With home prices still elevated in much of the country, condos have become more realistic for buyers determined to exit the rental train. For most agents, the ability to educate such clients about how they can start building equity immediately by going the condo route is more important than ever. Here are several important pros and cons when considering the condo alternative.
Tight community
Condo living creates strong community vibes since neighbors are much closer than with freestanding houses. There are shared amenities and often the opportunity to socialize at events in the building. A negative for private people is that it is a shared space, so not much different than living in an apartment complex, with shared walls and common outdoor areas.
Cheaper alternative
The main reason people buy condos, of course, is because they are usually less expensive than houses. Plus, the monthly maintenance fee covers things like building upkeep, landscaping and front-desk security for high-rises. A negative is that assessments can come out of nowhere, and insurance costs are rising dramatically, especially in older buildings and waterfront areas.
Choice location
Condos are often situated in high-density urban areas, close to work, dining and entertainment. These are almost always a plus for singles and empty nesters looking to downsize. On the downside, those with children or planning to start families may have backyards atop their wish lists. Peace and quiet are also much more attainable with freestanding homes.
Rules and regulations
Condos have bylaws and boards to make sure the majority of owners are happy with daily living conditions. There may be restrictions on pets, unlike single-family homes, but unit owners usually won’t have to worry about crazy-loud neighbors at night or unsightly backyards. Anything construction-related must be approved by the HOA, so there’s no worry that a pickleball court gets built next door.
