If you’re thinking of buying a condo, there are lots of reasons why it might be a smart move right now. Condos have never been more popular, particularly with the aging Baby Boomer population, which is starting to downsize and move into homes that are easier to care for. As a result, condos are in high demand and appreciating faster than single-family homes.
Buying a condo can be a great option, whether you’re just starting a family or escaping empty nest syndrome. However, condo living isn’t for everyone. There are some important questions to ask before you buy a condo and just as many downsides as there are benefits. Let’s look at the pros and cons of condo life.
What Is a Condo?
A condo is like an apartment that you own, right? Sort of. But there are some big differences between an apartment and a condo.
A condo, which is short for “condominium,” is a private residence within a larger building or community, while an apartment is a leased residence within a larger building or community. Condos share common areas with all the other units in their community; these common areas can include a fitness center, pool, and manicured grounds. Unlike an apartment, however, condo owners pay monthly dues to keep these amenities operating and in good condition.
Condos can be townhouses that are attached on one or both sides to another unit. Or, if the condo is in a larger building or high-rise, it might be surrounded by other units.