condominium (Photo credit: OiMax)
I have written a lot about our first home together, and also about living in a condo versus living in a house. After living in a condo for more than a year, I thought it would be fun to go over the major advantages and disadvantages, and recap just how it’s gone for us so far:
Advantages
- Space is limited. We don’t have to spend as much filling up rooms with extra furniture, or heating up space that we don’t use. It is very cozy and compact.
- Easy connectivity to everywhere. We are next to a subway line and highways. There are disadvantages to this, but one major advantage is that it’s very easy to go downtown or other places. No two-hour nightmare commutes stuck on an overcrowded highway.
- Walking distance to many amenities. My girlfriend walks to work, and there are cafés, restaurants, and other stuff nearby.
- The location is rentable. I don’t know if the rent would be cash-flow positive, and we didn’t buy it just for that reason, but it looks like that it probably would be since rents in the neighbouring apartment buildings are in a similar range. There is a university nearby, several office buildings, and we are next to the subway, so there is a lot of demand.
- We have a nice view, being up at the top of the building!
Disadvantages
- No easy way to enjoy nature. We are surrounded by concrete, highways, and noise, though other condos can be in quieter areas. There is a bike path between houses not too far away, and there are parks around, and our condo even has a small elevated garden in the back… but none of this is a real substitute for being in a quiet suburb, with lots of trees and greenery around.
- Can’t really have pets. It’s been a while since our childhood friends passed away, and we would like to have another cat and dog someday… but this doesn’t really work out well when you live in a high-rise, especially with a dog. We can technically have pets if we want to, but we have decided to wait until we have a bit more space and a backyard.
- Space is limited. While this means less money spent on stuff, sometimes it’s nice to have the extra space.
- Condo fees are a PITA, and combined with utilities I don’t think that much cheaper than living in a house.
Strangely enough, we have not had any issues with the neighbours, nor many with the quality of construction, and I know that this is stuff that can often plague condo owners. We have been very lucky there!
The condo life seems well-suited to a working professional, or a couple of working professionals (DINK: Dual Income No Kids). I think it would be harder to do with kids, though it should be fine if you have just one child, or if your child or children are still very young.
Dear reader, what are your reasons for living in a condo, or in a house, for that matter?
We live in a house because we wanted a yard and we wanted a place big enough for our dogs.
The yard is one thing I miss about a house…
Our reasons are much the same as yours, close to public transport so no huge commute, nice view, walking distance to everything, plus in Bangkok it is actually cheaper to rent a condo vs buying. That being said, we do have a young daughter and are thinking more space might be good so we are looking into getting a house, but outside Bangkok.
Living in Bangkok… very interesting! I suppose if you’re not next to one of the elevated highways it must be good. Do you still have problems with touts that think you’re a tourist?
Living in a NYC apartment, I enjoy being in the center of so much action and being able to walk just about anywhere. I am lucky to have and spend so much time in Central Park just up the street.
My apartment is so tiny — actually the servant’s quarters in this old brownstone– that if I buy anything new, I pretty much have to throw something out to make room for it. I’m glad for that — shopping bores me bananas.
That sounds like it must be a really awesome place to live. 🙂 Our place is not quite that exciting, but we do have a bit more space to make up for it. The biggest downside is probably being near so many highways.
I also live in a condo for various reasons. I enjoy my work/life balance at the moment and I feel that purchasing a house is a long-term move that I am not sure I am 100% behind at the moment.
We went with the condo for more flexibility. Easier to rent out, easier to sell, and this makes sense should we decide to hop cities, or who knows what can come up in the future. With kids down the road a house might make more sense.
I now live in a condo (townhouse) because I gave up the big house when my children moved out. I would rather live in a house, but this suits us fine for now.
I guess a big place can feel empty once the kids are out? My girlfriend’s parents are still in the big home, but most of the rooms are empty and the place feels so big. It’s a lot of work to upkeep.
Cutting down on our energy footprint seems like the best reason. You’re closer to things, you don’t have to drive everywhere, aren’t heating empty spaces, and you don’t accumulate as much junk.
Those are all great reasons in favour of the condo. Our biggest expense is the mortgage due to a high housing market here in Canada, but we are saving in fuel, not having to spend as much on furniture or heating, etc…
I live in a house because I wanted to have a nice backyard and a garage to pull the cars into. Maintaining the yard is a PITA, but I think it’s worth it!
Your place had a pretty nice backyard from what I could see! That is what I miss about being in a house.
Walking barefoot in my grass and planting a garden is the two biggest reasons why I love a house. Plan to get a condo after im a little older though…
I agree, that aspect to a house is a very nice one, and probably the one big thing I miss from being in a house.
I live in a house for two reasons: kids, nature.
Our kids enjoy the outdoors, and have lots of space to roam around and play.
Being further away from the city we get to enjoy the clean unpolluted air, great views, and the occasional deer.
If/when kids come down the line, we may look into home ownership, and perhaps somewhere a little bit further away from the highways. For now the condo makes the most sense. 🙂
All depends on what stage of life one is in. Pre-kids, a condo might be more conducive, based on location and space needs. With kids, one thinks of space and school districts. Post-kids, space needs and interest in low-maintenance might come into play. Seems like a condo fits you well, glad you made a choice you’re happy with!
Personally, I think that no matter which way someone goes, buying a home (house or condo) involves tradeoffs and being able to discern wants and needs. When a home purchase becomes overly emotional, that’s when the likelihood of a poor decision comes into play.
That is a great way of looking at it. We almost got ourselves into a bad situation up to our eyes in debt because of emotions. I am still happy with our current choice, but would we have been as happy with the others? I doubt it.
