Practically every city in the country has a number of condos available for rent or purchase just as much as it does single family homes. Both property types come with their distinct qualities and shortcomings which mean it’s crucial that one take the time to properly determine whether one scenario or the other is the ideal living situation. For purposes of this article, let’s explore some condo buying basics.
Arguably more so than single family homes, age plays an important role in determining the appeal of a condo. The condos of today come with a number of cutting edge features and a boatload of amenities than most people know what to do with. Oftentimes this means potential buyers have to pay more to live in one of these modern condos than one which was built in the early nineties or so. It’s important to remember that some of these older buildings may not come with all these extra amenities seen in newer condos.
While amenities and residential features are perhaps the biggest appeal of a condo, many of them do not include these extra perks in the sticker price in order to live there. Hence buyers may have to pay additional fees to make use of common amenities like a spa and fitness center. This stipulation also extends to pets. Many condos will boast about being “pet friendly” but do not mention the additional fees that are charged in order for them to actually live there.
Perhaps the biggest disadvantage of condo living is the relative lack of creative freedom. Condo associations vary wildly in how much they allow residents to customize their condo home. Some associations allow buyers to renovate while others will only permit residents to change their interior color schemes. If customization is of the essence, strongly consider a traditional single family home instead.
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