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Owning a condo can provide you with the best of both worlds. While you own your unit, ownership of the common areas, land and building are shared. The other members of the condo association share costs with you. Either a property management company or the board of directors is responsible for making any big decisions.
There are a number of advantages of condo living but there are six big ones:
1. No Outside Maintenance
Regardless of the season, there is always outside work that needs to be done. Thankfully, if you live in a condo, then someone else is responsible for mowing the grass, pruning the trees and shoveling the walks. You also won't have to worry about making any repairs to the outside structures. The condo fees that you pay monthly are designed to pay for these services.
2. Customize Your Space
If you rent an apartment, you're usually limited in the ways you can decorate. This isn't the case when it comes to condo living. You can paint the walls to suit your tastes, hang pictures wherever you like and even renovate to create the perfect space.
3. Access to Amenities
Many condo buildings offer amenities that aren't included in many homes or apartment buildings. Tennis courts, a gym, basketball courts and a swimming pool are just a few of the popular options.
4. Prime Location
Living space in a major city can often be difficult to find -- not to mention expensive. Opting for condo living often provides a practical solution to this issue. You'll also be able to enjoy easy access to things like shopping, cultural events, dining, public transportation, work and more.
5. Share Major Costs
Typically, a portion of your condo fees are earmarked for a reserve fund. This is used for major repairs like replacing the roof, renovating the exterior or repaving the parking lot. In the event that the reserve fund isn't sufficient to pay for a needed expense, you won't have to bear the cost alone. Instead, it will be equally shared among all the condo owners.
6. Extra Security
Some condo buildings have a secure entrance, are gated or have a doorman. Having neighbors that live beside you might make you feel safer. If you travel, you won't have to worry about your home as much.
Condo living can allow you to enjoy the freedom of homeownership without the negatives that sometimes go along with it. A local real estate agent can help you find a condo that meets your needs.