Advantages & Disadvantages of Owning a Condominium

Everyone dreams of having their own place. While most dwellings come with a large price tag, there’s a place you can call home-sweet-home which is both affordable and convenient – the Condominium.

Living in a condominium can sure be convenient. But of course condo living has a limit when it comes to the perks you can get. Let us enumerate some of the advantages and disadvantages of living in a condo.

Advantages:

·         You are not solely responsible for the upkeep of the common areas.

·         Conveniently located near office buildings, shopping centers, etc.

·         Great amenities like swimming pool, gym, etc.

·         Secure and safe since there are guards 24/7.

·         Usually has a back-up generator in case of emergency.

·         Set of rules and regulations are set by the homeowners association for everyone to follow. This creates a sense of order in the whole building.

·         Having limited space would a lower cost of maintenance.

·         Plumbers and electricians are just a phone call away since most condos employ their own team of maintenance personnel for the entire building maintenance.

·         Some condo developers offer perpetual ownership.

Disadvantages:

·         Monthly recurring condominium association fees.

·         Privacy can also be an issue since you are sharing common areas and units are situated side by side.

·         The space is very limited. There is no way of expanding in case your family grows.

·         Parking spaces are rented or bought at a high cost.

·         Children’s play spaces are limited.

·         In the unlikely occurrence of all elevators being under maintenance, you would have to go down several flights of stairs especially if your unit is situated on the upper half of the building.

·         Restrictions in pet ownership, noise, and activity.

·         Renovations and decorations may be limited.

·         The maximum life of a condominium is 50 years, after which it is demolished and rebuilt.

Everything has its pros and cons but it’s always up to you to choose what is compatible to your lifestyle. When choosing something, just remember to weigh your options. This way you can assess whether something would suit you and your family’s lifestyle.