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May 21, 2019

Pros and Cons of Buying a Condominium

Assalamualaikum dan hello everyone!
Buying your first home is a milestone in your life. It is also an investment that involves a huge sum of money. With so many properties for sale and rent in Malaysia recently, such as Mont Kiara condo for rent, it can be really confusing to decide what property to buy: landed property or condominium. This article will guide you through the pros and cons of buying a condominium. 

First of all, a condominium is a private residence that shares common areas, such as swimming pool, gymnasium, playground or community hall. You will also need to pay for monthly maintenance fees to keep the condominium in good condition. 


Pros



1. Less maintenance

One of the biggest advantages of staying in a condominium is that the management will do the maintenance for you. The management team will cut the grass, maintain the gymnasium, clean the swimming pool, fix the roof for you as long as you pay for the maintenance and management fees. You do no need to worry about finding someone to repair all these. This is definitely an advantage for those who are busy with work, or those who travel a lot, or those who just do not like to deal with chores like these. 


2. Security 

Most, if not all condominiums are located in a gated compound, with professional securities that keep the compound safe. If you are single, staying alone and are concern about security, staying in a condominium will definitely be the best choice for you. Staying in a condominium will give you a sense of reassurance because it reduces the risk of home break-ins. In addition, you are staying in a close proximity to many people, which means, in case of emergency, you will have plenty of neighbors to turn to for help. 


3. Amenities

Staying in a condominium will also allow you to enjoy all the amenities provided. Want a gymnasium? There is one. Need a swim? There is a swimming pool. Need a community clubhouse to host event? There is one provided. These amenities are provided if you stay in a condominium. All these can be found just under your unit. There is no need for you to drive out to the gymnasium, or the public swimming pool. Definitely great for those who would prefer to have all these amenities within close proximity. By close, it means 5 minutes walk from your unit. 

4. Proximity to city
Let’s admit it, nobody likes getting stuck in traffic congestion. It is a waste of time. Most condominiums are located close to city. Many offices are located in the city so staying in a condominium is a good choice for those who prefer to walk, or commute by taking public transportation such as train to their jobs. Staying close to your workplace can save you lots of time and thousands of dollars every year in terms of petrol, car maintenance cost, tolls fees, and parking fees. In addition, staying near the city also means nearer to shopping malls. This is also convenient for those who love shopping or those who need to get their grocery shopping done. 


Cons



1. Potentially mismanaged funds

There is a risk that your monthly maintenance fees will be misused or mismanaged by the management team. You might think that a monthly RM500.00 maintenance fee would ensure everything to be taken care of, but that is not always the case. A well managed maintenance fund will make sure the fees collected will be put to good use, i.e. clean and well maintained compound. 


2. Lack of privacy 

Another downside of staying in a condominium is that you lack the privacy you get from staying in a landed property. Staying in a condominium means you have neighbors on all sides of your walls, and also the above and below of you as well. You will have neighbors going up and down the hall or passing by your unit all day long, day and night. You will also hear them celebrating, arguing or newborn crying every other day. Therefore, condominium might not be the best choice for you if you are looking for a peaceful and quiet home. 


3. Lots of rules

Staying in a condominium means you have to abide the rules and regulations set by the management. You will also need to ask for permission or make a booking before you use the community hall or badminton court. And if the management denies your request, you are out of luck. There might be an overwhelming extensive list of rules that owners have to abide by. For example, the number of pets you are allowed to have, or even no pets allowed. They might also set limits on the number of visitors you can have on certain days or certain hours. So if you are not okay with abiding someone else’s rules, staying in a condominium is definitely not for you. 

Ultimately, the choice is yours. It is completely up to you to decide whether to buy a landed property or a condominium. As long as you are financially stable, go for the one that suits your needs most.

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