What To Consider Before Choosing The Condo Life
With living expenses rising every year and the national debt average getting higher all the time, many people are looking to downsize and adopt a simpler lifestyle. Condo living is a great alternative for anyone looking to save a bit of money while joining an active community.
Moving from a private home to a condo requires changes that can be a challenge for some people. Before you make a decision about purchasing a condo, it’s important that you know what to expect after you move in.
Some aspects of condo living are not that different from owning your own home. You will still have to find a good home insurance policy and enjoy all the perks that you are used to, but there are some aspects of condo life that may be very different than what you are used to.
Your new condo will likely have less living and storage space than your private home. Before you move you will have to go through the process of downsizing. Purging your belongings can be an emotional process. When you consider what to get rid of asking yourself a few questions to help you decide what to keep and what to get rid of. Does the item give you joy? Is the item useful? Can you live without the item?
Consider Your Privacy
Condo life puts you in very close proximity to your neighbors. Lots of neighbors. If you are someone who values their privacy, condo living might be a big adjustment for you. You may share a floor or a complex with dozens of neighbors in a condo setting which means that you will deal with many issues like noise, pets, and nosy neighbors.
Most condominium complexes are ruled by a Homeowners Association. In most ways, an HOA is designed to support and enrich the lives of tenants but, there are also many restrictions that may come as a surprise. In some communities, you have to ask permission from your HOA to make any changes to your condo and the rules can be very strict.
Be prepared to pay some hefty fees on top of your mortgage or rent when you live in a condo. These condo fees are for the maintenance and management of the entire property. These extra fees can often increase your monthly payments by nearly double.
For seniors or anyone who struggles to keep up with general maintenance, the condo lifestyle may be a great option. Apart from small personal maintenance of your own belongings, there are no outdoor or indoor repairs to be done. Your condo board will assign the maintenance staff to take care of any problems.
When you are looking to change your home there are many things to consider. When you choose the condo life you can take advantage of a maintenance-free residence and enjoy being part of a close-knit community. You should know that you will be under the management of an HOA and expect to pay condo fees on top of your mortgage.