There are several benefits of living in a condo community opposed to a single-family neighborhood, or even a townhome.
- Cost. Contrary to popular belief, just because an individual or family lives in a single family home, doesn’t mean it’s any less expensive. Sure, a condo will have association fees, but those are for planned and unplanned expenses. Bottom line, either put money away on a scheduled basis, or hope to have the credit and/or cash when the time inevitably comes.
- Amenities. Unlike a single-family property, amenities are available in most condo communities. Some include golf courses, tennis courts, swimming pools, fitness centers, and entertainment facilities for hosting parties. What’s great about the amenities is they’re on-site and readily available to the residents.
- Security. Many condo communities are gated and have security around the clock. Some communities even have concierge services as a perk for their residents.
- Location. As mentioned previously, many condos are located in desirable areas. Because the residences are grouped together, the price per unit is less expensive. This means a single family home in the same place would be significantly more expensive than a condo.
- Maintenance. Lawn care, painting, roofing, irrigation, landscaping, and all the outside work is the sole responsibility of the association. That means residents can enjoy maintenance free living.
- Stable values. In a single-family neighborhood, just one home can bring down the value of every other home on the street. A house, which falls into a state of disrepair, devalues its neighbors’ properties. However, in a condo, that’s not the case. The result is stable unit values.
The bottom line is, residents in condo communities actually spend less on their property during purchase and through the year for maintenance. Big-ticket items like a roof replacement are taken care of by the association, as is the upkeep of the community.