The Benefits (and Disadvantages) of Condos

Posted by EdmontonRealEstate.ca Team on Monday, February 12th, 2018 at 8:32am.

The Pros and Cons of CondosFrom modern kitchens to Olympic-sized swimming pools, there are plenty of reasons to purchase a condo. Yet buyers may let those benefits blind them from the potential downsides of living with a shared wall. Before getting your heart set on one type of housing over another, it's time to consider both the good and the bad.

Space and Location

A condo will usually be in lower demand than a single-family home of the same size, which can be appealing to those who want the space without sacrificing their savings. Condos also put owners closer to the city or even directly in the center, making them a convenient choice for people who like to explore the surrounding streets.

However, condos also typically come with association fees that can take a huge bite out of an owner's budget. If the economy takes a turn for the worse, they're also more likely to be abandoned (causing fees to rise for those who stay.) When searching for a home, potential buyers need to be aware of any potential charges they may be asked to pay. Some associations may leave out information about assessments or one-time charges for special events or emergencies.

Time, Money, and Energy

Some people love the idea of keeping up a property. To them, it's a satisfying challenge to learn more about how to fix a roof or what soil will work best with the garden they're hoping to plant. Condos are for people who would prefer to keep their maintenance schedule to the bare minimum. There are no driveways to repave, no shingling to replace, and no lawns to mow.

While condo owners will still need to deal with (and pay for) a variety of cosmetic and even plumbing mishaps, they can save their budgets from a number of major repair costs. But buyers need to remember that not every complex is as proactive about their repairs. Make sure to choose an association that has an impeccable reputation for keeping up the structure as well as the grounds.

Lifestyle Concerns

Condos give people a chance to meet more people on a daily basis than they normally would in a single-family home, which can be either a pro or a con. However, unpleasant or disrespectful neighbors don't just make you unhappy, they can lower the property values for everyone. In addition, condos may start to feel claustrophobic. Noise from above, below, or across can filter into daily living to the point where watching television or going to sleep seems impossible.

Even if an apartment is completely soundproof, the sounds coming from the city or streets below can force owners to choose between fresh air and silence. Buyer should also consult the rules of the complex before making an offer. Some are extremely strict about what owners are allowed to do, and buyers need to make peace with the policies beforehand.

Buying a Devon home or condo can be the best move a buyer ever makes, but the trick is to enter the negotiations with eyes wide open. Living in a condo is often a trade-off between privacy and convenience. Because condos take some time to appreciate, it's more profitable for homeowners to enjoy living there for as long as possible.

By Justin Havre

 

Leave a Comment