The PROS and CONS of buying a Condo Unit

Choosing the right place to stay depends on each individual’s preferences. A place that might be perfect for me may not be acceptable for you. In the Metro, where life is fast-paced, condo-living has become so popular, though it may not fit everyone. Check out whether condo-living is for you by taking into consideration the following Pros and Cons.

The Pros

Location: Condominiums are usually built in strategic locations, mostly situated in a business district in the city. Staying here gives you the convenience of easy access to and from work or school, saves you from the stress of commuting, saves your precious time and energy as well. The bonus… malls and restaurants are nearby too.

You get access to a pool and other recreational facilities.

Amenities: Condominiums usually offer amenities for relaxation and enjoyment. Swimming pool, Sports Gym, Health Spa, Café, to name a few. You cannot have all of these on your own.

Security: One absolute advantage of condo-living is the added layer of security. Outsiders cannot get in easily without passing the main lobby security. Entry and exit points are guarded. There are CCTV’s installed in common areas and hallways, an extra protection to make occupants feel more secured. And with just neighbors a room away from you, you will not feel alone even if you are literally alone.

Maintenance: Unlike living on your own single-detached house, you won’t be needing to get outside electricians and plumbers should you need repairs. Just pick-up the phone and help will come. You also don’t have a garden to keep by yourself, no pool and walkways to clean-up. Everything is taken-cared of by the housekeeping and building maintenance staffs. Baby boomers and busy people would surely appreciate this perk.

Furniture should be multifunctional.

But if there are advantages, condo-living carries disadvantages as well.

Here are the Cons:

Cost of Ownership: Condominiums are strategically located, it follows that cost to own a unit is higher too, as compared to getting a single-detached house of the same size outside the urban zone. And one thing more, you don’t get to own a land here, you only own a space. If you have a car, a parking spot is an additional cost.

Monthly Dues: Since condo-living offers the “less maintenance” benefit, this comes with a price. You have to pay for these “conveniences” monthly, even if you don’t get to use them much. All occupants have to share with the building maintenance cost and some operational expenses. Condo monthly dues is quite high, but of course, depending on the amenities it offers and the common areas it maintains. So if you’re planning to invest in a condo unit, you must also compute how much full monthly payment to prepare, and that includes mortgages, insurances and monthly dues for your property.

Cooking in a very small kitchen area can be quite challenging.

Privacy: You don’t have absolute privacy in condo-living, knowing that your neighbors is just a wall or a floor away. You share the facilities and common area with them. But if you love socializing, then this should not be a problem with you.

Restrictions: There are plenty of rules that you have to follow if you choose to live in a condominium. In most cases, pets are not allowed. Visitors are limited, by the number and by the time. You cannot do things that might disturb your co-occupants.

If you are up to getting a place to stay with, you have to weigh all the advantages and disadvantages it gives. You can’t have the best of both worlds, but the Pros must outweigh the Cons. And most important of all, you have to feel utmost satisfaction with your final choice.

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