Pros and Cons of Buying a Condo:

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A condominium is a separate unit located in a community with many of those units. A condominium is also known as a “condo.” Condominiums are single units with an abundance of these same units. Some condominiums contain different amenities depending on which condominium you are located in. Some of these amenities could include a fitness area, a social gathering area, a pool, a private parking garage, and many more features. Prices for one of these units could vary based on size of the unit, location, and the amenities. A condominium could be suitable for you depending on your lifestyle.

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The advantages of living in a condominium are having cheaper insurance. If you are paying for an HOA then they insure the building so you only need to insure the inside of your home. This saves you money as well as the price for a condo being cheaper than most single family homes. More money saving aspects are covered maintenance, good security, appliances being included in the purchase & top notch amenities. Lastly, living in a condo is very flexible. If you are someone who travels a ton or is never home it saves you a bunch or even if you want to downsize or buy a smaller home then a condo is the right purchase for you.

There are always disadvantages to consider when purchasing a condominium, if you are someone who wants a yard then this may not be there purchased for you. Some condominiums only have shared yards or may not even have a yard to begin with. If you are someone who doesn’t have a green thumb then this works out in your favor but for some this may be a deal breaker. However, fear not there are some condos that have yards and deck access as well. Make sure you do your research about the property and always look at it to make sure it meets your needs. Some other cons are lack of privacy due to sharing a wall, limited parking if there is no street or assigned parking. Lastly, the biggest con for most is the HOA fees monthly.

If you are currently looking to buy a Condominium, our office have a few listings that may peak your interest:

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Looking to buy or sell your home on Staten Island? For all your real estate needs, look no further than Tom Crimmins Realty! Give us a call at (718) 370-3200, and we can provide you with professionally-trained agents who are flexible to all that you’re looking for!

Posted by Tom Crimmins Realty on

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