What is a Condo?
Updated: Jul 19, 2022
“Condo” is short for Condominium which is a building style or number of buildings, in which each individual unit is privately owned.
Typically managed by a condo association, joint owners are required to pay a monthly condo association fee for shared common areas and their maintenance. Shared common spaces may include fitness gyms, community rooms, pool, courtyard, movie theater, etc.
The PROS
A condominium is a great option for a first time homebuyer or a property investor. For first time homebuyers that may not be fully ready for the responsibility of home ownership or being a landlord; owning a condo is like homeownership with training wheels. Homeowners can make alterations to the interior of their unit, rent out their space, and earn equity. Typically larger condominiums have amenities and on site maintenance that manages those areas, the rubbish and yard work.
For Investors, a condominium is a great opportunity to create rental income by renting out the space to short term and/or long term tenants.
The CONS
Some of the disadvantages can be the lack of private yard space, and freedom to make exterior alterations without a group approval.
additional, condominiums are almost always attached to other units. In some cases, gated communities with identical single-family homes may be the exception. In both cases a condo association has final say for all exterior alterations and other community rules.
The most common disadvantage for new homeowners are condo fees. These fees are paid in addition to mortgage and utility payments, allocated to the maintenance and upkeep of the shared common areas.
Essentially, most people don’t like condominiums because they still feel like they are renting an apartment. Like any other building style the pros and cons outweigh each other depending on the goal of the buyer, but a condominium is sometimes the perfect option for the right person!
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