Living in a condo can be fantastic for home buyers looking for an affordable starter home – plus, they often come with access to some amenities and allow the homeowner to avoid dealing with outdoor maintenance. There are downsides to living in a condo as well, though. Depending on your circ*mstances, living in a regular single-family home might work better for you. Let’s explore some of the downsides of condo living.
HOA Fee
When living in a condo, if you’re part of a HOA, you’ll have to pay HOA dues. There could also be additional condo fees to access some of the shared amenities, like a community pool for example. These extra costs can add up over time, which may not be very appealing for some homeowners.
Additionally, some condo communities may not even have shared amenities you would want to use, so that perk may not even apply in some neighborhoods.
Less Autonomy
One of the main downsides to living in a condo is that you have significantly less autonomy than you would if you owned a single-family home yourself. Your condo association will likely have rules and regulations that you will have to follow in order to live in the community. For example, ownership of pets might be prohibited or, if allowed, governed by specific rules and restrictions on how many pets you can have and of what species.
With a single-family home, you don’t typically have to worry about pet restrictions, what you can do with your yard or what colors you can paint your house. If you are looking for more freedom as a homeowner, a condo might not be for you.
Less Privacy
Living in a condo, you’ll also have less privacy than you would living in a regular house. You might have to share walls with potentially noisy neighbors, as well as common spaces like pools or gyms. In a single-family home, you could have a pool or exercise area to yourself – and no neighbors blasting music through the wall. While you might still have frustrating neighbors living in a traditional home, you usually aren’t sharing a wall with them and have a little space to breathe.
Can Be Harder To Sell
Condos might be more difficult to sell, depending on the neighborhood and the HOA. If an HOA is poorly managed, it might be hard to find a buyer. When buying a condo, you may want to pay attention to how many units in a community are for sale at the same time. A large number of people trying to leave the community can be a red flag, both to you as a potential resident and any future buyers should you choose to sell the property.
