Whether you are buying or renting real estate, it is imperative that you know the difference between the types of homes available and the advantages and disadvantages that they may have. Often people use terms like ‘apartment,’ ‘house,’ and ‘condominium’ interchangeably.
While there may not be much of a difference in terms of these homes’ physical structure, when it comes to pricing, management, locations, and the fine print, there are apparent distinctions that you should be aware of before choosing to buy or rent a particular property.
This article will help you understand what condominiums are and how you stand to benefit from owning or renting one.
What Is a Condominium?
Condominiums or condos are individual units in a building of other units that the landlord privately owns. They are typically located in high rise buildings like blocks of flats, but can also exist in detached or semi-detached structures.
Unlike apartments that are often managed by private companies or estate agents, condos are operated by a home-owners association (HOA). The HOA maintains the common areas such as hallways, gyms, elevators, swimming pools, and such, while the landlord is responsible for maintaining the interior unit that they own.
Why Choose a Condominium?
Condos are convenient as you only have to worry about your unit. Matters of covenants, conditions, and restrictions are handled by the HOA and ‘extras’ such as maintaining the yard/compound, clearing snow from driveways, beautification, and sanitation.
Purchasing a Myrtle Beach Condominium
Condos can make an excellent purchase if you are prepared for the legal, financial, and social aspects of living in large, communal set-ups with multiple units.
They are convenient, relatively easy to maintain, more affordable than single homes, and offer various amenities that you would not get in your ordinary apartment or suburbs.
Purchasing a Myrtle Beach condominium, for instance, can be one of the best decisions you’ll make in your life. If you choose to rent it out, you’ll have a stable source of passive income.
Pros of Buying a Condo
Condominiums come with certain advantages over other types of houses. Let’s take a deeper look at some of them.
They Are More Affordable
Condos are more affordable, given that they are smaller living spaces that take up far less space than single-unit homes occupied by families.
Easy to Maintain
With only your unit’s interior to worry about, you will find condos are actually low maintenance. Because you have the freedom to set up the interior as you wish, the home will have a more personal touch than one which estate agents manage.
Easily Accessible Common Areas
Most condos offer common areas such as gyms, pools, barbecue areas, elevators, and much more. Access to these amenities is a big plus since you won’t have to leave your private place if you want to go for a swim or work out.
Cons of Buying a Condo
Condos also come with some disadvantages. Some of them include:
Reduced Levels of Privacy
Because of their communal setup and location in high rise buildings with multiple units, condos are a lot less discreet than single-unit homes. Neighbors will be familiar with your lifestyle habits, and vice versa as condos by their nature are very social residential areas.
If you are the quiet type who prefers to keep to yourself, this is not the place for you.
Stricter Rules and Regulations
Home-owners associations are useful because they help establish some sort of order, but this isn’t always a good thing. Some of their rules and regulations might prove too restrictive. For example, they may limit the kind of pets you are allowed to own, or tightly control the extent to which tenants can make use of common areas.
Low Resale Value
Condos are considerably harder to sell compared to single-unit family homes. The rules, regulations, and fees imposed by homeowner associations are often unattractive to many buyers, as well as the dynamics of condo living.
Families that own pets prefer homes that have a yard and a modicum of privacy.