Condos can offer convenience, location, and flexibility. They can also have their pitfalls:
Deciding to buy a condo or villa is often a bit of a dilemma for buyers. It’s kind of a nice problem to have :), but deciding which is best is a very personal choice. Here are some of the pro’s and cons of condo life – things you may not have thought of:
- LOCATION: CONDOS CAN OFFER OCEAN VIEWS AND SEASIDE LIFE.
Waking up to the sound of the waves or looking out the window to a sea view is a dream of many of our buyers. Condos offer the best option to be on or near the ocean for an affordable price. It’s a simple equation of economy of scale. The more units a developer can place on the ocean, the better the price tag is to the buyer. A stand alone home, oceanfront, generally starts at well over a million dollars (particularly in secure, gated communities); but an oceanfront condo can be purchased for much less.
- NO YARD CARE OR EXTERIOR MAINTENANCE:
A condo offers a lock up and leave, no fuss lifestyle. You don’t have to clean your own pool, worry about replacing a roof, mow the lawn, etc. While many villa owners have services for these things, a condo simply means you don’t have to think about it at all. You have a condo board that manages it all and you pay a monthly condo fee. There is more time to enjoy your tropical lifestyle.
- ACCESS TO AMENITIES:
Many condos offer great onsite amenities like gyms, stores, pools, hot tubs, etc. They can be beachfront so you have access to walk along the beach to restaurants or just enjoy the stroll.
- PROFESSIONALLY MANAGED:
A condo is legally required to have proper bylaws and management in place. Larger developments generally have a management company that takes care of the development, whereby smaller projects may have an owner managed board that hires a smaller service company to look after the project. Either way, you can expect to not be concerned about dealing with utility companies, maintenance issues, staffing, security, etc. Condos boards ensure there is a proper reserve fund for future maintenance issues. It is a great way to enjoy life without worrying about anything.
- CONDO RULES EASY TO ENFORCE
Rules and regulations of the condo bylaws are an easy instrument to enforce should owners or renters break them.
- STRONG INVESTMENT
Condos traditionally are proven winners for investment and rental income, particularly oceanside projects. There are limited units available so rental returns are robust and resale strong. Rate of return in a rental pool is generally between 8-10%.
In a condo you have neighbours who are much closer to you than in your own home. While there are bylaws and management, other owners or their renters may be loud. You share a swimming pool and common areas.
Every owner is signatory to the bylaws of the project. You may find some of the rules restrictive for yourself or if you want to rent your unit. It’s important to review the rules before purchasing to make sure they are palatable.
- DECISIONS BY COMMITTEE
Decisions regarding the development and its needs are voted on by all owners. You may have different ideas about what is most important and you may be outvoted. Generally, a management company offers their suggestions as to what needs to be done; however, you don’t have full control over your property in this regard.
For some great, personalized advice on buying a condo, or any real estate, please contact Colleen @ firstname.lastname@example.org or call 1-829-436-8028. We are always standing by to help!
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