Pros and Cons of Purchasing a Condo

A condominium or condo can be a great home for younger or older couples that want more room than the average apartment. However, often times there are costs associated when living in a condominium community that homeowners don’t always have to deal with. Before purchasing a condo, you should weigh the pros and cons of living in this kind of community.

Pros of Purchasing a Condo

Amenities

When living in a condo community, you’ll have access to certain amenities like a pool, fitness center, clubhouse, dog park and more. Many communities hold events to help you get to know your neighbors which can be an added perk to condo owners living alone.

Security

Many condo communities are gated and have password locked entries and even cameras for protecting their residents. If you are living alone and concerned about your safety and security, this could be a reassuring matter to ease your mind about break-ins or other security-related risks.

Less Yard Work and Maintenance

One of the biggest benefits of living in a condo is that you are not responsible for yard work such as cutting your lawn, maintaining flower beds, or shoveling snow. If yard work isn’t one of your hobbies or maybe you travel a lot for work, buying a condo could be much more suitable for your lifestyle.  

Cons of Buying a Condo

Homeowners Association Fees

While those luxurious amenities are nice, they don’t come free. When you buy a condo, you essentially become a business partner in that community. You pay a monthly homeowners association (HOA) fee each month, on top of your mortgage, which goes toward the upkeep of the property, as well as future investments such as repaving the parking lot or adding a new park. Before purchasing a condo, make sure you know how much the fees cost and if you can afford the fees and a mortgage each month.

Lack of Privacy

A downside to living in a condo is that the structure is similar to an apartment. You’ll have neighbors on the other side of your wall or above or below you. You may have neighbors that go up and down the stairs throughout the night and you may be able to hear each step. If you’re looking for some peace and quiet, a condo may not be the best choice.

Pet Restrictions

Although many condos do accept pets, there can be limits on size, breed, and number of pets, which can be a major disadvantage for pet lovers. You may also have to get rid of your pet or be faced to vacate if there are too many complaints from other residents. Make sure to read the rules on pets before you move in.

If you’re interested in purchasing a condo, reach out to a loan officer at First Ohio Home Finance to make sure you are pre-approved for a loan first. Then, we can refer you to a local realtor to find the right condo community for you!