You’re thinking of buying a home of your own, and because you live alone, a condo unit seems like a very appealing option. Before you start shopping for the best condominium, though, it may be best to check out the pros and cons of owning a condominium to see if it is indeed worth investing in.
Advantages of Owning a Condo Unit
There are several aspects where owning a condo unit beats owning a house. Here are some of the most notable ones:
In most cases, a condo unit comes with a lower price tag than a single-family home. Whenever you buy real estate property, it is normal for a down payment to be required. With a condo unit, the down payment is often a lot lower than the required down payment for a house. This makes a condominium the ideal first step for anyone who wishes to buy real estate property, especially those who are still starting to build their career.
Most condominiums offer gated or locked entries guarded by either doormen or security personnel. This can be a major benefit for those who live alone. There’s also the fact that living in a condo unit is like living in an apartment; you have plenty of neighbors, which means there are many people you can turn to in case of emergency.
Do you want to live in a place where you have easy access to a fitness center and a swimming pool? If so, then a condominium is indeed the ideal place for you. You get these amenities and more at a very low cost because the overall cost of maintaining these amenities is shared by all condo unit owners.
When you live in a condominium, you’ll have people who cut the grass for you, clean the hallways, fix the roof, and keep the building secure. And you don’t even have to pay extra for these maintenance services because their costs are included in the monthly association fees you take care of.
What if, a few years down the road, you decide to get married and buy a house for your family? Will your investment in a condo unit go down the drain? Not quite. One of the best things about owning a condo unit is that you can always convert it into a source of income. You have the option of reselling or renting out your unit. If you choose to resell, you’ll be glad to know that condo units generally have high reselling value, which means you get your investment back and more. If you choose to rent it out, then it can become a steady source of passive income for years to come.
Disadvantages of Owning a Condo Unit
Just like everything else in life, there are also some drawbacks to owning or living in a condominium. Here are a few notable disadvantages:
The fact that you have plenty of neighbors can be a double-edged sword. While it carries the benefit of having many people to turn to in emergencies, it also comes with the disadvantage of having very little privacy. This is especially true of some condominiums where the walls are so thin, you can hear your neighbors moving around at all hours. If you’re up for some peace and quiet, this may not be the home you’re looking for.
All condominiums have management rules and regulations you need to abide by. You need to ask permission for practically anything major you want to do in or to your unit. If you want to keep a pet, for example, you’ll have to seek approval from management. Many people find this arrangement very stifling.
The appreciation of a condominium’s value is much slower than that of a single-family house simply because owning a condo unit does not entail owning a parcel of land. If you’re looking to sell in the future, therefore, you probably can’t expect a profit that’s as high as what you’d get from reselling a house.
What to Look for in a Condominium for Sale in Cagayan de Oro City
You can’t just buy a unit in the first condominium complex you come across. Just like any other purchase, you need to shop around before making a final decision. Here are some of the most important considerations when looking for a condominium for sale in Cagayan de Oro City:
Ask if the association sets aside a portion of the monthly fees for such emergencies as air conditioning repairs. When major issues like this crops up and the association doesn’t have funds set aside, unit owners will likely be required to cover the costs. It’s best to go for a condo with a financially sound association.
Services and Rules
Since you’ll be paying monthly association fees, you need to make sure the services provided are worth the cost and that the rules aren’t too restrictive. Before you commit to buying a unit, therefore, be sure to ask what specific services are included in the fees and what the rules and regulations are. If there are rules you just cannot accept, then it’s best to check out other complexes in the city. It’s a good thing Cagayan de Oro now has a good number of condominiums you can choose from.
First of all, it’s best to choose a condo with hands-on management, as opposed to absentee landlords. It’s also a good idea to dig into the background of the management to see how much experience they have in managing a condominium complex. Experience and professionalism assures you of high-quality services and proper maintenance. Association fees may be a bit higher in a well-managed condo, but the benefits will surely be well worth the additional cost.
A condo purchase is a major decision. Make sure you don’t regret it. Don’t rush.