Condos are known residential areas that can provide a unique lifestyle. However, there are negatives in it that make daily living a bad idea. But why is it? Does living in a condominium unit a bad idea this 2021?
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Some Reasons as To Why Living in Condos Are a Bad Idea
According to Real Estate Info Guide, currently, there are some reasons as to why not buy and live in a condominium unit these days, especially this year of 2021. Still, this is only the other half of living in a condo unit; therefore, if you are already living in a condo unit, there is no immediate reason to leave your unit as there also a positive side to it. Still, we highly advise you to take note of the following reasons that make living in condos are a bad idea.
- Don't like too many rules, especially by other people's rules? Bad luck, as you will have to follow their rules. Those said rules are usually the ones being implemented mostly by a Home Owners Association (HOA) and usually vary from condo unit to the condo unit and their corresponding management.
- You don't have total control over your home, as some parts of the condominium unit are owned by the HOA by default. This means that other than your own unit, most parts inside the condominium complex are not yours to use solely, but instead is shared with other residents and is managed by the HOA. Additionally, there will restrictions on what you can do on your own unit, although it will vary greatly from condo to condo.
- Additional fees such as HOA fees and condo fees must be paid every month, which is inevitable for all condo owners. Although the only good thing from this is that all of those living in the same condominium complex must pay their own fees, which usually isn't much of a difference when compared to yours (except in some areas).
- When applying for a mortgage, the ones processing it will factor in your HOA fees. This means that your mortgage application may be declined if you have a bad score with your HOA fees. Therefore, it is highly advised for you to have a good record when it comes to your HOA fees and others as well.
- In regards to the fees mentioned above, there are some instances that the fees can suddenly shot up in their prices. Unfortunately, you are not able to control how much they increase your fees may occur, therefore having the extra budget to deal with those sudden price hikes is highly advised.
Other Well Known Bad Reasons To Live in a Condo Unit Nowadays
Aside from the mentioned bad reasons living in a condo unit above, there are more bad reasons to think over living in one. According to MoneyCrashsers, below are some additional bad reasons when it comes to living in a condominium unit:
Your payments can be mishandled by the management - although this doesn't happen very often, there is still the chance that either a rogue employee or a very bad management mishandled your payments (and funds). That can mean many things, such as your payments not being recorded to mishandling of your unit's maintenance and repairs.
Privacy is thrown out of the window - if you are the type of person who loves peace and silence, then condo living isn't the right one for you.
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