Condo and Townhouse Living Pros and Cons
Condo's and Townhomes offer a different lifestyle experience and it works for some people and certainly not for others. Lets take a look at the Pro's and Con's of buying and living in a condo or townhome complex and you can decide for yourself.
- Share common boundaries with at least one other property
- In a Condo, the upstairs neighbor can be noisy and walk with "heavy" steps
- Communities are fairly densely populated
- There are rules that govern how you live and what you may and may not do to encourage harmonious living
- Association fees are payable to maintain the properties
- There are restrictions regarding outdoor maintenance, color palettes and additions
- Privacy can be an issue living in close quarters to neighbors
- Financing for a condo can be more difficult to secure than financing for a townhouse
- Offers a lock up and leave type lifestyle
- Amenities such as a pool, tennis courts, playground often form part of a Condo or Townhouse complex
- Outdoor building maintenance is generally carried out as part of your Home Owners Association fees
- The gardens are mostly maintained by the Home Owners Association as part of the HOA fees
- Amenities are maintained by the HOA as part of your fees
- Uniformity has its pro's when selling a home
- Neighbors cannot leave an untidy outdoor garden and driveway, possibly devaluing your property in the process. HOA rules and regulation govern the scheme
- Neighbors cannot paint their property in just any colors as there are rules and regulations governing the scheme
- Your energy and utility bills are lower than a single family home
- Your week ends are not spent maintaining your property and garden
As you can see, there are a great many advantages to owning a condo or townhouse. It really depends on your lifestyle and how much you want to be involved with your property and the outdoor maintenance and repairs.
If you are looking for a lock up and leave lifestyle, then a condo or townhome could be a wise purchase. It is also a great place to start your investment portfolio, however watch out for rental caps. If you need some advice or assistance with your purchase or sale - I'd be delighted to assist you!
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