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If you’re starting to look for a new place to live, there’s a lot to think about —- especially if it’s your first time. The good news is you have options outside a traditional home, including buying a condo or apartment.
Here are the most prominent pros and cons of buying a condo or apartment to help you decide if living in one is the best choice for you.
Plenty of things are appealing about purchasing one of these living spaces. These are just a few features you may be interested in.
Buying a condo or apartment gives you the freedom of owning a home without having to manage a larger space and yard. Because someone else owns the complex, you don’t need to keep up with the maintenance and repairs a single-family home requires. This flexibility gives you more time to focus on the things you want without worrying about large home bills.
If you’re looking to own your home but don’t desire a large down payment or closing cost, an apartment or condo may be the way to go. Since they’re in a complex and usually smaller, purchasing these properties can be much less expensive than a single-family home or townhouse. In some places, buying a condo or apartment is cheaper than renting one.
Close to Everything
A massive plus for many apartments and condo owners is their homes’ proximity to businesses and entertainment opportunities. Because the buildings are often in desirable locations, condos and apartments can be close to all the action — including your favorite restaurants, shopping centers, museums, theaters, and more within walking distance. They also often have amenities like gyms and pools.
Most condo and apartment communities have security features you won’t find in single-family homes because the landlords have an invested interest in keeping their tenants safe. Secured entrances before you reach your home gives extra layers of protection against intruders. Many communities also have cameras around the perimeter to catch any suspicious activity.
Complexes often require a background check for their residents, so you’ll know your neighbors cleared one as well. Some communities even have security guards for quick access to help. The increased safety can make a big difference if you live alone or cannot defend yourself.
With all of those incredible highlights, you may wonder if there could be any drawbacks. Here are a few things to consider before you start looking at listings.
Apartments and condos are multi-family structures, meaning you’ll share at least one wall with your neighbors. Some people have neighbors they barely hear, while others can hear loud televisions, barking dogs, or parties through the wall. It’s hard to know what you’re getting into before moving in, but you can get a feel for how quiet a complex is when you visit or look at online reviews.
On the other hand, many buildings have quiet hours that can prevent you from doing things — even if necessary — after a particular hour. Also, remember you’ll have communal outside space in most cases.
If you have a furry friend, your apartment or condo options could be limited. While many pet-friendly complexes exist, many still have breed and size restrictions. Some landlords won’t even allow puppies if they’ll grow over 25 pounds, so look into the community’s regulations carefully.
Single-family homes allow you to keep whatever animals you want so long as the city allows them. This rule can make it easier for animal lovers who don’t want restrictions on their pets now or in the future.
Since many condo and apartment communities are in urban areas, there’s less likely to be room for a second car, boat, or camper. While you’ll typically have one space available for your vehicle, guest parking can be minimal, making it difficult for you to have visitors.
If your home isn’t on ground level, you can expect to carry items like groceries and luggage a fair distance from your parking spot.
Since you’re only investing in the inside of your home, it will appreciate slower than a single-family home. An apartment or condo may not be the best choice if you’re looking for a decent rise in value for your home.
Though these communities are making progress in closing the appreciation gap, the demand for single-family homes and the land ownership coming with them is an advantage.
Choosing to Buy a Condo or Apartment
The decision to purchase a home is exciting and overwhelming — there are many details to consider when finding your perfect living space. An apartment or condo might be right for you if you want a low-maintenance home with a lower cost and fantastic amenities.