Condos differ from single family homes in that you own your unit while sharing ownership of the land, building and common areas. Therefore, a bunch of condo owners all contribute money to take care of the place, overall, and there’s typically a board of directors and/or property management company making the decisions about things like lawn cutting, snow shoveling, etc.
Interestingly, condos can be low-rise buildings, duplexes, mixed-use buildings, etc. They can be brand new, re-sells, or conversions that used to be apartments or even factories.
So what are some benefits of living in a condo that might make you want to choose this arrangement?
First, condo living is great for those who don’t want to do outside work. With condo ownership, someone else takes care of yard work. Your condo fees cover services like gutter cleaning, lawn mowing, snow shoveling, and repairs on the outside structures.
Next, it’s nice to share major costs. When the whole place needs a new roof or new windows, you and the other owners share the cost, rather than the bill coming directly to you. Would you rather pay for the whole new roof yourself? No, you would not!
Condos mean that you own your space. Therefore, if you want to paint the walls pink, go ahead. With apartments, you’re limited in what you can do to the place, but with a condo it’s yours to do with as you see fit.
Because of shared ownership, condos often have extras like communal swimming pools or recreation rooms which make for nice places to gather together, bring visiting friends and family to, and meet new people.
Finally, condos can be more affordable than other options, allowing you to live in an area that you want to for a price within your budget.