The Pros and Cons of Buying A Condo (A Helpful Guide)
Many people consider condo living as a great alternative to single-family homes and other options. In many areas of the country, it is a hidden gem of the housing market, since housing can become so expensive. But it isn’t for everyone. It is helpful to think of the pros and cons of buying a condo before going down that path, since it is an investment and a choice in a living lifestyle that works for some but not for all.
Boston is like many cities that have a diverse housing market. As one of the premiere property management companies in Boston, we see investors and homeowners who weigh these options all the time. Compiling a systematic list of benefits and drawbacks to each option is the most helpful way to hone in on a decision. So let’s look at condo living to see why some choose that lifestyle while others do not.
Table of Contents
Pro: Low Maintenance Lifestyle- Pro: Access to Amenities
- Pro: Enhanced Security
- Pro: Community Living
- Pro: Location
- Con: HOA Fees and Rules
- Con: Limited Privacy
- Con: Lack of Control
- Con: Depreciation Risks
- Con: Resale Challenges
- Look to the Experts for Help
Pro: Low Maintenance Lifestyle
Condo living means shared common areas. Many people will appreciate that since things like landscaping, exterior repairs, and amenities are generally maintained by the condo association. They use funds from the residents’ monthly fees to upkeep shared spaces. Individual condo owners don’t have to worry about all kinds of tasks that plague single-family homeowners, such as mowing lawns, pulling weeds, or maintaining facilities such as a pool or landscaping features.
Pro: Access to Amenities
In examining the pros and cons of buying a condo, one of the stark benefits of condos would be the amenities that they often come with. In many areas owning and maintaining a pool or living next to a gym is cost prohibitive. In many areas, it would just be impossible to consider. That is not the case for condos. Many condos are well-equipped with all sorts of convenient amenities that would not come with other housing options. This means pools and gyms, but it also could mean convenient parking, security features, and more.
Pro: Enhanced Security
Most condo buildings have secure entrances and surveillance cameras. Some even have security guards or doormen who keep an eye on the property. Many people benefit from additional security that they find to be a great feature of condos. This is especially great for those who live alone. When evaluating the pros and cons of buying a condo, security often becomes a huge PRO that they want to take advantage of.
Pro: Community Living
Most condo buildings and complexes have communal spaces, such as kitchens, patios, or rooftops. This provides a great opportunity for residents to get together and form a real community. Condos also host fun events for residents like movie nights, game nights, cookouts, and more. Ultimately if someone is looking for a community and not just a place to live, condo living becomes a major way to make that happen.
Pro: Location
Location is so important when it comes to any housing. It is a major factor in its resale value, and it’s also a major factor when it comes to living in a neighborhood and environment that you would want to live in… and potential tenants. Condos give people access to live in areas they otherwise would not have the ability to live in. A single-family home near downtown Boston might be incredibly expensive, while a condo in the same location could be feasible on many people’s budgets. Condos take up less space, and as such can often be found in ideal locations for affordable prices. That can also affect many other aspects, such as commuting to work and amenities that are nearby.
Con: HOA Fees
Many of the benefits above come with their own drawbacks. It is inevitable when discussing the pros and cons of buying a condo. One of the most talked-about parts of living in a condo is the HOA fees. While these HOA fees lead to having some of the benefits listed above, such as the amenities and security features, ultimately everyone in the condo community is contributing to them by paying HOA fees. You may not always agree with how the HOA spends its money since it is decided collectively. Some people find that to be a major disadvantage.
Con: Limited Privacy
Living in a condo often comes with less space between homes. It may mean a building where you share walls with others. The drawback to that is that there is less privacy and it may lead to all sorts of issues, such as complaints regarding noise or generally just getting on each other’s nerves from a community perspective. While being in a tighter community has its benefits, there are unintended consequences that sometimes come with it.
Con: Lack of Control
Living in a condo comes with rules and regulations regarding all sorts of things. From how you can decorate outside your home to what kind of modifications you can do to the inside of your home. While this may not bother some people once they see the regulations and weigh how much that matters to them, to some people this is a large drawback.
Con: Depreciation
As a general rule of thumb, condos are the last to appreciate even in a good market, and they often depreciate in value. This is due to a lot of factors, and of course, it can vary based on the market. For this reason, many people don’t consider it as good of an investment as single-family homes and other types of housing.
Con: Resale Challenges
Similar to the issue with depreciation, reselling a condo is typically thought of as more difficult than other housing. It becomes a major factor when considering the pros and cons of buying a condo. Certainly selling a condo is possible, but because they are usually more “cookie cutter” and don’t stand out in the market as much as single-family homes (and other reasons), reselling that condo someday may be a bit more difficult than you would like it to be.
Look to the Experts for Help
Evaluating your personal circumstances is important when deciding whether condo living is right for you. Weighing all the pros and cons of buying a condo means looking at what you want from your housing and your financial future to come to the best decision for you.
Whatever you decide, owning and renting a condo can be a profitable and rewarding experience. Savvy investors also understand that running a successful business requires experienced help. As the premiere rental property management company in Boston, Bay Property Management Group assists owners with various rental needs. So, if you are interested in getting the most from your investment, call Bay Property Management Group today.
