Buying a home is a big consideration to weigh. The options are plentiful when it comes to type of dwelling you wish to have, and condos are great options for first-time buyers and city slickers who don’t want to live in the suburbs quite yet. In this article, we’ll cover the pros and cons of buying a condo, which can help you weigh your options and make the right decision. Whatever type of dwelling you choose, protect it with a customized Indianapolis Condo Insurance policy.
Perhaps the most obvious of condo buying benefits is the lack of maintenance you’re responsible for. As a traditional home owner, you’re on the hook for repairs, upkeep and maintenance of your home and yard. With condo ownership, your association takes care of the lawn and garden maintenance, as well as common areas.
Next, you have a say when it comes to how the association is run. With your monthly association dollars, you’re entitled to join board meetings, elect who you want to represent you, and influence decisions that ultimately will benefit you.
Finally, there are plenty of amenities in condo associations. From gyms to storage, saunas and pools, there are a lot of perks for living in this type of dwelling.
The downside of condo ownership is the fact that you’ll be required to pay monthly dues to have all of the landscaping and maintenance you want. And, even if you don’t use the amenities, you’ll still need to pay for their upkeep.
Next, according to Canada Mortgage and Housing Corporation, there is less space in some condominium units as well as possible restrictions on things like noise levels, parking, pets, smoking and even the style and color of things like doors and window coverings. If your four-legged companion isn’t allowed in the condo because of breed or size restrictions, for example, this could put a damper on your condo-buying plans.
Finally, you’ll have a say in how the association is run, but not when repairs are conducted. This can be a challenge depending on your work or school schedules. What’s more, there is a lack of privacy as you still share walls with your neighbors. Even if it’s just one wall, you run the risk of living next to a disorderly or loud individual, which could wreak havoc on your alone time.
Weighing your options will make for a better fit in your living situation. Carefully review regulations, costs and functionality of the condo before signing on the dotted line to prevent making a costly mistake.
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