Condos are going up all over Denver, and they can seem like a dream come true for urban dwellers who are ready to own but want to stay within walking distance of shops, restaurants, and other amenities of urban living. Like owning a single-family home, though, it’s important to carefully weigh the pros and cons of condo ownership before taking the plunge. These three things can help you decide whether owning a condo is right for you.
1. HOA fees and rules
Homeowners associations can make or break your experience when living in a condo, so it’s important to research the HOA for any condo you’re considering. You’ll want to check on the monthly fees, what those fees cover, and the rules the HOA regulates for the community.
HOA fees can get expensive, so make sure you’ve budgeted for this monthly expense before deciding to buy. On the plus side, those fees cover a lot of the maintenance and upkeep for your home. Be sure to read the fine print, though; some HOAs may not cover things like snow removal.
You’ll also want to read the rules governing your condo. They’ll cover things like what kinds of improvement projects you need to get HOA approval for, along with general community rules such as noise and pet restrictions. While the rules are designed to create a respectful community, it’s important to find one that matches your own values.
2. Outdoor and shared spaces
On the one hand, when you’ve got a condo there’s no yard to mow. On the other hand, there’s no yard. For folks who like gardening or those who have outdoor pets or kids it can be difficult to give up the prospect of a backyard space.
Many of the new developments in Denver are working to increase outdoor spaces in their communities, though. Developers know just how much we Denverites love the outdoors! More and more new developments are including community gardens, pet areas, and play areas in addition to more common amenities like pools and fitness rooms.
3. Privacy and security
Many condo buildings have their own security systems and come with secure entry or even security staff, so it’ll save you the time and hassle of installing a security system of your own. However, it can also make it more difficult for guests to come see you. In some cases you may even need to go down to let in all guests yourself.
Condos are also much less private than single-family homes. You’re sharing a wall with neighbors, so noise issues can be a problem (although hopefully your HOA has rules governing noise). For all the amenities that condos provide, it’s worth remembering that these are all shared spaces. If privacy is important to you, it may be worth considering a single-family home over a condo.
Are you ready to buy a condo?
Any time you buy a home, there are a lot of pros and cons to consider. Our experienced agents can help you navigate all the questions that come with buying property. Give us a call and we’ll help you get started on the path to home ownership today.