When it comes to buying real estate, many people ask themselves, “Are condos worth it?” As a living situation, they’re usually bigger and always more independent than apartments, but are usually smaller and always less independent than homes. There are pros and cons to owning a condo, however, and buying one might be the best way to go for some people.
People who are looking for a property to buy may consider buying a condo. They will come with certain perks that could make life a lot easier for you – a gym on the premises, for example, that’s close by and could save you money on monthly membership dues. Another benefit to buying a condo is that all kinds of things are taken care of by the condominium association. If you buy a condo, you could see paving, plowing, and maintenance of your roads taken care of by the association. The association will also take care of the outside of your condo, like the siding, and anything to do with gutters. Lawns and landscaping are usually also included in the condo association fees.
For many people, however, the downside to owning a condo is exactly what other people find convenient – the fees. For some people, this feels like an unnecessary extra expense that they shouldn’t have to pay. If the condo is a high-end and expensive, the fees could be quite large (although if you’re buying a very expensive condo the odds are that you’ll be able to afford the fees, or not be inconvenienced by them). The counterargument to that would be, of course, to take a look at how much you’re paying as a homeowner for the same expenses.
Condos as an investment will be a subjective decision. If you’re looking to buy your first property, then you may want to consider a condo. It’s something to discuss with a financial adviser before you make any decisions.