The Pros and Cons of Purchasing a Condo

Are you eager to own a home, but hesitant about the maintenance that it might require or even the price? Thankfully, today’s homebuyers have a variety of property types to choose from, including condominiums, that offer unique advantages.

Curious if a condominium might be a good fit for you? Read on to find out the pros and cons of purchasing a condo and if it’s the right option for your lifestyle.

First, What Is a Condo?

When you buy a condominium, or condo, you own an individual unit that typically shares ownership of common spaces within a community of units. Common areas can include hallways, pools, gyms, elevators and more that are managed by a condominium association.

Pros of Buying a Condo

More Affordable

Condos typically cost less to purchase than a single-family home, making homeownership more accessible. In Sept. 2024, the median price of existing single-family homes was $409,000 compared to a median price of $361,600 for existing condos, according to the National Association of Realtors®.

Less Maintenance

Typically, you only need to care for your condo interior while common spaces are handled by a professional management company. So, you get to enjoy any amenities like a pool or gym without having to maintain it or having to rake leaves or mow the lawn.

Amenities

When you live in a condo, depending on how upscale it is, you will have access to amenities that you share the cost of with your neighbors like dog parks, gyms, playgrounds, pools, hot tubs and parking garages to name a few.

Community

Living in close proximity with others and sharing common spaces allows for more communal living and social opportunities. Plus, many condominium associations will organize events to help you connect with your neighbors. Some condos can have 24/7 staff like a concierge, doorman or security that can help residents who live by themselves feel safer and less alone.

Cons of Buying a Condo

Less Privacy

The reality of condo ownership is that you share spaces and oftentimes walls with your neighbors, so you will see and potentially hear them at times when you may not want to.

Condo Association Rules and Fees

Under the authority of a condominium association, you’ll be responsible for paying certain monthly fees to account for services like trash pickup, amenities and more. You’ll also be subject to its rules and less autonomous than you might be in a single-family home. There may be limits to what you can do inside and outside your home as it pertains to things like pets, home improvements or changes to your unit.

Less Space

Condos tend to have less square footage than single-family residences, which could be a positive if you live alone and want less of an area to clean. However, it might not be ideal for larger families as you’ll have less living space and often limited outdoor space.

The Bottom Line

If the downsides of condo living aren’t dealbreakers and you enjoy living communally with less maintenance and access to amenities, a condo might be a great fit for you! The good news is Premier Mortgage Associates provides the perfect loans to satisfy your condo financing needs. We offer a variety of condo loans at competitive rates that are suited for primary homes, second homes and investment properties. Our condo loans can be customized to address your unique scenarios, and our knowledgeable loan officers can provide you with a seamless loan experience.