Condos are generating a lot of interest in the Bay Area and with good reason. It provides a variety of flexible real estate options, especially in a market as sought after as the Bay Area.
That said, living in a condo doesn’t fit everyone. Here are a couple of questions you need to ask yourself to determine if condo living is right for you.
Are you fine with sharing amenities with other people?
One of the perks of living in a condo is you get to enjoy a certain set of amenities and features. But if you’re looking to have these all to yourself, you might want to stop yourself.
A big part of condo living is sharing the building’s amenities with its other residents? your neighbors. And you don’t really know what their habits are. Some might keep these common areas as is, while others won’t have the same initiative.
Sharing these amenities with your neighbors can be a challenge especially if you’re an introvert. For social butterflies, however, these spaces can be great avenues to meet new people and even make lifelong friends.
Are you fine with relinquishing some level of control?
Part of living in a condo is having to follow a list of rules and regulations, usually set by the homeowners’ association. These policies can be anywhere between lax and generous to downright strict, placing a lot of limitations. Ultimately, it depends on the people who are part of the decision-making process.
But let’s be clear? HOAs aren’t bad.
They help preserve peace and order in the condo building or complex. They also see to it that the area is properly maintained, making sure repairs and upkeep are made on the regular.
Since you will be sharing common spaces with other people, it’s only natural to give up some of the “control” you would otherwise have when you live in a freehold property. But if you like things to be done according to your preferences, condo living might not be the best choice.
Are you fine with having less space than usual?
Condos often have significantly less space than other real estate options such as townhouses and single-family homes. You’ll need to study the layout of the space to plan and maximize all the space you get.
Still, it depends on the floor plan you’re getting. As you very well know, there are studio-type condos, as well as 2 to even 6-bedroom (or more) units, depending on the developer. Don’t expect the same level of space you can get in a single-family home, however.
Most condos also don’t have private outdoor spaces. If gardening is a beloved hobby of yours, you might find it difficult to pursue if you live in a condo.
What you lack in space, you get back in location. One of the best things about living in a condo is you get to enjoy proximity to a bevy of city amenities and attractions, from cultural hotspots to great restaurants. And in a region like the Bay Area, living in a central location is one of the most coveted aspirations.
Bottom line
Living in a condo requires some compromises to be made. Evaluate your needs, goals, lifestyle, and finances carefully in order to determine whether buying a condo is a step towards the right direction.
Once you’ve made the decision, talk to the PRG team today to find the condo that suits you perfectly.