Condo Living at its Best

2014/10/icon-at-the-gulch-300x185.jpgThe Mid TN real estate market is not just limited to residential homes and suburbs. Nowadays, you can see high-rise buildings and it is near its completion. Thinking about it, it simply means that the mid TN real estate market is hot and trending. With expansion of job opportunities, it’s no wonder that more and more young people and families are looking to settle and invest in condominiums. Living a condo lifestyle has got its proven advantages and also disadvantages. Let us take a closer look as to why condo living is becoming more and more prominent especially with young professionals and start up families.
Advantages:
Affordable – this is quite proven because unlike purchasing a conventional home, it entails or requires lower down payment. Down payments are usually one of the biggest hurdles that prevent most potential buyers to acquire their own home.
Convenience – Most condominiums are centrally and strategically built within the heart of a certain city. Thus, there is no need to drive miles away if you would need to dine out. Normally, offices are just a few minutes’ walk away from your condominium unit.
Security – Unlike a conventional home, condominiums are guarded facilities. Guests just can’t pass through the building without going through standard security checks and procedures.
Amenities – most condominium units have amenities to swimming pools, gym and parking area. These are all exclusive to unit owners. Compared to conventional homes, you can avail of these features at any time. There’s no need to spend a fortune to try and build these amenities when you can have it just a couple of floors up to your unit.
Sense of Community – some condominium units have their own neighborhood association which is being maintained through monthly association dues. In order to gain and build a sense of community, property managers are usually organizing parties or meetings in order for homeowners to get to know each other better. This builds relationship among them thus creating a sense of community.
Low Maintenance – living in a condominium means that there is no need to pay expensive landscape services simple because there is no lawn to maintain. There’s also no need to shovel driveways and clean gutters.
Now that we have discussed some of its benefits, let us now move on to the disadvantages. Why should we be giving these? This is to be more objective and provide you with options and hopefully give you an informed decision if you are thinking of buying a condo unit.
Disadvantages:
Fees – Homeowners’ Association or HOA usually manages the property in order to maintain amenities and ensure compliance within the building. Certain fees or dues are collected monthly to take care of these expenses. Although this could be minimal, this is also another to add into your financial responsibility each month.
Shared Noise – Condo units do not give the freedom of space and most likely, you will be sharing walls between your next door neighbors. Unless you would want to have your unit sound-proof, it is quite impossible to hear the noise next to you.
Market Value – Since you do not own a piece of land or the land underneath you, price of resale of a condo unit can go down.
Space – lastly, there is no freedom for you to expand your space. Apart from these, there are certain rules and regulations in place in terms of what you can put in your window or owning a pet.