What are the Major Pros and Cons of Condo Ownership?

If you were a patron of opinions by homeowners, the word “condo” wouldn’t be strange to you. It is often used on ReviewsBird.com to signify many things. But the most common use of it is that of a building wherein you own only an apartment among the many apartments the building has to offer.

It is thus a household term in real estate management, and this because of its significance and popularity among homeowners. But like every other thing, it has its thrills and ruins. Some of its major pros and cons especially as they relate to ownership are listed below. Do well to read through them.

The Benefits of Condo Ownership

Most homeowners opt for a condo because of its economy. If you own a condo, you only have to bother yourself with costs that relate to your apartment. This includes insurance, maintenance, and repair costs. Every other cost can be split among other condo owners. And if certain costs (optional costs) do not in any way concern your apartment, you can legitimately do away with them.

Another benefit this form of property ownership provides homeowners is the ease and simplicity of responsibility. Rather than stress to maintain a whole building of apartments, they only make provisions for their apartments. Other apartments would be sorted out likewise by those who are in charge of them. The reason condo ownership is more popular with retirees and vacationers.

Due to its popularity, it is estimated that condo ownership would be sustained. This means this form of property ownership has prospects. It would be appreciated over time and so rewarding as a form of investment. Who knows, it might be the real long-term deal more than it currently is.

The Drawbacks of Condo Ownership

Paying for your apartment only does not mean you won’t pay for other essential costs. While you are accountable for your apartment, the common building that houses every apartment also calls to you for maintenance and repairs. Therefore, there is often an association fee or cost that is paid collectively to cover insurance taxes, repairs, maintenance costs, and some other utilities.

It would have been bearable if only the association fee was the only drawback. But the fee itself is subject to economic situations such as inflation. It could change over time. You might wake up one day and find that the normal fee is no longer what it is. Instead, it has been replaced by what was collectively agreed on by the association. While you have the liberty to change the fluctuations, you are only entitled to a vote.

Another drawback is the rules and regulations that guide owning a condo. Rules change according to needs. You might be required to oversee certain repairs against your ruling. Also, an assessment of the building might request you to modify changes, redo or renovate some parts of it.

The Bottom Line

The thrills of owning a condo are as significant as its drawbacks. Striking a balance between both would help you enjoy the ownership of your condo to a fulfilling state of mind.