If you find yourself asking “Why buy a condo?”, we’re here to help answer your question. There are many pros and cons to consider if you’re planning on buying a condo; and it’s important to do your homework before deciding on which style of home to go with.
Pros and Cons of Buying a Condo
Condos are a great option for those looking to buy their first home or even for those that are just looking to simplify things a little bit. Whether you’re a first-time homebuyer or an experienced homeowner, many agree that living in a condo has tons of positives:
- Location: One of the biggest upsides to buying a condo, especially in the city, is the proximity to all the things the city has to offer. Since there aren’t many single-family homes for sale in downtown Chicago, a condo is a great way to achieve homeownership while still being within walking or short driving distance to many of the city’s top restaurants, nightlife, and attractions.
- More Options: Living in the city means there are many more condo options available than there are single-family homes. This means you can be choosier in your home search with things like location, amenities offered, square footage, and more.
- Amenities: Another great plus to living in a condo is that the building comes with added amenities. These amenities can include a fitness center, pool, and outdoor lounge areas.
- Less Maintenance: While you are still in charge of any maintenance within the inside walls of your condo, you are generally not responsible for the exterior upkeep and landscaping at your condo building. Whether you’re a first-time homebuyer or just looking for a little less upkeep, this is a great plus to condo living.
- More Affordable: In larger cities, condos tend to be more cost-efficient than single family homes or even townhomes. Not only are the price points a lot less, but condo-owners tend to get cheaper insurance as well, making your monthly payment significantly lower than single-family home owners.
It’s important to not only look at the positive side of things with condo-ownership, but also some of the negatives:
- Rules and Regulations: One of the most important factors you have to consider before moving into a condo are that there are a few condo rules and regulations set by your condo’s HOA that you have to follow. These rules can limit what you’re able to do inside and/or outside your unit, like tearing down any walls in your condo or keeping in mind a few rules when using the common areas.
- More Fees: With condo-ownership comes additional condo HOA fees. This amount ranges depending on the building you choose to live in, but the HOA fee typically covers routine building maintenance, amenity upkeep, landscaping, garbage removal, and more.
- Less Privacy: Living in a condo means you share walls with other condo-owners, which also means a bit less privacy for you. For those moving from renting an apartment to owning a condo, this won’t be too noticeable for you. But for those looking to move from a single-family home to a condo, this is an important factor to keep in mind.
- Less Space: Typically, owning a condo comes with a little less space. When living in the city, the location and amenities within your building come at a cost, and that cost typically is the lack of space. With those just starting out on their home buying journey or those that live with minimal stuff, this isn’t a huge problem for many city dwellers.
If condo living sounds like the perfect fit for you, it’s time to start exploring your condo options in the Chicago area! Get in touch with the Luxury Living team today to assist you in your search and answer any other additional questions you may have about buying a condo or home buying in general.
Still weighing the pros and cons of buying a condo vs. a single-family home? Follow the link below for everything you need to know before deciding whether a condo or a single-family home is best for you.