Pros and Cons of Condos
There comes a time during every lease when a renter mulls the pros and cons regarding staying in
their current living situation or moving on to some form of homeownership. What would be the right fit: home or condo? I can relate as this has become my dilemma.
After some research, I started a list of pros and cons for condos. The pros of condo living include having the homeowner’s association organize the landscaping and, possibly, snow removal on the property. Granted, these fees are included in the monthly HOA fee but the tasks would be one less thing you’d have to complete after coming home from work. Also, some associations offer amenities within the neighborhood including a fitness center, swimming pool, playground, or community room.
Traditionally, buying a condo is a more affordable option offering a more favorable down payment. However, in Rockland and Westchester there are many newly-constructed condo developments that rival the cost of their single-family counterparts. As mentioned, the monthly HOA fee would be a budgeting factor to consider on top of a mortgage and taxes.
A major con of condos would be the set of rules outlined for the community. Want to play your music until midnight or have a dog? Probably not allowed in most communities. If you enjoy the privacy of a backyard a condo would not be for you. Condos are also not as private or quiet. You’ll share at least one wall with a neighbor if you live in a townhouse-style community.
Another great resource for gathering information would be friends and family who live or have lived in condos.