Most of us dream of owning a house, and this comes with its up and down. If you are a Gen Z like me, you most likely aren’t interested in owning a home with a picket fence. Most of us want to live in a crowded city where we can be ourselves without other judgments. Apartments and Condos are becoming increasingly popular among young homeowners who are mainly Gen Zs and millenniums. This is because most of us thrive in the city and feel attracted to industrial and tightly organized spaces. Most of us grew up with The Carrie Dairies and How I Met Your Mother or even Friends, and they are our comfort shows. Like them, we want to live in a crowded city where we can create our memories with our group of friends, which will hopefully be more diverse than the cast of the aforementioned shows. Without further ado, let’s get into why you should buy a condominium as your next home.
What is a condo?
It is a privately-owned unit (a flat/apartment) found in a community of other units. While all the other condo owners own amenities like pools, garages, gyms, and other shared areas. It is a bit like an apartment complex, but in the case of a condo, everyone owns the apartment they are currently living in, and they are not renting it from the building’s owner. Most condos are found in a high-rise buildings but can also be found worldwide, and they are a good investment and a cheap summer home.
Why you should or shouldn’t buy a condo?
Pros for living in a condo:
- Affordability– They tend to be more compact than an actual house; they are more affordable and the perfect home for a couple or a young working individual. Not only is it cheaper to buy than an actual home, but you also pay lower taxes, and it is considered the perfect home for first-time homeowners. They are also easier to maintain than a house, and you reap the benefits of owning a home and getting tax cuts.
- Sense of security– Most condos have security staff and are the perfect home if you live on your own as you have a sense of security and someone to call in case of a break-in or emergency. It is also more difficult to break into a condominium because of the security staff and because they are usually in high-rises.
- Amenities– As mentioned earlier, all the amenities in the complex are shared by all the condo owners, and you can all benefit from the amenities the building has to offer. Depending on your condo complex, you have access to pools, business centers, dog parks, parking, clubhouses, and even more. You could profit from all these amenities that wouldn’t have been at your fingertips if you lived in a normal home.
- Socialize– Condos are an excellent place for meeting new people, and you will usually meet people of the same age group as you there as they are occupied mainly by young adults. Most Homeowner’s Associations (HOAs) organize social events where the homeowners can meet and mingle, like pool parties, barbecues, and even holiday parties.
- Low maintenance- The outside of the condo is taken care of by the HOA, and they are in charge of all the cleaning and keeping the building in good shape. They also take care of leaky roofs, the lawn, and all the pesky things you would have to take care of yourself if you owned a traditional picket-fenced home.
Cons of living in a condo:
- Rising HOA fees– As much as HOA makes our lives easier and alleviates the number of tasks, it also costs a lot. Over time, like the cost of most things, it increases and should be an important factor you consider before buying a condominium of your own. However, I think the facilities they provide trumps the cost of it all.
- Lack of privacy– Because you share all the amenities of the building with the other owners, sometimes it’s a bit difficult to find privacy as anyone can pop in any shared space at any time. These shared spaces also come with their fair share of noise issues and complaints, and it must be something that you consider, especially if you are a type-A person and don’t like living in a noisy environment or if you don’t like sharing your space.
- HOA rules– Just like the HOA takes care of most of the cleaning and the complex, impose restrictive rules that might annoy some people. This includes anything from trash pickup to items you can store on your patio to the number of pets you can have to noise. Read your contract carefully, as this will tell you everything you are allowed and not allowed to do in your condo and the shared areas.
A condo is the perfect home for time homeowners or people who thrive in spaces that are field with life and people. Sound off in the comments section below and tell us if you are considering a Condo as your next home.