🏢 Buying a Condo in Philadelphia: Pros, Cons, and Hidden Costs
By Megan Harkins | Living Beach 2 Burbs
🌐 www.livingbeach2burbs.com | 📧 [email protected] | 📞 215-935-4113
Considering a Condo in Philadelphia? Read This First.
With rising home prices, low-maintenance living, and unbeatable locations, condos in Philadelphia are a top choice for first-time buyers, downsizers, and investors in 2025. But before you make an offer, it’s important to know exactly what you’re getting into.
In this guide, I’ll walk you through the advantages, drawbacks, and often-overlooked costs of buying a condo in Philly—so you can make a confident and informed decision.
✅ Pros of Buying a Condo in Philadelphia
1. Affordable Entry into Hot Neighborhoods
Condos often cost less than single-family homes, especially in sought-after areas like Rittenhouse Square, Old City, and Northern Liberties.
2. Low-Maintenance Lifestyle
No yardwork, no exterior upkeep—condo life is perfect for busy professionals, retirees, and travelers who want turnkey living.
3. Access to Amenities
Many Philadelphia condo buildings offer:
Fitness centers
Rooftop decks
Security
On-site parking
Private courtyards or lounges
🔑 Bonus: Some luxury buildings even include concierge services, business centers, and dog spas.
4. Walkable Locations
Condos are typically located in prime, walkable areas close to restaurants, parks, shopping, and SEPTA transit lines.
⚠️ Cons of Buying a Condo in Philadelphia
1. Monthly HOA Fees
Every condo comes with Homeowners Association (HOA) fees, which cover maintenance, amenities, and building management. In Philly, these can range from $150 to $800+ per month, depending on the building.
2. HOA Rules and Restrictions
Some associations restrict:
Pet ownership
Short-term rentals (Airbnb)
Renovations
Parking arrangements
Always read the HOA documents carefully before closing.
3. Limited Control Over Common Areas
Shared hallways, elevators, and building exteriors are managed by the HOA—not you. That can be great... or frustrating, depending on how well things are run.
4. Resale Challenges
Condos can be harder to resell in certain markets due to competition with newer buildings, high HOA fees, or financing restrictions for buyers.
💸 Hidden Costs You Might Miss
🔹 Special Assessments
If the building needs major repairs (roof, elevator, HVAC system), you might be hit with a special assessment—a one-time fee on top of your HOA dues.
🔹 Master Insurance Policy Gaps
The HOA typically covers the building, but you still need your own condo insurance (HO-6 policy) to protect your unit’s interior and belongings.
🔹 Parking Fees
Not all condos include parking. In some areas, you’ll need to rent a spot separately or deal with street permits.
👩💼 Megan’s Pro Tip:
"Don’t just fall in love with the unit—evaluate the entire building. I help my buyers look beyond the countertops and check the HOA’s financials, reserve funds, and reputation before making a move."
— Megan Harkins, Realtor® | Living Beach 2 Burbs
🏙️ Best Areas to Buy a Condo in Philadelphia (2025)
Rittenhouse Square – Upscale living near parks and fine dining
Old City – Historic charm with cobblestone streets
Avenue of the Arts – Culture, theaters, and easy transit access
Northern Liberties – Trendy, young, and full of new developments
Graduate Hospital – Walkable, family-friendly vibe
🗝️ Thinking About Buying a Condo in Philly?
I’ve helped dozens of buyers find the perfect condo in Philadelphia—and avoid the financial traps that sometimes come with them. Whether you're looking for your first home, a second property, or an investment unit, I’ll walk you through the process from start to finish.
📞 Call or text: 215-935-4113
📧 Email: [email protected]
🌐 Visit: www.livingbeach2burbs.com
Let’s find the right condo for your lifestyle and budget.
