Pros & Cons to Condo Living

We have all been there. Circumstances change, sometimes unexpectedly! When we initially start a family, we want more space, big backyard, the bigger the better. As expenses increase, kids off to college, we realize too much unused space is wasted, collecting dust, not to mention the high maintenance cost and headache that comes with home repairs.

Eventually we realize, less is more. Sufficient living space that is easier to maintain, with less stress, in a desirable location that is walkable to the nearby shops & restaurants, becomes most crucial for day to day. Minimal and condo living has become quite popular again, especially for empty nesters and first time buyers.

They have so many potentials. They serve as a good starter home, future rental income or even incentive for your adult children to move back closer to home!! First time homeowners can slowly adapt to the responsibilities and expenses of owning a home ( with the association's managing ) before committing to a larger property that would require a lot more responsibilities and investments.

Some Pros:

• Less maintenance as HOA ( Homeowners Association) is responsible for communal areas and all the amenities

• Lower expenses as a homeowner 

• Some insurances & exterior structure repairs are covered by the HOA ( such as, fire, earthquake, roof, exterior paints, etc)

• Amenities to enjoy ( pool, bbq, playground, etc)

• Vendors list to contact ( provided by the HOA)

• Lower Property Tax

• Lower Homeowner’s insurance

• HOA’s Reserves 

• Trash and landscaping are covered.

 ( some even other utilities)

• A good downsizing option

• HOA’s property management or neighbors can help watch…

when you need to travel

Some Cons:

• Rules & Regulations to follow

• Monthly HOA fee

• assigned parking

• must get approval for major repairs

• must notify HOA when your vendor needs access that affects the residents

( example, plumber need to shut off water)

• most don’t allow airbnb or short term rentals

• limitation on number of pets or breed 

Living in condos, townhomes or communities that is managed by the HOA is

definitely not for everyone. However, having the association manage the exterior

and communal areas, could relieve and unload some of the stress and be beneficial, especially for elderly and young homeowners. Seniors can look upon the management to help assist on repair tasks, while first time homeowners can also get some guidance when issues occur from the management.