Buying a condo is more than buying the unit itself. You’re buying into part of a building. The size of that building is also something you should consider. Here are a few things to consider when buying a condo in a small building versus a large building.
Pros to Smaller Building Condos
The advantages of buying into a smaller building usually translate to storage and parking. Having a smaller number of units can mean more “real estate” for both garage and street parking. While a larger building can reach further into the sky, it doesn’t always mean there’s ample parking spaces available. The same goes for on-site storage. Many condominium buildings offer storage space for their owners. The larger the building, the more that space may be divided up. Fewer units can mean more space for all. When looking at building size, be sure ask about additional storage space as well as parking spots.
Pros to Larger Building Condos
If amenities such as a pool, fitness room and larger common areas are important to you, larger buildings usually have more to offer. With a larger building, costs to maintain amenities are spread across more owners, but the more significant amenities usually translate to a higher monthly association fee.
Additionally, costs for emergency repairs (if not budgeted for) are easier spread among 100 owners than 10.
Sense of community
Before buying a condo in a building, it’s important to decide how much of a sense of community with your neighbors you want. Do you prefer a smaller, close-knit bunch, or a larger variety of people? While you can’t choose your neighbors, you can have some say in how many neighbors you have.
And, whether you go with a large or small building condo, consider these 3 building aspects as well.