I’ve been an apartment renter for a very long time and when we rented a house for a few years, I really enjoyed the back yard. My goal is to buy a house in the next couple of years. Though a condo definitely has advantages for certain living situations (living in an urban area, walkability, etc.), I really want a small yard when I buy. But this could also be my older self speaking. 🙂
I really like the idea of a small, peaceful yard, and that is one of the things I miss the most about a house. 😉
We live in a house (we were in an apartment for 4 years and hated it), but own a vacation condo. The condo association is our bane…the darned members keep coming up with new ways to spend my money. I’ve owned it for 5 years and we have had two special assessments and now they are looking at a boat dock!! aarrrgh
🙁
Eessh. That is no fun at all. My condo is composed of middle-class people with no crazy aspirations so thankfully we haven’t had to deal with stuff like that, yet.
We live in a house since 6 kids take up a reasonable amount of room if you want to maintain sanity. They do share rooms although now that one is away at college, one of the girls has her own room.
Six kids… yeah, that would not work out in my 850 sq. ft. condo. 😉 I think even with 1 kid we would need to look at a house as he/she got older.
Condo association fees are outrageous in many areas. Also, some condo associations don’t allow you to rent. You have to check with them to make sure prior to investing in a condo.
I have heard about that. Some of them can get carried away and you really have to watch out for that. Our current board is pretty decent, and renting of the unit is no problem though they do frown upon renting out just a parking space.
I would have to say that condo living is great for young professionals, it is a good transition living before purchasing a family home.Another good reason are the amenities, gym, pool …
Agreed! We actually don’t have too many amenities within the building itself, but I’m fine with that as it means lower condo fees. There is a gym and pool nearby for a decent fee, and you only have to go outdoors for maybe 50 feet; the rest of the way there is indoors. If our constructors had been a little smarter in designing the building, the whole way could have been indoors.
I prefer single family homes because of the privacy. I don’t like hearing people walking on my ceiling or smell their stinky cooking.
I saw some legislation in my home state today that would allow the condo board to tell people they can’t smoke in their own homes, no matter how long they have lived there.
I just don’t like the idea of having to deal with government in my own house.
That doesn’t sound too cool. The condo board shouldn’t be allowed to change the conditions of living after the fact. I am lucky in that I don’t have to smell anyone’s cooking or otherwise over here. The doors are not soundproof, though — I don’t hear other neighbours, but in the hallway you hear everything!
Our condo is in the city, but we have good parks very close by. In our old house, there are a lot less parks and green space in walking distance. We had to drive everywhere. We have cats and many other tenants have dogs. Someone is making a good living by walking all those dogs.
The only disadvantage I agree with is the HOA. It’s frigging expensive.
Condo fees are kind of ridiculous here, too, for what we get, but large buildings are more expensive to maintain I guess. At the same time utility costs are very low since we don’t have to spend much to heat or cool the place.
We have a park nearby between a few other buildings, but nothing special. The biggest nuisance is all of the highways. It would be cool if there was a pedestrian bridge over it to the park on the other side, but the nearest one is not within walking distance. Ridiculous!
We live in a townhouse that is set up as a condo association in Suburbia, so while we don’t have the too much concrete you talk about we do have that lack of space. I think you hit the nail on the head it was PERFECT for us when it was just but now with a 15 month old it is getting tighter by the day
Yeah I can see it happening! Ask me again in a couple years how I feel about the space haha.
The NZ housing market is pretty different – houses and units are the norm. You do get apartments but they’re mostly in the CBD or the odd block in the suburbs, and most of them are tiny, cramped and poorly constructed.
We lived in an apartment for a year and didn’t have too many issues, but I wouldn’t do it again. It just feels claustrophobic and there are too many building rules. Living in a standalone house (even if you don’t inhabit all of it – say one floor of it or the front half) just feels much roomier and freer. We have a yard, a garage, and can step out onto our huge deck and into the garden, rather than into a depressing hallway. Prices are not necessarily all that different, either!
Pets are pretty much a no-go whether you’re in a house or apartment, though. Really, if you want pets, you need to buy. LLs here are very anti-animal, and because we have such a housing shortage, renters don’t get much bargaining power.
Even for cats? I wonder why they are so strict. I guess as a landlord you don’t want to take the chance of a bad owner.
If I was in NZ I would love to be in a house, too — beautiful weather & scenery. 🙂
I have a condo because houses are just way too expensive in my area for what I was looking for. Within the next 5 years though, I would love to get a house with a yard big enough for a dog.
I live in Canada and our average house price is probably like double the US average, but our incomes are lower, so… it’s pretty high for us right now, too! The type of place I live in was half the price less than a decade ago.
In the last many years I did my very best to get out of the apartment/condo life and live in my own house on my own land. It wasn’t easy, but somehow I was able to make the big change.
To own a piece of land with house is great for future investment, but my main reason is to have a calm life with minimal stress-level. It also brings a lot more freedom on the daily basis.
I’m living in a house for quiet and peace, to see green leaves and mountain view via the windows from every room. It’s good to walk a lot from the kitchen to the bedrooms. It’s wonderful to see my blue birds as they work and sing on my fruit trees in the early morning when the town is still sleeping and probably I’m the only one who’s already up. 🙂 At 5 AM the whole world is mine! Having this green-energy house is a blessing. It gives me peace and happiness. I also save a lot on energy since I got my solar panels and other energy efficient tools. I’m grateful to finally have this level of life. I value every little thing life gave me so far, including being a reader-subscriber of Kevin’s incredible site.
Bless you, Kevin.
Why i like condos is all about the location, transportation is not a problem for a single professional like me living in condo suits me well. The only cons in my part is the pet policy, I am a dog lover but sad to say they wont allow it.