In this age of independent and condo-living, you would hardly hear someone talk about how they would want a house of their own. Usually, you would hear strong sentiments about moving out and getting their own apartment place. In this millennial-dominated market, living alone in a condo is akin to having the freedom to do anything; with the economy #39;s growth before COVID-19, it means this generation of consumers is doing better than their predecessors.
However, even with the millennials making up a large portion of the American workforce, some still find value in talking with a reliable realtor to find a home they could settle down in. Something that the previous generation practiced for a long time. Buying a house and staying in one place.
Hopeful millennial homeowners may be attracted to condo-living over houses as they provide less upkeep, look even more modern, and also seem to be a lot more cost-effective. Nonetheless, if you’re searching for something worth more, buying a house could work out so much better.
Here are some things to consider if you want to invest in a condo unit
You have lesser control
When you get a condo unit, you are purchasing a supposed private place, and that is just it. The cool features you could do with a house would come as amenities in your condo. You would be paying for the right to use common areas and facilities of the establishment, but they are not yours. Unlike with a home purchase, what you are investing in is your own property and assets, both of which could even be marketed after how many years. In your house, you are not paying for usage but rather your own.
Depending on the marketplace, choosing condos might make it harder to construct equity. It would also be quite challenging to capitalize on your financial investment, with condo and Airbnb rates most likely to have ups during this trying time.
Condo units could additionally be more challenging to rent or market to some people, although this varies substantially between cities and local neighborhoods. Lastly, it may be tougher to acquire a mortgage for a condominium, with some lending institutions considering condo living as temporary and riskier financial investments.
You are not truly the boss
If you wish to be by yourself and you purchased a condo unit to achieve said peace, you would be disappointed when you realize there are noisy next-door neighbors, and playing kids at the common pool.
When you choose condo living, you must comply with the policies and guidelines of your building association too. While the majority of these regulations are common sense, a few of them may impact your freedom and comfort. For instance, some establishments have strict restrictions on pets, others have noise constraints, some do not allow smoking, and others have limitations on how many guests you could bring over.
There are still fees and association dues
It is perhaps the biggest downfall of condo living. If you thought buying a condo unit exempts you from maintenance bills and recurring payments, you are mistaken. There would still be regular monthly fees that you must comply with.
See, there are things called condo fees. These costs are payable every month to the condo administration. These are designed to cover the maintenance and beautification of the condo amenities that you are entitled to. Common areas such as the swimming pools, corridors, gyms, etc. are all covered by the tenants. However, these charges might differ depending on your tenant status and your location. For example, you are already living on a floor where there is a smaller indoor pool, the upkeep of the main one would not be charged to you anymore.
Condo living fees additionally include your contingency or backup funds. It is required by some establishments to be prepared for natural disasters. Not to mention that high-rise buildings are more prone to collapsing than regular and traditional houses.
While condo living costs are perceived as an unwanted expenditure on top of your regular monthly expenses, it could make your life easier too. It is no secret that the convenience brought about by condo living is unmatched. Everything is already being taken care of, though you only have to pay for the service.
For millennials whose sights are locked on independence and freedom, condo living is the way to go. However, for those who know better, buying a house is the better choice. If condo living symbolizes freedom, having a house you could call home symbolizes family and settling down. Two things that, at the end of the day, adults strive for.