Becoming a homeowner is usually a big deal for many people. Some even consider it a lifetime achievement, which comes with a lot more freedom and fun. With a new home, you will not have to deal with property owners and get penalties for minor things, such as using nails to hang your favorite posters. However, not all of those benefits apply to a condo. Many benefits may outweigh the challenges of owning and living in a condo, but the challenges do exist nonetheless. Below are some of the things that you should know about living in a condo.
You Get to Answer to the Homeowners Association
Living in a condo does not give you complete freedom because you will still have to answer to the homeowners association (HOA). Each condo complex may have particular rules and regulations set for it based on factors such as the social status of the community. Some HOAs are known to be a bit too uptight about minor things such as the color of your door or guests that can visit you. Others may not allow you to keep pets in your home. For that reason, you need to do some research regarding the rules and regulations of the condo of interest before you consider moving in.
There Are Monthly Charges
When living in a condo that you own, you may not have to pay rent, but you will have to pay monthly payments to the HOA. The payments are usually for covering various costs such as pool and gym maintenance, garbage collection, and landscaping, among other things. Keep in mind that you will have to make the payments regardless of whether or not you make use of the shared amenities.
You’ll Have Long-Term Neighbor Relationships
For apartment living, the chances of having new neighbors occasionally are high. In condos, private owners usually stay for decades. Therefore, you should always keep your behaviors and attitude in check to ensure that you do not mess up your relationship with your neighbors.
Remodels Must Be Approved
Homeownership should give you all the freedom to renovate as per your desire. However, that is usually not the case with condos. To carry out any renovation, you have first to seek approval from the homeowners association. That is more of the case when the renovations or repairs involve structural changes. Not all renovation requests will be approved, which means that you are limited regarding the upgrades that you can make in your home.