The
Pros and Cons of the
Condominium Lifestyle
Ever wonder if the condo life style is right for you?
Whether you are interested in condos, town homes, or villas you are probably
curious about the lifestyle. Take a look at the pros and cons of condo living
to see if this is the right choice for you.
Pros
* High-rise condominiums usually are positioned in more dense urban
neighborhoods than townhome condominiums and are more likely to have all of
life’s necessities within walking distance.
* No more maintaining the yard, painting, cleaning the gutters, repairing
the roof, etc. The association will hire someone to take care of all outside
tasks.
* Not everyone can afford amenities like swimming pools, tennis
courts, fitness centers, concierge services, rooftop decks, etc. By buying into
an association for a reasonable fee, you can enjoy the luxuries you may not
have been able to afford as a traditional homeowner -- and someone else will do
the maintenance.
* Rules and regulations are laid out for all to follow. Knowing what
your neighbor will and will not be allowed to do provides a sense of security.
These rules and regulations protect you and your investment. The best part is
you don’t have to enforce the rules. This is done by the association’s board.
*There is more autonomy living in a townhome condominium or villa
compared to a high-rise condominium because you don’t have to be bothered by
neighbors as you go from house to car. Even
though townhome condominiums are attached to other units, they still feel more
like a house than an apartment.
* Townhome condominiums and villas usually have more than one level,
private garages and larger private decks as opposed to the balconies or small terraces
found in many high-rise condominiums.
* Townhome condominiums are usually less expensive per square foot
than high-rise condominiums (unless they are located in a downtown area).
* Best of all, you get all this and still build equity.
Cons
* You must obey the outlined rules and regulations and you will be
held accountable by the association. In a sense, you lose some control by
having an association determine what’s acceptable, but most associations
function very well and mirror rules and regulations regarding quiet enjoyment
that city laws have already addressed.
* You may end up paying for luxuries you will never use, such as the
pools, concierge, etc. That’s not all bad because having those luxuries also
brings value to your unit if you decide to resale at a later time.
* Depending on how well your common wall is insulated, you may find
your neighbors’ noise quite bothersome. This is less of a problem in newer
buildings, which have to adhere to new building codes pertaining to joining
walls (sometimes called party walls). Some of the older condominiums have added
insulation to these walls to work out the problems, but it’s always worth
investigating.
