Condo living may have made a big comeback in recent years, but people are still unclear on how condo living works.
Investing in a condominium might be a wise real estate move for both homeowners and potential buyers. However, with the misconceptions about condos, some people are deterred from investing in these types of homes.
Here are some of the most common misconceptions surrounding living in a condo.
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6 Common Misconceptions about Living in a Condo
Condos have too little privacy
Even though there are walls that separate one condo unit from the other, condo dwellers can still enjoy a certain level of privacy. Newer condo buildings offer fewer units on each floor, reducing the number of neighbors per floor.
Condominiums do not have enough space
Condo developers have come up with ways to ensure that condo dwellers have enough space for them to live and store their belongings comfortably.
For example, condo developers have implemented a way of renting or selling out extra space for storage.
There is little allowance for personalization in a condo
Condo owners do have to get management’s permission to install new accessories and design their homes. However, this does not mean that additional design is completely ruled out.
This is not true, as homeowners can renovate the design and layout of their condo units to suit their tastes as long as the renovations are within the building and management codes. House accessories, lights, and furniture are some of the things that can be personalized. But, there are tighter restrictions with holes and more intense condo personalizing.
Before taking any customization steps, you will need to find management laws and ensure you are not violating any.
Condos are not for anyone other than singles homebuyers
Condos are commonly misconceived as suitable for single homebuyers, but this is not true. Young families, growing families, and even retirees are all compatible with condo living. All the homebuyers need to do is ensure that the condominium is well suited to their needs and preference.
Things to consider will include safety, access to facilities like schools, supermarkets, and restaurants. Also, a condo investment for retirees is perfect if they want to reduce the money spent on home maintenance.
Homeowner Association Fees are a Nightmare for Condos
Although homeowner association fees are a bit scary for condo dwellers, a factor to consider is that regardless of the property you invest in, you will still be expected to pay some homeownership fees.
The fees paid by condo dwellers go into the maintenance of the property and payment of staff that does this maintenance.
Condo Units allow for leasing out
Some state rules do not allow leases that run for less than six months in condos. So, if you plan to lease out your unit while on vacation temporarily, you might break some legal rules.
It is important to find out exactly where your state and area stand regarding temporary leases before buying a condo or advertising for renters.
Weighing the benefits against the disadvantages of owning a condo is essential before moving in that area. Condos can prove to be a very smart real estate move.
Although there are false impressions surrounding condo ownership, there are still enough benefits to consider it. Condos are the new trend in real estate in popular cities worldwide.
Rachel is an Austin blogger, educator, mom, wife, young breast cancer survivor writing about health, saving money, and living a happy life in Austin, Texas.
Rachel has written for HuffPost and Hometalk and has been featured on KXAN, Studio 512, Fox 7 Austin, and CBS Austin.