Living in a condo seems to be a good option for people who like to be in the heart of the city. For many it is better than living in an apartment. Condo living has so many wonderful things to offer than an apartment. But let me tell you now, before you finally make a purchase, that living in a condominium is different from living in a single-family housing unit. This is mainly due to its peculiarities.

• Condominiums are located in cities and when you live in a condominium, you own the space between the walls of your unit and share ownership of the common areas with other owners, but you do not own the land on which the building is built. You simply share an interest in it with your neighbors.

• Most people who live in condominiums own their space. So you can have long-term neighbors and build relationships with them, but you also have to share walls and common areas with them. If you are not a very social person, this could become a problem for you.

• Condominiums offer better security than apartments. Condominium buildings often have security features, whether it be doorbells or a surveillance service. Plus, it’s easy for you to leave for a trip or vacation knowing you have neighbors you’re familiar with. What you may find a problem is sharing amnesties with your neighbors and every time there is an association meeting, as part of the community, you need to show up, reach out and coordinate.

• Living in a condominium may be less expensive than living in an apartment, but with maintenance and repairs to common areas, your monthly salary may increase. You will be charged the pool fee, but you did not use it.

• More people, especially first-time buyers, prefer condominiums because they are less expensive than residential single-family homes. But in the real estate market, when there is a downturn, condos are the last to recover. Therefore, it will be difficult to sell a condo after a difficult climate.

• In condominiums, you have access to the gym, swimming pool and other common areas that you could not pay for on your own. But the problem is that there is what we call Covenants, Conditions and Restrictions (CC&R), a set of rules that prohibit space owners from bringing pets or doing a renovation and many others.

I hope you have found this article helpful in making the decision to purchase a condo or single family home.