Pros and Cons of Condo Living

One of the types of homes you may be considering moving into is a condominium, or condo. Unlike a detached dwelling, a condo is located inside a larger building that contains other residential condo units.

There are some advantages and disadvantages to buying a condo. To help you think through your options and figure out whether a condo could be right for you, let’s go over both the pros and cons.

Pros of Living in a Condo

• Affordable: It generally costs less to purchase a condo than it does to purchase a single-family house. In fact, at the time of this writing, condos are particularly affordable compared to detached residences (more on that later).

• Convenient locations: Condos are often located in central areas, putting them close to stores, restaurants, and other key locations. There may also be walking or cycling trails nearby, etc.

• Low-maintenance: The condo association often takes care of maintenance, which saves you the time and effort of dealing with it yourself. But you are still allowed to make upgrades to your interior if you want.

• Secure: Some condominiums feature security features such as a doorman.

• Amenities: Condos may include special amenities for residents to enjoy. Examples include swimming pools, gyms, tennis courts, basketball courts, and so forth. Non-residents will not have access unless they are guests.

Cons of Living in a Condo

• Maintenance Fees: These fees are charged to you monthly.  Maintenance is typically lower as a percentage on condos.  The condo association will handle scheduling and contracts with maintenance workers. This is done by pooling residents’ funds through condo association fees. You will need to tack this extra cost onto your mortgage and utilities costs when calculating what you can afford.

• Less privacy: Your condo unit is yours and yours alone. Closer more familiar neighbors can provide added security and convenience. But you will potentially share walls, and a ceiling and/or floor with other residents. That means that you may sometimes hear your neighbors, and/or have to keep your own noise levels down so as not to disturb anyone.

• No land: When you buy a condo, you will just own the unit you purchased. You will not own any surrounding land. This means you will not be able to do any landscaping, build any extra structures.

• Condo rules: The condo association will set rules for how you use your unit and any shared amenities. Be sure to read them thoroughly and make sure you are okay with them before you buy a condo.

Buy a Condo in WA or CO

Single family home prices in King County have risen 7% over 12 months, while condo prices have only gone up 1% or stayed flat. That means this is a great time to buy a condo in King County, Western Washington, or beyond. To get started, please give us a call at (206) 352-6453 to schedule your consultation. We can help you buy a condo anywhere in WA or CO.