More and more people are deciding to bypass purchasing a home in favor of buying a condo instead. Although condo living is becoming increasingly popular, many people still fail to realize the advantages of living in a condo and still do not fully understand what they can expect from condo living.
One fact that you need to understand when you own a condo is that you will be sharing the building with other condo owners. Although you will own the actual unit in which you live, you do not own the building in which the unit is located. Rather, you and all of the other people that live in the condo are joint owners of the building.
Since you are joint owners of the building, you are also jointly responsible for taking care of the building. As such, you will need to pay fees that will go toward maintaining the building and its yards. In addition, you will need to help pay for insurance coverage for the building while also maintaining separate coverage for your unit.
One of the great benefits of condo living is the fact that you get to enjoy a number of different amenities. Common amenities that are included with condos include swimming pools, workout rooms, tennis courts, and more. Buying a condo makes it possible to enjoy these amenities because you share the expense of having them in place and maintaining them rather than paying for them on your own.
Being Part of a Community
Since living in a condo requires living in a building with other condo owners, you will need to be prepared to become part of a close knit community. Condo owners typically spend a great deal of time with one another and enjoy each other’s company. If you are looking to live somewhere that will provide you with solitude, condo living may not be right for you. If you like to socialize and you are looking for a way to meet new people, condo living is a great option to consider.
Taking Advantage of a Great Location
Condos are typically located in a great location that makes it easy to reach public transportation or to get back and forth from work. Many are also located near to great shopping and dining opportunities as well. In fact, condos are commonly found in cities where traditional homes are rarely found. Therefore, if you are interested in city living but want to enjoy the pride of ownership, purchasing a condo is a better choice than renting an apartment.
Making Decisions Together
Since you share the building in which your unit is located, you should also be prepared to make decisions with the other residents. In other words, you will not be able to make decisions completely on your own as you would with a house. Since your decisions will affect the other residents of the building, many of your decisions will be made jointly. In fact, you will be frequently called upon to vote on certain decisions. Be prepared to be outvoted by the other residents of the condo, though you can certainly take steps to let your opinion be heard before any decisions are made.
Condo living has a number of advantages, but you need to be fully aware of what to expect before you invest in this type of real estate. By being fully informed, however, you will be more likely to be thrilled with your decision and to love living your life in your condo.
Eric Bramlett is the broker & co-owner of One Source Realty in Austin, Texas. Eric currently manages his downtown Austin condos website, his Austin Condo company's website, & his Austin condos website.