Today we want to talk about the pros and cons of condo ownership. Condominiums continue to go on the rise, especially in key cities and locations. A great example is the Avalon condo Cebu which is located at the heart of one of the most preferred locations in the Visayas island group in the Philippines.
If you are still thinking whether a condo is the right property for you, here are some pros and cons of condo ownership that you should look into to help you decide:
Condo ownership pros
Condos have great locations
One of the key selling points of condominiums is the location. Condos are strategically located, allowing residents to have access to important establishments such as offices, malls, groceries, schools – everything. This is especially true for condos that are locate inside township projects where the concept of Live-Work-Play is very much alive.
Such access is challenging to find in a landed property as city centers are typically reserved for mid-rise and high-rise projects in order to maximize the utility of the land on which these projects are built on.
Condos have amenities
A condo can be considered a community and as such, there are facilities and amenities that are offered in the building for the use of the residents. Such amenities include a reception area, function rooms or event space, wellness facilities, and pocket gardens, among others. Some buildings. Having such amenities at home would demand huge space and lots of money but in a condo, you have these amenities, and the property manager is in charge of its upkeep. Another important amenity that a condo home can offer you is a warranty. A condominium home warranty is a service agreement that pays for the maintenance, repair, and replacement of large systems and equipment that malfunction from regular use.
Condos are safe and secured
The level of security in condos is generally higher than your average home. With building security ensuring that only residents and registered guests are allowed within the condo premises, you will feel safer. Modern-day condos also make use of security tools and equipment to keep residents safe.
Condo ownership cons
Condos offer limited Space
One of the usual drawbacks of living in a condo is the apparent lack of space as compared to a house and lot property. But If you actually consider the common areas, there’s actually a lot of space in a condo that you can use. And you don’t even have to worry about these common areas as the building manager maintains it for you.
Condos charge a monthly fee
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Sanitation, maintenance and utilities for common areas, maintenance of the building structure, security, all of these are expenses that are shared by unit owners. The monthly fee is usually called condo dues or association dues (since this is managed by the homeowner’s association or the condo corporation).
While this fee feels like an additional expense, the property manager takes the responsibility away from you as compared to you managing everything in a landed property, giving you less things to worry about. And since you share these expenses with all the other residents, it actually costs less.
You’ll need to follow the condo rules
Since you will be living as part of a community, then you will need to follow the rules and regulations set for all residents. Sometimes, these rules mean that pets are not allowed in the premises, or that you cannot list your unit in Airbnb. But the good thing is that as a unit owner, you have voting rights, giving you voice to revisit the policies.
Is condo living the right option for you?
Whether living in a condo is good for you or not depends on how well the pros appeal to you, and how manageable the cons are. If you believe that you like the advantages presented above, and that you find the disadvantages to be reasonable and manageable, then the condo lifestyle is meant for you!
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