
For many, condominiums are a better choice than traditional detached homes. Condos boast lower upfront costs and many unique perks. However, they’re not the optimal choice for every potential homebuyer. If you’re trying to determine whether a condo is right for you, here are some of the main pros and cons to consider:
Pros
Built-In Amenities – Living in a condo community usually comes with access to exclusive resident amenities. Some examples of these amenities include fitness centers, swimming pools, spas, sports courts and event space. Convenient access to community services and amenities like these are a huge advantage over traditional homes.
Lower Upfront Cost – The upfront purchase price for condos is typically much lower than for detached homes. Even with a high purchase price, it can be easier to qualify for a mortgage with a lower down payment. Some condo communities also offer their own financing, saving you the trouble of shopping around for a lender.
No Yard Work – Not everybody enjoys yard work. Keeping up with outdoor maintenance can also be a chore many homeowners don’t have the time for. Luckily, condos include landscaping for public areas to keep it looking pristine with no extra homeowner effort.
Cons
No Exterior Design Control – You will have the freedom to design and decorate the inside of your condo, but that freedom stops at the front door. Condominiums prohibit any changes to the exterior of the building, which would include anything from major renovations to a new coat of paint. Living in a condo means living with the architectural, design and exterior features provided.
Very Little or No Yard Space – Condos typically do not have private outdoor space. When they do, they are usually covered patios or balconies, meaning traditional gardening. Container gardening is still an excellent option, though you will be limited on space–and likely subject to community rules and regulations.
Is a condo the right choice for you? Keep these pros and cons in mind to make the best decision.
