Luxury Condominium Living Has Pro’s and Con’s
Luxury condominium living is quite different from owning a house. Owning a condo means your primarily responsible for the interior of your unit, and you share a bit of responsibility for the exterior and other amenities along with your fellow condo owners in your complex. Owning a house means you’re responsible for both interior and exterior which may sound like more work, but to know which choice is truly better for you, you need to look at all the pros and cons of luxury condominium living and make an informed decision.
First, as stated earlier, you won’t be responsible for repairs to the exterior or common areas, at least not by yourself. As a condo owner, you pay dues which goes to fund repairs including siding, roofing, etc. You also don’t have to worry about the lawn, shoveling snow, or cleaning the gutters. The dues usually cover all exterior maintenance as well. The second benefit is as they say, “location, location, location”. Most condominium complexes are located in prime spots which are often conveniently near shopping areas, city centers, and restaurants. Being close to city centers and to major public transportation routes allows you to save both money and time on your commutes.
Luxury condominium living also offers affordable pricing. Most condos cost no more than a single family home, sometimes even less. Even first time buyers or single-income households should be able to find condos that they can afford. Security and safety is good too as you have plenty of nearby neighbors and many condos have security guards and/or buzzer systems which provide an even higher level of security for the owners. One of the favorite perks for condo owners are the amenities. Most condominium complexes have a swimming pool, gym, tennis courts, and sometimes other additional amenities such as shuffleboard courts for the older crowd.
While luxury condominium living has a great many perks, there are also a few negative aspects that you need to be aware of. First, there is the community living aspect. Having shared walls with your neighbors means you may hear some noise from the units next to yours. Also, the common areas being shared may lead to a little more interaction with your neighbors than you’d like. Then there are the dues. While they do keep you free from worrying about exterior repairs and maintenance, they are regular monthly fees and won’t ever go away. Also, while the dues will keep any large “one-time” expenses to a minimum, there may be additional fees charges from time to time due to events that are unplanned for or unexpected.
Other “cons” of luxury condominium living include resale value as the condo sector is usually one of the first and often hardest hit when the real estate market experiences a decline. Every resident must adhere to a set of rules usually determined by the HOA (Home Owners Association). These rules aren’t too strict but can still result in fines if they’re broken and may affect things like pet ownership, limits to what can be put in your windows, limits on noise levels, etc.
Finally, condos can be limiting on both privacy and space. Due to your neighbors being in close proximity, you won’t have the privacy that a single family home would provide, and you won’t be able to add on to your existing condo. Your ownership is limited to your unit. With a single family home, you’d be able to expand as you like or need. So when you are deciding which way to go, consider all these pros and cons and then decide if luxury condominium living is right for you.
To see some viewings of a luxury condo OR a beautiful home in South Florida, contact Ed Cook at 732-997-8620.