The time will come when you will look into housing options in earnest—and it’s not for renting either. You’ll finally decide to invest in a home, and you’ll be surprised with the choices at your disposal. You can go for a property in a suburban subdivision, for example. You can also purchase a fixer-upper within the city. You might even choose the most popular route for people investing in real estate for the first time—purchasing a unit in a condominium building.
If that last sentence resonates with you, you have many reasons to feel excited. After all, having a home you can call your own is a legitimate milestone. However, you must try to gather yourself and stay levelheaded. You want to first delve into the advantages and disadvantages of buying a condominium unit.
Most condominiums are built in the heart of cities. That equates to easy access to public transport, business hubs, and recreational centers. These are the elements you need to pursue a well-rounded and comfortable life. Some condominium buildings even have shops on the ground floor, so you do not have to venture far for things you need.
Condominiums offer recreational and fitness facilities to tenants. These include gyms, public pools, and even dining options. If you’re too tired on weekends, you can amuse yourself without leaving the building. You just have to hop on the elevator and travel a few floors up or down.
Aside from your monthly mortgage, you will be paying a homeowner’s associate fee for the privilege of living in a condominium. That amount covers security. Many buildings offer a doorkeeper or security personnel guarding the building 24/7. Plus, there are CCTV cameras all around. You won’t have to fret about your safety.
All you need to pay for are minor repairs within your unit. If your roof begins to leak, building maintenance will, at least ideally, cover the costs of its repair. You do not have a front or back yard to maintain either. All public spaces in the building are the developer’s responsibility.
Condominium units will always be sought-after properties. So long as young professionals flock into urban areas for employment, condominiums will stay relevant. Young families prefer condominium units as starter homes, too. High demand contributes to value appreciation.
Mind the fine print. Some condos require tenants to chip in for building maintenance, as that might be excluded from the homeowner’s association fee. If some tenants fail to pay, your portion of the maintenance pie gets bigger. That means additional expenses. Choose a place where this is not the case.
Unlike standalone houses where you can pretty much do whatever you want, condominium units require tenants to seek the building management’s approval if they are to do renovations in their units. This has two-pronged motivations. First, the management needs to stay consistent with the building’s aesthetic branding. Second, the management needs to keep everyone safe and spare residents from potential noise and distractions brought about by construction within the building.
You want to ask your building developer about the rules they impose within the building. Do they allow pets inside? Are parties tolerated? You do not want to purchase a unit only to find out later that living there will be limiting to whatever lifestyle you follow.
Lack of privacy
You’ll have neighbors left and right, above and below. There will be nights when you’ll hear interesting noises from next door or the corridor. Peak elevator hours mean you’ll have to literally rub elbows with other tenants. If you find those things concerning, maybe condominium living does not suit you.
Possible difficulty to resell
As mentioned above, condominium units are most desirable to young families and young professionals. That significantly reduces the number of potential buyers should you decide to list your property in the market. You will need to partner with a competent agent.
Before signing a contract, make sure to research the country’s real estate industry too. Remember that this type of investment requires proper timing. That is if you want to get the best deal. You do not want to risk purchasing a property that’s bound to depreciate in the next couple of years because of factors beyond your control.
You’ll be funneling considerable funds into your real estate investment. Every penny should be worth it. That’s hard-earned money, after all. So approach your house-hunting journey like the serious deal that it is. Exhaust your options. Don’t settle for anything less than you deserve.