Pros and Cons of Owning a Condo
One of the most popular home options for professionals, especially the young ones who are starting to build their own careers in the city is investing in a Chicago luxury condo. There are a number of advantages to owning a condo unit. On the flipside, there are also some cons, which every prospective investor should be aware of. Here is a short breakdown of the benefits and disadvantages of owning a condo unit.
Numerous amenities – One of the main advantages of condo living is the many different amenities they offer. Usually, condos in the cities feature gyms, spas, swimming pools, and lounge areas, among others. Basically, condos make life easier for your owners and tenants who do not have the luxury of time to go out to work out or relax.
Notable security – Another important aspect that is generally offered by condos is security. These building often use closed-circuit cameras and hire dependable security personnel who can effectively handle different kinds of security and emergency-related situations. Considering that different kinds of people live just a door away from each other, security is of utmost importance.
Minimized maintenance – Since condos have a homeowner’s association, the group usually takes care of the basic maintenance work. The group will be the one to take care of choosing the right contractor who can get things fixed, especially in the common areas.
Advantageous location – Lastly, the location of condos, which are usually right at the heart of the city, is a big plus for a condo unit owner, especially for those who want to enjoy city living but do not have the money to buy a home.
Monthly fees – Living in a condo will automatically mean that you will have to pay for the monthly association fees. These fees are used for the general maintenance and upkeep of the different amenities of the place. A downside of these fees is that they tend to increase annually, no thanks to inflation. Consult with a trusted Chicago luxury broker first.
Rules and Regulations – Another reality in condo living that some unit owners view as a downside are the rules and regulations that sometimes can be considered strict. Generally, unit owners have little room for creativity when it comes to renovating and updating their spaces. Moreover, condo owners, as well as their guests, need to follow certain rules related to their general behavior within the premises.
Slower appreciation rate – Finally, you need to understand that the value of a condo has a slower appreciation rate compared to buying a real house. The reason being is that you only own the space of your unit, and not the land where it is built.