Pros and Cons of Living in a Condominium

Buying a condominium can always be a great idea, whether for young families or the older ones with grown up kids. Before investing in a condo, there is the important issue of checking the benefits and the downsides attached with residing in this kind of home.

What is a Condo?

A ‘condo’ is the more popular term for a condominium. Most people lump up condos in the same category as an apartment, viewing the both as more or less the same, but they are not. The biggest difference is that a condo is usually a private residence situated within a building. These condos also share some of the sections of the building, including the swimming pool, gym, and grounds. Apartment owners might not pay their dues monthly, but condo owners do.

Pros of Living in a Condo

1. Security

Due to condos being enclosed within a larger community, and often coming with security amenities and maybe a gated entry, they offer much more security than regular homes or apartments. Some condos even come with a doorman and qualified security personnel.

2. Access to Amenities

Most condos include fees for access to their community amenities in their monthly dues. These amenities include a swimming pool, a community clubhouse, fitness centre, and manicured grounds.

3. Affordability

Affordability is perhaps the most attractive feature that comes with owning a condominium. For the average young family who do not have excess money to spare, condos are often priced lower than family homes, and can be a great first home. Say for example, if you are from Santa Monica, you can get most affordable accommodation options in city centre. You can find a quality Santa Monica realtor to have the best available information about accommodation or real estate investment options in Santa Monica.

4. Less Maintenance

Not too much into house maintenance and handy work? Then a condo is perfect for you. One of the benefit of living in a condo is you do not have to stress over maintenance and fixes. If you are extra busy with work, or suffer from poor health, a condo is a good option for you.

Cons of Living in a Condo

1. Extra Fees

Living in a condo might be more affordable and secure, but there are extra fees attached with all those other benefits. Each resident in the condo has to pay a monthly homeowners association fee (HOA) monthly, and the fees are funnelled into the upkeep of the property.

2. Lack of Privacy

There is a potential lack of privacy that comes with living with a larger community. This is another area where condos are more like apartments. There are neighbours on both sides of the walls, and the noise levels are usually high. Your noise and activities will also be quite clear to them. For people who prefer privacy and quiet, this might not be the best venture.

3. Delinquency

Due to shared upkeep fees with other community members, the state of the property might deteriorate due to failure to make payments by other condo owners. And when the grounds incur damages or defacement, the dues will be increased for all homeowners within the community.

4. Rules

If you are going to live in a condo, you will be ready to live by and obey all of the stated rules and obligations that comes with condo living. For example, you would not have the liberty to install amenities that you want in your homes without the permission of management. Living by another person’s rules is not for everyone.

So, now understanding better the pros and downsides of condo living. The Venice beach area in California is a great place to own a condo. If you want to buy a new condo for your family in Venice beach, look out for the best Venice beach real estate agents.

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