If you are considering buying a condo, it’s an important part of your job to weight both the positives and negatives of living in one.
Here at https://www.myrtlebeachcondoforsale.net/savoy-condos-myrtle-beach/ we’ve broken down some of the major considerations to make prior to signing on the dotted line.
- Condos offer a much lower level of maintenance compared to investing in a stand-alone home. Exterior maintenance of the building is managed by the HOA. This includes lawn and shrub care, driveways, public areas, roofs and siding. Beyond that, because condos tend to be smaller than homes, they can be cheaper to renovate and improve as well. Beyond that, their smaller size tends to mean that property taxes are quite a bit lower.
- Often, condo complexes come with a better overall building security compared to single unit homes. The reason why is because some condo buildings have their own security staff. It is also just true that there is greater safety in numbers. That’s something to consider if you are single, elderly, or work odd hours.
- Unlike the relative isolation that a home can create, living in a condo complex offers numbers and great opportunities to be social. Whether it’s just walking in the halls or meeting your neighbors, or taking part in HOA-organized social events like pool parties, barbecues and more, there is often ample opportunity to meet the people you share a complex with. It’s a great thing to consider if you are worried about moving to a new city and your ability to make friends and build a community.
- Many condo complexes offer you the opportunity to take advantage of top-level amenities that simply would not be available to you in a home of the same price. Pools, grilling areas, business centers, dog parks, gated parking, and state-of-the-art appliances are all quite common in relatively new condo buildings.
- Truth is, owning a condo is hypothetically more risky than owning a home. The reason is because if one or more residents fail to pay their mortgage or dues, the rest of the community could suffer. The lack of total control over your investment does make it a bit riskier than owning a single home all on your own.
- If you strongly value your privacy and peace and quiet, you may want to reconsider owning a condo. You’ll definitely be sharing walls and will also be sharing public spaces, hallways and more. While most condos are well-built to the point that sound does not travel easily, it is quite possible that you will hear your neighbors from time to time.
- Parking and storage are typically not up to you. While you will be usually assigned a parking spot and a storage area within the building, it may not be up to you where they are located and could be rather far from your unit. A lack of space could also be problematic if you have a growing family or visitors.
- HOA rules can be quite restrictive and become quite annoying for some residents. Things like trash pickup, what types of items that are stored in your storage or on your patio, or even how many pets you can have can be impacted by the HOA rules and regulations. In some extreme cases, breaking rules can result in fines or even foreclosures.