What Is A Luxury Condominium? (Find Out Now!)
When choosing your dream home, you want to make sure you are investing well. One housing type available on the market is a luxury condominium. Most have an idea of what a luxury condo is like, but there may be more intricacies to the luxury condominium life than what meets the eye. So, what exactly does a luxury condominium have to offer?
A luxury condo falls under the homeownership category. If you own a condo, you will have access to the activities and amenities that come with it. While the individual owner has the freedom to arrange the interior space, there will be some shared responsibility in condo ownership as well. Owning a luxury condominium has a lot of perks, but can have a few drawbacks, as well.
To know if the condo lifestyle is for you, let’s dive into a few more details about what a condo has to offer and some of the realities of living in a luxury condo community.
What Amenities Does a Luxury Condominium Offer?
Condos tend to offer a wide assortment of amenities. The retired demographic may enjoy having fun ways to use their free time. If you are still at your 9 to 5, though, it can be nice to have opportunities for recreation and relaxation when you leave the office. By choosing to live in a condo, you can enjoy perks such as:
- Concierge services
- A golf course
- A rooftop deck
- Guest housing
- Meeting rooms
- An entertainment center
- A private beach
- Security services
Condos may come with more (or less) amenities than we have listed here. You can search for the condo of dreams by choosing which of these “must-haves” would be on your list.
Luxury Condominium Living Vs. Apartment Life
Living in a luxury condominium can be similar to apartment living but there are also some key differences.
A condo is owned by an individual, while an apartment is owned by a landlord.
Condos more often than not come fully furnished with an up-to-date style. Similarly, apartments will usually come fully furnished with the basics but may lack the style and luxury aspect of a condo.
With a condo, the burden of the repairs falls on the owner. If you rent an apartment, the burden of repairs will fall on the owner of the apartment building (not you!)
Whether you live in a condo or an apartment, you will have neighbors close for better or for worse. At a condo, you have more opportunities to build long-term relationships and community. However, if you live in an apartment, you are more flexible to move out or switch apartments if your neighbors become a little too much to handle.
A high-end apartment can have similar amenities to a condo. You may have access to a pool or gardens that are shared by the residents and not open to the public. A luxury condo may have more extensive grounds and a few extra amenities.
Both condos and apartments will usually be built in a more urban atmosphere close to restaurants and shops. Whether you chose to live in a condo or an apartment, you can find the location that works for you.
Pros and Cons of Owning a Luxury Condominium
Living in a luxury condominium sounds like a dream come true (and it can be!) Still, if you are looking into buying a luxury condo, it is best to go into it with your eyes open. We’ve listed some things to consider if before you decide to make a condo your new home.
The Pros of Condo Life
A condo can have a lot to offer its residents. Some of the perks include the following:
With a condo, the walls are yours to decorate as you want. You don’t have to worry about paying deposits to cover spills on the carpet or asking permission to hang pictures on the walls. You can create your own haven and put your stamp of uniqueness on it.
Community is a big part of condo ownership. You can find other like-minded individuals that enjoy the same activities that you do. By living close to one another, you can form bonds and relationships as you live in community.
- Access to activities
Living in a condo can be a little like owning a forever pass to Walt Disney World! Except, instead of kid rides, you could get access amenities such as gyms, pools, curated gardens, concierge services, rooftop access, bike trails, golf courses, and more.
The Cons of Owning a Condo
While there are a lot of pluses to condo ownership, it may not be for everyone. Here are some things you may want to consider before diving into condo life headfirst:
- Repairs and upkeep
While you have the condo all to yourself, this also means that you are responsible for the upkeep of your place. So when your appliances stop working, or your fridge melts down, you will need to pay for repairs and replace any damaged flooring.
- Life with neighbors
While living in community can be a beautiful thing, this also could mean you could be stuck with difficult neighbors who complain about your late-night movie watching.
- Condo Fees
When you live in a condo, you have regular access to a variety of activities, (and you won’t need to mow the lawn!) At the same time, though, you also are responsible for paying monthly condominium fees. The maintenance and upkeep of your building, the grounds, and sometimes your utilities are generally bundled into these fees.
- Condo Rules and Regulations
While you do have ownership of your apartment, there is some shared ownership that goes along with condo life, as well. This means that if you want to change up your balcony, replace your windows, or make any other changes that may affect your neighbors, you may be required to obtain a permit, first.
How long is the lifespan of a condo?
High-rise condos have as much of a chance at long life as any other high-rise building or apartment building. The key is for it to be kept in proper repair. If a condo is well-kept and well-managed, the building could last well over 100 years.
Which areas are considered communal areas in a condominium?
While condos are privately owned, there are also some shared responsibilities and communal areas. These shared areas usually include the balconies, the building lot, the electrical lines, plumbing, windows, roofs, hallways, central air, and stairwells among others.
What are the responsibilities of the condo manager?
Condo managers are responsible for overseeing and managing the upkeep and essential tasks of the condominium. They take on some PR responsibilities, as well, and make sure to resolve the residents’ complaints satisfactorily.
Alex Praytor is a native Texan who got her degree in English Literature and decided to travel the globe. She finds the architecture and design of homes across cultures fascinating. In her spare time, she visits coffee shops with her family and creates projects for their own home. Alex enjoys sharing tips on how to keep repairs up to date while turning a house into a home.
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