Are you thinking of living in a condo? Before you make a move into one, it’s best to check whether the condo lifestyle is for you as condo living might not be suitable for everyone.
One should see condos as a community. You will bump into other residents in the hallways, elevators, and the different amenities. It’s a lifestyle that involves a bit more social interaction as compared to living in a landed property where you can choose to have very little interaction with your neighbors.
To help you decide whether the condo lifestyle is for you, here are some pros and cons of living in a condo.
Pros of Living in a Condo
- More affordable
Buying a condo unit is usually cheaper than buying a house and lot. However, this depends on the location and features of the condo, so it is best to check the prices. A condo for sale in Makati City, one of the most premium addresses in Metro Manila in the Philippines, can command very high price tags. But the nearby Mandaluyong City is a more pocket-friendly alternative. But in both areas, investing in a condo unit is less costly as compared to investing in a landed property where land prices can be astronomical.
- Lower Maintenance Cost
One of the main advantages of living in a condo is that you do not have to worry about maintenance of the building structure, and of the common areas. The property management of the building will handle sanitation and maintenance of common areas and of the structure, and is part of the dues that you pay. You will just have to worry about maintaining the inside of your unit. Meanwhile, in a house and lot, all of these would be your responsibility.
- Access to Amenities
Condos have different shared amenities – swimming pools, gym, tennis or basketball courts – that can be used by all residents. You can enjoy using these amenities without the need to worry about the upkeep. In a landed property, having these amenities would cost you a lot of space and money.
- Safety and Security
Condos come with a great level of security. Everyone who enters the premises is screened, and security systems are placed all around the common areas to ensure that only residents and registered guests are allowed in the premises.
- Strategic Location
Most condos are located strategically, usually near or within urban centers. They are usually near other essential establishments like offices, hospitals, malls, restaurants, and schools. You do not need to think much about travel time when everything is walking distance.
Cons of Living in a Condo
- Smaller Space
Since you are sharing a building with other residents, your unit can be smaller as compared to a single-family home where you can consider everything inside the perimeter fence as yours. However, there are different types of condo units that you can choose from, depending on your need and your budget. So if you are planning to buy or rent a condo unit, think of the space you will be needing not only immediately but also in the long run.
- Condo policies
Condos usually have rules and regulations which may vary from one management to another. There are those that do not allow pets, which can be a dealbreaker to some. You can only accommodate a limited number of people, depending on your condo’s policy. You will have to familiarize yourself with the policies of your condo prospects before committing into one to make sure that there is no mismatch that you will regret later on.
- Shared building and amenities
Being in a shared building, you should know that there are other residents on the other side of the wall. Amenities are also open for all residents, so you should expect to share these with other people. Living in a condo really entails being in a community so this may not sit well with people who want to enjoy being alone. Of course, your condo unit is a safe haven, offering you the privacy that you need.
These are just a few of the many things you need to consider when you are planning to live in a condo. Whether it’s a match with your preferences should be a deciding factor before you jump into the condo lifestyle. So do a self-check, assess whether the pros are for you, and the cons are acceptable. The condo lifestyle isn’t for everyone, but it may just be the right one for you.