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Is Condo Living Right For You?

June 19, 2015

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There are definitely a lot of reasons why condos are a huge demand today, especially here in the city. For one, with condos being located in prime locations such as in commercial and business districts, residents are given the convenience of living in close proximity to their place of work, reducing the time and cost of their travel. Condos are also more affordable compared to a house and lot in the same area and offer many great amenities such as a swimming pool, gym and park/playground, which would be costly to install as well as maintain for an individual house owner. Before you go ahead and give condo living a try, however, make sure you don’t end up moving out after just a few months because you didn’t think through the decision thoroughly. To help you out, here are a few things to consider.

Limited Space
When living in a condo, one would really need to master the art of maximizing space. Most units just really do not offer as much space as one would like. If you would like a kitchen, living room or bedroom with much space to move around in, or if you like holding parties or inviting people over a lot, then make sure you can afford a BIG unit. Otherwise, you will just have to settle moving around and accommodating visitors in quite a cramped space. Don’t expect to have much (if not any) space for a laundry and drying area either.

Lack of Privacy
In a condo, you will have to accept the fact that there will be a lot of other people residing in that same building with you. There will be other residents on the same floor as you, as well as on the floors above and below you, with walls as your only separation. It would not be that difficult for your neighbors to hear you, or for you to hear them, should there be noise coming from inside or outside your respective units. Also, apart from your unit, all other areas in the building are shared by you and all the other residents. Even if you would wish to be alone and have some peace and quiet in the park or by the pool, there’s nothing you could do if other residents want to spend time there as well.

Homeowners Association Fees
Of course, having such great amenities also come with a price, in the form of association dues you have to pay each month for their operation, maintenance and repair/renovation. Having a lot of other residents to divide these costs with sure makes them more practical and reasonable, but the amount you have to pay each month may also vary depending on the number of residents, which will never be certain, as they come and go anytime.

Less Freedom
Since you are living in a building that’s not entirely your own except for the total space within your unit, and are sharing this building with many other residents, of course there are rules and regulations you would have to comply with, which you may find totally restricting when compared to having your own house and lot. When it comes to renovations, pets, usage of amenities, visitors, equipment, and a host of other things, certain rules will definitely apply. If you would not like to be controlled by a number of rules as a homeowner, then you may have to rethink whether living in a condo would be the best option for you.

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