For many people, the idea of owning a house is the epitome of the American dream. However, as someone who has owned both a home and a condo and currently lives in a loft rented from a landlord, the reality is more complicated than one being simply better than the other. Here's some advantages of owning a condo that might just make it more appealing than home ownership.
The biggest difference is an ownership mindset and for some people, a house is the only way to go. For others though, owning a piece of a building instead of an actual plot of land is just fine. Most of the following advantage of owning a condo stem from that specific distinction.
Condos Can Be More Affordable To Buy
Condos are generally less expensive compared to owning a house. This is because they are typically smaller, more densely organized and you don't actually own the land it's built on. You are sharing that land with other parties and collectively owning the building itself.
More Flexibility In Where It Can Be Located
By the very nature of what they are, a house requires land to be built on. That's why we have suburban sprawl and developments. On the other hand, condos can be built UP as well as OUT. This allows for a more dense environment that works for urban areas like Chicago, San Diego, or Los Angeles where actual space on the ground comes at a high cost. For people who enjoy an urban environment value being close to public transportation, restaurants, businesses, and entertainment, living in a condo offers all of the advantages that an apartment does ... but you are building equity like a house.
Condo Buildings Typically Include Amenities
Condos are usually equipped with a number of amenities such as gym, pool, courts and function rooms. This makes condo ownership an advantage if you seek a more active lifestyle and want that sense of community. To be fair, many housing developments also have community centers but they are often a far distance from your house compared to in a condo development where they are usually just a short walk (or elevator ride) away.
Easier To Maintain and Simply Enjoy Living There
With a house you are going to be spending the weekends in the yard and fixing things around the house. While you can still do DIY home improvement projects with your condo, there's no yard to worry about. Similarly, insurance and general maintenance issues are typically handled by the homeowners association. All that's required there is to simply pay your dues on time.
More Secure Than Your Typical House
Despite condos often being located in urban areas, you can generally expect better security than the typical home. This is often because there might be a doorman and security cameras as well as a security system for the building itself. Additionally, unlike your home where opening the front door provides access to the entire house, intruders must first enter the building through a controlled gate or lobby area and maybe even ride up the elevator, before even getting to your front door.
Another advantage is that you are surrounded by people and if you have a condo with a good group of owners, people will watch out for each other. Unlike in a house where your neighbor might be hundreds of feet away (or much more), condo owners all share the same hallways and common areas.
In general, for many people the experience of living in a condo is something prefered over owning a house. This is especially true if you enjoy busy urban environments like I do. With infinite amounts of money, I'd love to have a brownstone or townhouse with a gardener and housekeeper to take care of everything for me. However, for me I'd prefer to coming together as a community and share those expenses by living in a condo.
Thank you to Maser Condo Sales for providing some insight into why condos might be better than owning a house. You can check out their Los Angeles condo sale website to find more about their services. They are one of the top Los Angeles condo brokers and Santa Monica realtors who look forward to helping you find your dream home.