider before buying yourself a condo. Here is a list of things that you should consider before buying any property.

Affordability. Condos come in a wide range of prices, and can be affordable for a small family, retirees or others who want to be able to own their own home. Additionally, property taxes for condos are often much lower than for single-family homes.

Amenities. Condos often offer great amenities, similar to those you’d find when visiting a hotel or living in a luxury apartment. Swimming pools, tennis courts, exercise rooms, saunas, hot tubs, sun decks and even community centers are often included with the purchase of a condominium. If these types of things are important to you, buying a condo can help you achieve easy access to a variety of fabulous amenities. On the other hand, if you have no intention of ever using the condo’s facilities, you may feel like you are overpaying for services you neither want nor need.

Ownership. Unlike with apartment rentals, condos bring you property ownership. There’s no landlord to tell what you can or cannot do in your condo, and many people enjoy this freedom to do as they please with their personal space. You’ll also be free from yearly rent increases, which is a great plus for your pocketbook. On the downside, although you will own your individual condo, the condo board could end up being your worst enemy. The board can veto specific changes you may want to make to your space–particularly if they effect the outside of the property and could negatively impact the value of all owners’ condos.

The 5 “P”s. Many of the disagreements that arise between condo members fall under the 5 “P”s: pets, parking, personality, parties and privacy. As with any apartment building, people living in limited space may clash over noise issues, rude neighbors, parking problems, lack of privacy or excessive partying. Depending on the set-up of the condos, and how close you are to each of your neighbors, you may want to consider whether or not you will ultimately be able to get along in a confined space. And considering that people usually buy a condo with the intent of never having to move again, if you really can’t get along with your neighbors, things could quickly go downhill.

Security. Owning a condo is a lot more like owning a home than renting an apartment, in terms of security. You’ll finally have a home to call your own, and will never have to deal with monthly rent again. This type of security in knowing that you’ll never need to pack up and move at the end of a lease is great for your peace of mind. Additionally, the fact that you’ll have equally permanent neighbors often helps people feel secure, as you’ll undoubtedly get to know the people who live in the condominium through your day to day interactions. This helps make it easy to spot potential intruders and keep them at bay, and to form community bonds that are mutually beneficial.

No Maintenance Required. As with apartment dwelling, condo life often eliminates many of the maintenance issues associated with owning a home: mowing the lawn, raking the leaves, shoveling the snow, and other unpleasant chores. Professional agencies or a manager are usually responsible for upkeep of the property, and for fixing any problems that may arise within your particular unit. On the flip side of this equation, you will be required to pay into a communal fund that will actually pay for the maintenance and upkeep of the shared condo expenses, so you’ll be paying for services that an apartment dweller wouldn’t need to consider.

Community Participation. If you’re looking for a strong feeling of community membership, condo living is a great way to participate. The owners in a condominium often help set and approve the budget, create and amend bylaws, and otherwise participate in a miniature democratic process governing the workings of their condo environment. If you really want to get involved, you can even get yourself elected to the board and act as a leader within your community. The potential downside of this is that many condo boards are re-elected based more on the apathy of fellow owners than on the actual competence of those that run for election, so you may find it frustrating to be involved. Further, since board membership is voluntary, those that run the board may be not actually be qualified to perform the duties of their positions.

James Spade

About James Spade

James Spade is an editor, content specialist and a web designer. He has been in the industry for more than a decade. Aside from writing, he also loves painting.
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