Living in a luxury condo is highly different from owning a home in the suburbs. One of the biggest differences between these two residential settings is that condo living means you are responsible for the interior of your apartment, but only share responsibility for the exterior or other amenities. A suburb residence or house comes with full responsibility for the interior and exterior. While this sounds like more work, it is important to know whether cutting some of the maintenance costs is worthwhile. This article will provide information on the different benefits and drawbacks to living in Shannon Lefevre – Park Shore luxury condos.
What Are The Different Benefits To Living In Naples Florida Park Shore Luxury Condos?
1. Joint Responsibility For Exterior Maintenance
As is mentioned above, when living in a luxury condo, you will not be responsible for exterior maintenance of the building or common rooms; or at least you will not be fully responsible for the maintenance of these areas. As a condo unit owner or tenant, you are required to be dues that fund the maintenance of the building, including repairs or replacements of roofing, etc. You also do not need to worry about lawn care, shovelling snow, or cleaning the gutters. This is all highly beneficial for people who do not enjoy dealing with property maintenance. Find out more information here:
2. Good Location
Another benefit for most Park Shore Naples Florida luxury condos is the location of the property. The majority of these buildings can be found in prime spots, typically placed near shopping areas and city centers. By living near the city center, you will have direct access to public transportation; thereby, allowing you to save time and money when commuting.
3. Affordable Prices
Contrary to popular belief, Park Shore luxury condo living is highly affordable and does not cost more than a single family house. In fact, research has found that single unit condos can be less than single-family homes and first-time buyers may benefit from purchasing a condo.
One of the greatest benefits to condo living is the increased security. Due to the communal living with nearby neighbors, as well as a 24-hour reception area with security guards; luxury condos are far more secure than living in the suburbs.
What Are The Drawbacks To Living In Naples Florida Park Shore Luxury Condos?
1. Communal Living
Despite the various benefits of living in a luxury condominium, there are several drawbacks to this lifestyle. The first of these cons is the common living feature where you will be sharing walls with the neighbors. This means that you will hear noise from the units next to your own. Moreover, the common areas are shared, and this can lead to forced interaction with neighbors – which is not pleasant if you are not a sociable person.
2. The Property Dues
While paying property dues can keep you from worrying about building maintenance and repairs, they are a regular monthly expense that will not go away. Moreover, while the dues can keep ‘one-time’ expenses at bay, there may be additional charges from time to time. This is often based on unexpected building maintenance or unplanned repairs that need to be completed. It is important to speak with the building manager regarding fees before purchasing or renting a unit.
3. Poor Resale Value
A drawback to living in a condo that is often ignored is the poor resale value. When the real estate market experiences a decline, the condominium sector tends to be the hardest hit and selling condos can be difficult. It is important to keep this in mind if you are choosing to buy a condo with the plan of selling it in a few years time.
4. Restrictive Living
It is important to remember that condo living is communal; therefore, there are certain regulations set out to control the community within the building. For example, noise control is a feature in most condo buildings. This is a rule where no loud noises are to be made between specific time periods. While this can be viewed as a good thing, keeping the noise to a minimum; it can also be considered as negative with regulations being placed on your freedom of will.
Another restriction many people experience when living in condominiums is the ‘no pet’ rule. Condos in city centers tend to enforce a no pet rule or no large pet rule eliminating your chance of pet ownership. This is beneficial for people who have severe allergies but can be a drawback for people who enjoy having animals around them.
5. Limited Space
Being that your neighbors are in close proximity, you will not have space or privacy offered by suburban houses. You will not be able to add to the home and ownership is limited to the apartment unit you have rented or purchased exclusively. If you opt for a condo unit, it is vital that you are comfortable with the minimalist approach to living.
As can be seen, there are various benefits and drawbacks to living in a condominium unit. Using this information, you can determine if you are suited to this lifestyle.