Like any other residential property, condo living has its ups and downs. As a homebuyer, you need to know what type of property works for you.
Since each person has its own wants and needs, our preferences vary a lot. Same goes for homeownership. We all have different inclinations towards what and how we want our home to be.
If you’re confused about whether or not you should buy a condominium or a house, perhaps you should look into the pros and cons of both properties.
And as far as condo living is concerned, there are both upsides and downsides to it. Here are some of the things that come with going for a condominium that you need to consider to see if it’s suited for your needs.
Convenience
A lot of condominiums are nestled within the city. If you’re working in the city and would like convenience when it comes to going to work every day, perhaps condo living is for you.
Other than that, condominiums are accessible to key locations like hospitals, malls, offices and other places. But if you want some peace and quiet, perhaps you want to buy a house instead.
Amenities
Condos have their own shared amenities. More often than not, you will see condominiums that have a swimming pool, a fully-functional gym, function rooms, and even complete spa services.
Other than that, condos have a security personnel on duty. They have a CCTV installed as well. That way, you don’t have to worry much about anything that might compromise your safety.
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Maintenance and Renovations
A fully operating condominium usually has a maintenance staff ready to be of service whenever you need it. If you’re someone who doesn’t want to deal with that to yourself, then this is something that could be of benefit to you.
But it’s also important to keep in mind that while you don’t have to worry about maintenance costs in condo living, there are some limitations if you’re thinking about major renovations in your unit.
If you’re thinking about renovating in the long run, then know that this is something that needs to be settled if you’re in a condominium. Make sure that you ask about how much renovations can you do in the condominium and how you can get approval to do those.
Cost
Every home buyer would always consider the cost of a property he’s thinking about buying. After all, you can only buy what you can afford. In the city, a condominium unit comes generally cheaper than a house. That’s one of the reasons why home buyers in the city also think about going for a condominium.
But also keep in mind that maintenance and repairs don’t come for free. Condos have a maintenance team that would take care of maintenance and repair for you but the building would have to pay for their services. Usually, condo living will come with monthly fees to cover those services.
Financing
If you’re really considering about getting a condominium for a home, keep in mind that there are condo financing options that you can take advantage of.
One of the sources for condo financing is the FHA. As long as the building complex meets their standards or is a FHA-approved condominium, you shouldn’t have any problem applying for a mortgage.
While there are still a few that offers financing options for condominiums, make sure that condo living is really best for you.
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