A condominium, or condo, is an individually owned residential unit in a complex or building of like units. In simple terms let’s say it’s an apartment of 20 residential spaces. You pay and own one of those spaces. This means you can use the condominium as you see fit. You can rent it or you can resell it.
Condo owners own their units but share common spaces, amenities, and other resources like parking space, security fees, space to hang clothes from, a playground if there is any.
Considering the added fees, owning a condo is generally less expensive than owning a house. There are advantages and disadvantages to owning a condo. Therefore, it is important to understand the implications before committing to purchase one.
In Uganda, Under condominium, there is no individual ownership of a plot of land. All the land in the condominium project is owned in common by all the homeowners. Condos in Uganda are regulated by the Condominium Property act 2001 which allows for one to have a land title for a specific housing unit or condo within a building
Pros of owning a condominium over building a house
If you prefer the summary here it is;
PROS OF A CONDO
- Condos typically cost less than a single-family home.
- Fewer maintenance and repair responsibilities.
- Access to on-site top-notch amenities,
- Enhanced security features in some condominium units.
- Monthly maintenance or condo fees are usually predictable
- Appliances Included
- Great Sense of Community
- Proximity to Entertainment & Business Districts
- Flexible Living
THE CONS OF A CONDO
- Lack of Privacy
- No Outdoor Space
- Storage
- Difficulty Selling
- No Land Ownership
- A condo’s value may not increase like that of a single-family home.
- There is no room to grow
- A house better accommodates life changes
- A house is generally easier to sell than a condo
Condos typically cost less than a single-family home.
Condos are typically inexpensive compared to single-family homes, making them attractive to first-time buyers, retirees, and expatriates and investors. They’re also great for easing your way into property ownership without having to immediately take on the headaches of building a home from the ground up.
Fewer maintenance and repair responsibilities.
Condos offer residents the opportunity to embrace homeownership without the hassle of yard work, slashing the compound, trimming the flowers or home repairs. If you’re, in poor health, busy with work, like to travel, or you just don’t want to deal with all those chores, this is a major benefit.
Access to on-site top-notch amenities,
such as a sauna or swimming pool, which you otherwise might not be able to afford. Most condos have community spaces like a swimming pool, a fully equipped gym, which you can use without worrying about the upkeep. Some condos even have tennis/ basketball courts or spas!.
Enhanced security features in some condominium units.
You’ll also have peace of mind while you’re on vacation knowing that your neighbours are close by. Most condo buildings have secure entrances and surveillance cameras, and some even have security guards who keep an eye on the property 24/7. This is especially great for those who live alone. Neighbours are always on hand to keep an eye on your property while you’re away. A secluded and empty home might be seen as being an easier target for potential thieves. In addition, you live in close proximity to many other people, which means that in an emergency, you’ll have plenty of people to turn to for help.
Monthly maintenance or condo fees are usually predictable.
Because you share the amenities the fees are always standard e.g. pool maintenance, trash collection, security contribution, they are always the same month in month out unless when there is an unexpected repair that will need an uplift on the fees you usually contribute.
Appliances Included
Most condos come pre-furnished with some appliances, like refrigerators, ovens, and washers and dryers. This saves you money when moving in.
Great Sense of Community
When you live in a condo, there’s always a neighbour to visit, children around for playdates, and people to offer support. Older couples ready to downsize may enjoy the amenities a condo offers as well as the company of people at a similar stage of life. Young families and families in the in-between years have greater opportunities to make friends too.
Proximity to Entertainment & Business Districts
Many condos are located close to vibrant urban areas, which is appealing for many reasons. First, some people want to be able to walk or take public transportation to their job because they’re sick of spending an hour a day or more sitting in rush hour traffic. Living close to your job can save you thousands of shillings each year in fuel and car maintenance costs. The other advantage is living near town also makes it easy to visit new restaurants, go shopping, and check out live shows.
Flexible Living
A mid-sized condo is perfect for buyers who want to downsize from a larger home or who don’t want to spend a ton of time maintaining a house. A smaller space provides more freedom for residents who want to spend time travelling or enjoying their city instead of constantly working on home improvement.
Improvements
Unlike an apartment, if you own a condo, it’s yours. You can make home improvements you like to your unit. Want to redo the kitchen or a bathroom? You can do it. Want to paint a bedroom? You can do it. You aren’t beholden to whether the apartment management company wants to make improvements or not.
The cons of condos
You may not be able to decide when maintenance and repairs get done You don't get to decide when, if or even how - exterior maintenance is done.
You may have to pay for amenities that you might never or rarely use.
Lack of Privacy
Similar to an apartment, condos share walls. You might hear your neighbours walking across their condo or having a party. You might hear loud TVs or animals. And they might hear you, too. For people used to living in apartments, this may not be an issue. But for those downsizing from a house to a condo who are looking for peace and quiet, condo living may not be ideal.
Like most communities, a condominium attracts individuals with a variety of personalities. It can sometimes be a challenge to reach a consensus. In a condo, your neighbours are very close. If you don’t get along or if they have annoying habits, you can’t escape. They’re always right there in the next unit, down the hall, in the lobby, or on the elevator. The neighbour on the other side of the wall who plays loud music at 1 a.m.
No Outdoor Space
While no yard work is a positive of condo ownership, not having green space can be a disadvantage for some residents. Especially if you have kids who want to play outside.
Storage
Given that condos are typically smaller than houses, you will likely have much less space for storing items in a condo compared to a house. Some condo units come with designated storage space, but those spaces may be small and not able to hold larger items.
Difficulty Selling
Condos can be difficult to sell for a number of reasons.
First, not everyone wants to live in a condo. Families with young children often want a yard, families with multiple dogs often need a yard, and some people just don’t want to live on top of someone else. These factors narrow down your pool of potential buyers.
No Land Ownership
When you buy a condo, you won’t own the land beneath it. Instead, you share an interest in it with the other condominium residents. When you buy a house, you are also buying the land the house sits on.
A condo’s value may not increase like that of a single-family home.
Dollar for dollar, the value of a single-family home usually goes up faster than a condo’s. The primary reason for this difference is that a condo’s value depends on a few factors that are out of your control.
There is no room to grow
As a family grows, you can also grow your house. You can knock down walls, and add an addition. You can build a deck in the backyard. In some less suburban areas, you can even build a guest house on the property.
You can’t do any of that with a condo, and certainly not an apartment.
A house better accommodates life changes
Among all the aspects of life that are controlled by an HOA, one of the most bothersome is their ability to control what you do for a living and who you live with.
For example: if you want to start a plumbing business, you can often do it out of a house. You can never do it out of a condo or apartment.
A house is generally easier to sell than a condo
Literally speaking, a condo can be a tough sell in a bad housing market.
That’s because, for the most part, a condo is a substitute house. They’re the kind of property people buy only in the most robust markets. But detached houses on privately owned lots tend to be more liquid in all kinds of markets.
There’s also the individuality factor. Each house is unique, particularly after it’s been customized by its owners. There’s a greater likelihood it will appeal to specific buyers.
Condos, on the other hand, are uniform. They’re so similar that one unit doesn’t necessarily stand out from the rest. If there are a lot of units for sale in a condo neighbourhood, it could take a year or more to sell your unit. This is a major reason why condos are often converted to rentals.
With the above, we hope you will make an informed decision before buying a condo.