Pros and Cons of Living in a Condo

For those who don’t know, a condo (or condominium) is similar to an apartment in that there is a larger structure which houses your space along with others. This means that you can have neighbors on either side of you, above, and below you. However, in the case of a condo, you buy and own the property without any type of lease.

Is Condo Life for You?

While the lifestyle may seem glamorous, there are many real aspects to think about when considering whether or not living in a condo is something which would suit your lifestyle. If you are looking at purchasing and living in a condo, Riva Title Company has some information below to share about some of the pros and cons of condo life.

Let's Start With the Pros

Security

When it comes to security, it’s hard to go past a condo. With a door guard and electronically restricted access, a condo provides a much greater level of security than an average family home. The perfect example being that nobody can just walk up and knock on your door in the middle of the night. In addition to unwanted guests, instances of theft are almost nonexistent in condos due security cameras and patrols. This is not only great for peace of mind but can also lower your insurance premium.

Amenities

Often quite large, condo buildings will come with a variety of amenities. These include various types of pools, sauna, spa, gym, and potentially a tennis court and entertainment facilities. While the type and range of amenities you can expect will depend on the building, it is safe to say that you will have access to more in-house amenities than you would should you buy a suburban home.

No Maintenance

Speaking of amenities, it’s worth noting that condo owners and residents are not required to provide upkeep or maintenance to any of the included amenities. This is a welcome change from those who enjoy having a pool but not maintaining it. This maintenance also extends to the building in that the resident corporation manages all structural issues.

Price

Given that you forego a large amount of space and a yard, condos can be considerably cheaper than a standard home. This can be great for those just starting out and looking to keep their mortgage repayments to a minimum. Whether you buy a condo or a house, make sure to complete your due diligence and check the history of the title. Speak with Riva Title Company at 786-787-7888 and ask about the benefits of a obtaining a thorough title search and how title insurance in Coral Terrace can help protect the future ownership of your home.

Now It's Time for the Cons

Maintenance

Despite maintenance being listed as a pro, it is also a con. While you don’t have to provide maintenance to the property physically, you are still required to contribute towards it financially. This is by way of a monthly owner’s fee that covers ongoing maintenance, expected upgrades and repairs, along with any other necessities the building has.

Not Very private

If you are in a high-rise condo then it will be nice to walk out onto your balcony and take in the view. Unfortunately, given that there are likely to be neighbors on either side of you, your view isn’t entirely private. In addition, given that you also share a wall, depending on the quality of the building, you may hear a little more from your neighbors than you would like.

Restrictions

When you own a home, you can largely do what you like with it, council approval depending. In the case of a condo, however, your options are limited. Not only do you know own a lot of personal public space, but the changes you want to make to the parts you do own are limited. These are often to ensure continuity of style throughout the building.

No Land

While the building is technically on land, you don’t own it. While it may seem circumstantial, traditional homeownership also comes with land ownership, adding a little extra piece of financial security and investment.

Secure Your Condo with Title Insurance in Coral Terrace

Choosing whether or not condo life is for you is not an easy thing to do. If you are truly unsure, consider renting a condo for a year and gauge how much you enjoy the lifestyle. While it may be an additional use of funds which could go towards your mortgage, it is better to know whether or not you can live the lifestyle before plunging in. Whichever you choose, make sure you do your due diligence. Speak with Riva Title Company at 786-787-7888 and ask about how a title search can uncover any previous transfer issues which could affect the ongoing ownership of your home. Once confident of the title’s history, Riva Title Company can provide title insurance to give you financial protection in the event a claim to ownership is raised post settlement.