The concentration of shared living space which most high rise condominiums naturally consists of can scale into lower living expenses for residences on a per square foot basis. This means high rise living is affordable, surprisingly! Usually you will pay less for a high rise condo than you will for a similar size house in a high price market. Not only do you get more for your money on a per square foot basis, but when you find a building in an area of town you like, you generally can find a unit on a floor with views you could never find in a house.
HOAs in High Rise Living is Affordable
Where the advantages of scale come most into focus are in the areas of amenities. Most home owners bemoan the additional cost of HOA fees (Homeowners Association) when they compare living in a house versus a high rise condo. However, when you compare the cost of HOA fees versus maintaining your own home, the lifestyle advantages of high rise condo living come more into focus. Generally, costs such as water and gas are covered in the monthly HOA fee. These two municipal services alone can count for several hundreds of dollars. Electricity, depending on the size of the condo is usually a cost borne by the user. However, in a high rise, there is a much more efficient use of cooling and heating because of the interior walls, and that translates into significantly lower electricity costs.
Bye-Bye Maintenance in High Rise Living
Lifestyle advantages which high rise condos generally deliver include no lawn or pool maintenance and security. These costs are built into the HOAs but because they are shared, they are generally lower than if you had to pay for them yourself living in a home. Depending on the size of a property, lawn maintenance alone can be a hundred dollars or more a month, not to mention the water needed to care for it. Some intangibles included in the HOAs are valet services, gym memberships and on-site maintenance service which is a phone call and minutes away. No need to pay for Angie’s List when your maintenance manager is downstairs waiting for someone to help. Add up all this savings of money and time, and high rise living is affordable.