This article goes over some of the pros and cons to being the owner of a condo to help you decide if this life choice may be the right one for you!

Wanting to downsize from a single-family home or trying to make the next step away from renting an apartment? Purchasing a condo may be the right choice for you!  Buying a condominium is similar to the purchase of a single-family home but there are a few key differences that should be pointed out.

But to begin, what is a condominium?

By definition, a condominium or condo is a building or complex of buildings containing a number of individually owned apartments or houses. While both houses and condos can be considered single-family homes, a traditional home is a stand-alone building while a condominium will contain many properties that are all individually owned. A simplistic view of a condo is similar to an apartment that one would own instead of rent. 

Now that a condo has been defined, it’s time to go over the pros and cons of owning a condominium: 

Pros:

Access To Amenities:  There is a long list of amenities that will come with a condo that would not come attached to a home. Some of these amenities can include gyms, pools, or even tennis courts. Those types of amenities may not be practical in a traditional home because of the cost of upkeep and installation. 

• Location Options: A common problem found with traditional single-family homes is finding the balance between location and price, where most homebuyers would be hard-pressed to find a favorably priced home next to a city center or a beach. Unlike traditional homes, condos are typically situated in urban areas or next to desirable locales. 

• Covered Maintenance: One of the luxuries that is sometimes overlooked is the lack of maintenance costs that condo owners avoid. Although this benefit is covered by HOA fees (which can be viewed as a downside of condos) all of the maintenance of the amenities and outside of the condo is taken care of by the HOA.

• Security: Aside from a community that is much closer together and will tend to watch out for their very close neighbors, most complexes have round-the-clock management on site as well as many complexes hiring security to add an extra level of safety to the condo owners.

• A Cheaper Option: Even with the HOA fees attached to the number, the price of condos is a much more affordable option than a traditional single-family home. This cheaper option can still be a favorable decision even if you’re planning on it being a rental property so that you can generate income while building equity!

• Freedom For The Property: This benefit is especially enticing to those who have been renting an apartment, but with the ownership of a condo, comes the ability to upgrade and decorate the interior of the condo to your heart’s content. As an owner of the condo, you won’t have those pesky and intrusive rules and limitations that renting an apartment comes with!

• Cheaper Insurance: The homeowner’s insurance for condominiums is cheaper for the main fact that you only need to insure the inside of the property whereas traditional homes need the outside and inside insured.
  

That list of pros is only some of the benefits that come with owning a condominium and the reasons can extend much further beyond that depending on your preferences and situation. However, as with most things in life, there are some downsides to owning a condo:

Cons: 

• No Land Ownership: This detail is a major detractor for some as when you purchase a traditional single-family home, the land underneath the home is included in the purchase. This cannot be said of purchasing a condominium. However, this can be a bonus as it’s the reason that maintenance costs are way lower for condos. 

• Less Privacy: If moving from renting an apartment, this caveat will be of no consequence but if you are downsizing from a traditional home, it is an element to consider. Condominiums are similar to apartment buildings in the sense that your neighbors will be much closer than they would be in a traditional single-family home. 

• Parking: As mentioned previously in the article, most condominium buildings are located in more urban or populated areas, putting you closer to conveniences, but will also typically mean that there is a scarcity of the number of parking spaces available. 

• Slower Appreciation: A condominium’s value typically appreciates slower than a traditional home would because a traditional home is enticing to a larger crowd. 

Is Owning a Condominium Worth It?

The decision to purchase a condo or a traditional single-family home is incredibly tailored to preference and situation. For example, a condominium is a great option for first-time homeowners as it has less maintenance responsibility, has amenities included, and is a very practical way to build equity.

However, these pros and cons are a very broad overview of all the advantages and disadvantages that come along with owning a condo. It’s never a wrong move to outsource to others who have more expertise in these situations, so do not be afraid to reach out to the many eager and skilled real estate agents in Tucson, Arizona!