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Pros and Cons of Choosing to Buy a Condominium

Pros and Cons of Choosing to Buy a Condominium

If you are a person who likes living in the city and you crave your privacy, the condo could be your best choice. But if you want to keep yourself “well-grounded” and you like the open spaces, forget the option of a condo. The condo is perfect for the individual who does not want to deal with lawn mowing and exterior maintenance, and who can live with a small garage or none at all.

Condos have nice amenities such as tennis courts, swimming pools, and workout facilities, sometimes accessible within the building. You don’t have to deal with the maintenance of these facilities either, same as the facilities in your own condo. A maintenance staff handles everything and there’s always someone you can ask for assistance and there is 24/7 security. In addition to these advantages, condo complexes are often built near the best areas for employment.

Besides the benefit of amenities and location, condos are less expensive than traditional homes. If you want to sell it, you are likely to be able to sell it easily because of the comparatively continuing demand for condos, since one of their attractive characteristics is that they are usually lower-priced. Altogether, these advantages make a condo purchase a smart investment.

The Opposite View

Looking at the other side as well, living in a condo can be boring and surprisingly expensive. It can seem rather boring or lonely for those people who like the neighborhood atmosphere. Of course, they may have nice views of the city’s skyline, but if they try to dress up their homes with holiday lights or do any improvements, they can be charged extra fees for any outside improvements.

You may count yourself among the people who cannot stand rules and restrictions such as that – or maybe not.

There will always be the association rules to be followed. The rules can go as far as dictating what type of curtains you are allowed to use, the volume of your TV or your kids’ playing and you can’t even have a little barbecue without the super coming around to correct you or turning you in as a “problem” resident.

When you buy a condo you also pay for services. Apart from your monthly bill for your home loan you’ll have to put up the cash for the numerous services. There are the association fees, which can kill you. Moreover, the fees are not tax deductible. In terms of investment predictability, when real estate prices takes a dive, the first one to go is the condo and when it reverses, the condo is the slowest to recover. This can be in your favor or it can hurt you, depending on when you are selling or buying.

In summary, if you want an affordable place to live, the condo can be a practical choice. Young professionals, newlyweds, and college students often prefer condos to apartments because of location and security. Of course, let your decision be influenced by your purpose and lifestyle, and naturally your budget.

This content was provided by the leading Broomfield CO real estate experts, Automated Homefinder.

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