Contrary to what you may think, condominiums (condos) and apartments are NOT exactly alike. There are advantages and disadvantages to owning a condo, so we are going to share a few valuable tips with you to help you decide if purchasing your dream condo is the right course of action for you.
What Is a Condo?
By definition, it is a collection of apartments in one building with a shared infrastructure, but each belongs to the owners as private property. So instead of renting your living space, you are actually the owner of your living space – but not an owner of the property that it is situated on. You also have the opportunity to use all standard amenities on a shared basis – such as hallways, heating systems, recreation rooms, swimming pools, golf courses, etc. For an example you can check these Regency Towers condos for sale.
The Regency Towers features a large sundeck with an oceanfront pool, that changes over to an enclosed and heated pool during the winter months. There is a kiddie pool for the little ones who have yet to learn how to swim, there are two outdoor hot tubs, as well as an exercise room and sauna. Owners can enjoy a front desk and an owner’s lounge, with books, games and a great place to meet other residences and guests.
The entire building has 24-hour security as well as free high-speed wireless internet throughout the resort.
Advantages of Living in a Condo
You have access to all of the rooms that are a part of the property complex. Such as pools (indoor or outdoor), hot tubs, exercise rooms, saunas, lounges, etc. By making monthly payments, your building and the property it is situated on are well maintained and cared for. Something you, as an owner of your condo, do not need to worry about.
Condos are usually built in an area that is close to shops, restaurants, city centers, and transportation routes. Not only is this beneficial for commuting, but you literally have access to all types of entertainment within walking distance.
As with any type of real estate, the price range of a condo is wide and varied. Even if you cannot afford a spacious 4-bedroom apartment, there are smaller, less expensive condos with a modern and comfortable layout that would be within your budget.
Even the smallest of condos are designed for efficiency and comfort, and even though you may own a smaller unit, you still have access to all of the amenities that the property has to offer.
Disadvantages of Living in a Condo
As with an apartment building, each apartment shares a wall (or walls) with its neighbor. The same holds true for living in a condominium. With shared standard rooms and facilities, this may limit your privacy.
You are restricted from making any drastic changes to your residence. Legalizing the redevelopment of a condominium home is a long and complex process that involves many nuances, including the consent of your neighbors.
Condo fees are your contribution to pay for the maintenance of the property and the common areas that each resident enjoys. For some, this may be a small amount, but in some cases the fees will far exceed your expectations.
This may be a minor nuance to some, but if you wish to expand your living space by adding an extension, you most likely will not be permitted to do so. You only own the condominium, not the land or building in which it stands.
And finally, style. We all love to do things to brighten up our homes. As condos are ergonomically designed to give you the most function for the space you have, simplicity is the best option to expand your visual boundaries. Furniture and accessories should not be too flashy, and using a pastel or neutral palette will keep your space bright and airy.
In addition, choose furniture that serves multiple purposes. For example, a wide sofa can be used as a guest bed where your guests can spend an overnight.
Condos are basically the modern interpretation of a co-op house. So it is only natural that many will see this as a negative aspect since many living conditions are shared with your neighbors. But there are plenty worthy points to consider, such as cost and the ability to have a broader range of services than you would have in a similar home. The advantages are almost always difficult to refuse!