If you are in the process of relocating, you may be considering moving into a condo. But if you have never experienced living in a condo or are unaware of what a condo even is, it may benefit you to familiarise yourself with a number of key factors beforehand. Continue reading to familiarise yourself with the pros and cons of moving into a condo.
It is affordable
When it comes to choosing a place to live in, a growing number of homeowners are being swayed by the affordability of condos. According to the latest rental market trends in Austin, Texas – a condo can be a very affordable option.
By comparing the cost of a condo with the cost of a beachfront property or standalone home on the outskirts of the city, for example, a condo can be a cost-effective option. This is one of the main reasons why first-time buyers are opting for condos during the process of setting foot on the property ladder. In the vast majority of major cities, it may also be cheaper to purchase a condo than it’s to rent an apartment or purchase a townhouse. Although rentals can also be very affordable depending on the location. Check out rentals at rent.com/florida/orlando-apartments/studio for reasonable options.
This is worth remembering as you navigate the real estate market to find your forever home.
It is flexible
When it comes to searching for a suitable place to live, flexibility tends to be one of the main determining factors for property seekers. As a result, many consumers have decided to move into a condo in the past decade. It can be a great option for homeowners looking to downsize from a standalone property or are tired of the rising cost of maintaining a detached house. By opting for slightly smaller square footage, you can benefit from greater freedom and flexibility and are, therefore, much more likely to spend your free time traveling or enjoying the wide range of facilities and amenities your city offers.
It can lack outdoor space
If you have recently relocated from a standalone property to a condo, you may be disappointed by the lack of outdoor space. This is because condos are built within a vertical structure comprising separately owned units. If you love the outdoors, own a dog, or have just given up a spacious garden, this can take a considerable amount of time to get used to. But all isn’t lost, however, with a lack of outdoor space signaling an end to yard work for the foreseeable future. If you’re lucky enough to snag a condo with a balcony, on the other hand, your outdoor space may be replaced with 360-degree views of the city.
These days, however, condos come with an ample amount of parking for you to park your vehicles. Just make sure you learn about the types of parking at condos available to you to ensure you have all the parking space you need.
It can lack privacy
As with any property located in a shared building, moving into a condo can signal an end to your privacy. This is because you’re forced to share walls with your neighbors on both sides. As a result, you may be able to see and hear more than you would if you lived in a standalone or detached property. If you’re friendly with your neighbors, this is unlikely to be a problem. If you find yourself getting frustrated by constant noise or recurrent parties, however, there is very little you can actually do about it. A number of common noise complaints from homeowners living in condos include the sound of televisions, animals, doors closing, talking, laughing, and even footsteps. If you have relocated from an apartment, you may not necessarily even notice. If you have downsized from landed property, however, this can be a shock to the system and become irritating within a relatively short period of time.
It is serviced by nearby amenities
By moving into a condo, you’re essentially paying for the property and its proximity to neighboring amenities. As a result, you’ll only ever be a few minutes away from a supermarket, doctor, school, restaurants, bars, cafes, transport links, and major attractions. This is also one of the main reasons a condo is the number one choice for many young adults who rely on public transport to commute to and from work and those looking for an easier life.
If you’re considering moving into a condo, there are a number of pros and cons you must familiarise yourself with first. For example, it’s flexible, it can lack outdoor space, it’s affordable, it can lack privacy, and nearby amenities service it. You must weigh up the pros and cons before you make an informed decision.
