The condominiums are part of the community of goods within the Federal Civil Code, this means that by living in a condominium you will share a building with other owners. Therefore, you will be the owner of the apartment you want to buy and co-owner of the common spaces.
In addition, this type of housing is known as horizontal property and is protected by the Property in Condominium Property Law. The regulations and property laws are modified according to the State.
In USA, the price of single-family homes, condominiums and apartments with mortgage credit increased by 9% during the first quarter of 2019, according to figures from the Federal Mortgage Society (SHF).
If you are determined to buy an apartment in a horizontal property, then we will mention the main advantages and disadvantages of living in a condominium.
What are the advantages of living in a condo?
- Offers greater security
- It has a better location
- It has maintenance of common areas
- Maintains more accessible prices
Offers greater security
The main advantage of living in a condominium is the guaranteed security throughout the year, unlike buying a house in a neighborhood in the city.
The property will not only be protected when you go to the office or are inside the property but also when you decide to go on a trip.
In addition, the common areas, stairways, and hallways of the building have a closed-loop security system. Another advantage of living in a condominium is that they have private police, who frequently monitor the surroundings.
It has a better location
Most of the condominiums are strategically built near shopping areas, schools, offices, hospitals, bus stops and occasionally in the city center .
Because apartment complexes take up less space than housing construction, it is easier to find condominiums with better locations in urban development areas.
It has maintenance of common areas
One of the fundamental distinctions of a condominium are the areas within the building, which are known as common use areas and are usually corridors, stairs, elevators, walkways, parking, soccer or basketball courts, terrace, garden and area of washed.
There are also high-value condominiums that have different services such as a pool, gym and event room.
In general, they have cleaning, gardening and maintenance services for the common areas, being a great advantage of living in a condominium since it will not depend on the owners to carry out the maintenance.
Maintains more accessible prices
Living in a condominium is cheaper than buying a house in a gated community or in high-value areas of the city.
On the other hand, if you decide to apply for a mortgage loan to buy a condominium, the debt will be paid off in a shorter period of time than paying for a house.
Because of this, it is an excellent option if you are single or newly married and you are not planning to have children yet, as your economy will benefit and you will have the opportunity to invest in real estate in the future.
What are the disadvantages of living in a condo?
- Payment for maintenance and repair fees
- Reduced space within the property
- Frequent noises
- Easy deterioration in common areas
Payment for maintenance and repair fees
As mentioned above, the maintenance service of the common areas can be a great advantage, but it is also one of the disadvantages of living in a condominium if you do not have enough purchasing power.
This fee is set based on the characteristics of the condominium and the conditions stipulated in the sale contract. Due to this, it may be a monthly or annual fee and must be included in your personal finances.
Reduced space within the property
The reduced space more than a disadvantage is the main disadvantage for families with children and pets.
Usually the square meters that an apartment has are less than those of a house. They also have fewer bedrooms, bathrooms, and often no patio.
So if you are one of those who love nature, you will not be able to have a garden at home and you will have to settle for a small garden or plants in pots.
In addition, another disadvantage of living in a condominium is that you will not be able to remodel or enlarge your property, since you do not have enough space to build.
Living in a condominium is being very close to other apartments, so noise can filter through at any time of day.
Although this problem can be resolved in a neighborhood meeting or with the administration, it is still a disadvantage when wanting to rest.
On the other hand, condominiums, being built in strategic points, can be surrounded by external noise such as vehicular traffic, gyms or restaurants. Therefore, it is very important that you consider the location so that it does not become a disadvantage.
Easy deterioration in common areas
Due to the constant use that is given to the common areas, they can be easily damaged and more if the administration does not stipulate a regulation for the use of these.
You should even be prepared in case the maintenance fees rise unexpectedly. However, there is nothing that cannot be solved by talking and creating neighborhood awareness.
We invite you to consider these advantages and disadvantages of living in a condominium, and, according to your needs and budget, decide if it is the best place for you.