Condominium living is growing popular with a wide variety of people. Most people think the average condo owner as someone who is retired. Contrary to this belief, there are actually numerous types of people who prefer living in condos. Travelers, people who live in cities, and college graduates are all interested in condo ownership. For almost everyone who moves into a condo, downsizing is necessary. Condos don’t usually have the same amount of space as other living arrangements, so people have to minimize.
Some might actually have fun with downsizing because it could be part of the new condo experience. Other perks of choosing to live in a condo include the minimal maintenance they will need to perform on the home and the ability to engage in a community of their peers. For others, the downsizing process might be more stringent. It’s best to know what you’re getting into if you plan to move to a condo.
Baby boomers are still the most common condo owners. This is mostly because it’s an easy place for them to retire without worrying about the hassles of home maintenance. Downsizing into an apartment may give retirees less personal space, but they gain a vibrant community of new friends.
Benefits of Living in a Condo
In most cases, depending on your ideal housing arrangement, moving into a condo is a fantastic experience. The amenities that come with the new home often outweigh the challenges that arise from choosing a condo over a regular sized house.
Here are a few benefits that you will only find while living in a condominium:
- Transportation: A lot of condos offer shuttle services. This is especially useful for senior citizens who have trouble moving from point A to point B.
- No More Maintenance: Owning a home can become tedious with “To-Do” lists. Fixing this and that every weekend really eats up a lot of your personal time. When you live in a condo, you are paying to be a tenant with the ability to have someone to come sort out complications within your unit. Traditionally, they will also have outdoor maintenance to keep it looking good throughout the entire year… Imaging not shoveling snow or mowing the lawn.. ever AGAIN!
- Common Entertainment Areas: Some condos are equipped with areas that you are able to enjoy a meal, card games, or a local sports game on tv with other residents. This can include a public grill, a small kitchen, or living room where you can enjoy the company of family, friends, or neighbors.
- Meeting New People: Since condominiums have an association, they are usually very inclusive with the tenants. Condo associations like to make their tenants feel like part of the community and will even host get-togethers on holidays or special events.
- The Location: In many cases, those who choose to move into a condo are looking for relocation. This may include a different version of nightlife, being closer to work, or simply enjoying a change of scenery. Small condos in the center of a city are perfect places to begin when you want to get to work easily, enjoy the nightlife, and be right there for new things happening. People in city condos can walk to most places they want to go and are closer to the things they enjoy doing.
- Comes with a View: A condo is often times fitted to host people on a roof or outdoor patio. This is especially common in condos that are found in a metropolitan area. While you may sacrifice on floor space in your actual home, condos make up for that with great views, high-end amenities, and affordable living.
Travelers, empty nesters, college graduates, and even people who like the tiny house movement can find something to enjoy in a condo as well. There’s a condo for just about everyone if you know where to look.
What Are the Potential Challenges?
There are a few challenges of moving into a condo, depending on what you prefer.
Here are a few:
- Association Fees: Condo association fees can feel expensive, and depending on where you lived before, they could be outside of your usual idea of a budget. In general, these fees will be included in the cost of living but may take you by surprise if you’re not accustomed to seeing fees on your living expenses.
- Limited Space: Space can be restricted in a condo, either indoors or outdoors, so if someone is interested in having a lot of space, a condo might not be the best choice. Even though the interior home space may seem more limited, it is normal for people to know this before moving. Downsizing is usually a side effect of having children move out, not needing such large accommodations, or knowing you won’t be spending as much time at home. Either way, space is what you make it.
- Pet Restrictions: Pets might feel a lack of space as well, and some condos don’t allow pets, which could make an almost ideal place one that isn’t even considered. If the condo does allow pets, they will usually offer some amenities for your furry friend. Whether Fido needs more space or a puppy spa, it is important to consider your pet’s needs before choosing the right place.
- Insurance Premiums: Condos sometimes will require more insurance than a house or apartment would, and keeping track of those insurances, called status certificates, can make a budget complicated. Do your best to keep track of these expenses from them, and you will feel a huge weight lifted.
- Leaving Your Possessions Behind: Remember that downsizing itself can be an emotional experience – if you have an emotional attachment to a lot of your stuff, you might have trouble parting with it, and it might not fit in a condo. It is best to do this over time, so it doesn’t feel your life is changing all at once. (Unless that is your reason for moving, then good for you!)
Making the switch to a condo is a big decision, one that takes a lot of forethought and planning. Downsizing is one of the biggest things new condo owners have to do before they move in, but it’s not the only thing. It’s easy to get excited or overwhelmed by the thrill of moving somewhere new, and forget something important, so having someone to guide you through the process can be a big help. Contact Belman Homes to find out if condominium living is right for you.