Are you thinking of buying that nice condominium? Think about it first. It's much different versus owning a house and you have to be aware of its special characteristics. Before you jump into the condo market with both feet, you should make sure that the condominium lifestyle is right for you.
The benefits and drawbacks of condo living need to be weighed against your own criteria. Which one is more important to you, security or proximity to your neighbors? Do you like the community living lifestyle? Here is a list of the basic pros and cons of condo living to help you make your decision.
Advantages:
Location
You will find a lot of condo developments in the middle of cities, where space is a premium. If you like this lifestyle where you are in the center of the city as soon as you walk out of your door, then getting a condo is an excellent choice.
Safety
With neighbors around your condo complex, it is always nice to be able to just pick up and go on those long vacations without worrying too much. Condos usually have guards downstairs, buzzers and other security features. If the condo is your vacation home, this is a great advantage.
Low Maintenance
No more backaches from mowing the lawn or shoveling snow! Condo living means someone else takes care of the plumbing problems or roof maintenance for you. There may be some cases, if it’s your fault, where you will have to pay.
Cost
Condos come in a wide price range, and the lower priced units are usually very affordable if you are a first time buyer, hence, a good choice compared to higher priced single family homes.
Amenities
Most condominium developments offer a range of amenities in the common areas. These may include swimming pools, tennis courts, workout gyms and other features that might not even be affordable if you had to get it on your own.
Disadvantages:
You Own Zilch
If it's a condo, you don't really own the land it is sitting on, you just own a 'share'. Realistically, you just own the space between the walls of your unit, and the rest of the common areas you share the ownership with the other tenants.
Community Living
Shared walls and common areas mean that you are more likely to hear your neighbors or run into them more often. In addition, since you will be all part of a homeowner's association, you will need to get involved in making day to day decisions on the usage of common areas.
Fees
Monthly condo fees go toward maintenance and repair of the common areas. Sometimes, you may be assessed additional fees to cover the occasional large repairs. Remember that these fees can pay for amenities that you don't use anyway , such as the swimming pool.
Resale Value
Condos tend to be more affected by market trends as compared to single-family residences. If the market goes down the tubes, as what has been happening recently, it's almost sure that the condo values will be the most affected and worse, the last segment to recover.
Rules
Condos are governed by a set of rules called Covenants, Conditions and Restrictions, aka CC&Rs. Take note that these rules may cover pets, noise levels, renovations and sometimes even what color of curtains you can put on your windows.
The Association
Since the association is made up of homeowners like you and me, instead of paid professionals, the efficiency levels might not be as expected. Note that if you want to make changes to your unit or if you want to rent it out, these are the folks you will need to get approvals from.
Just remember that condo ownership is totally different from owning a house, and you need to make sure that the condo lifestyle is for you.
Author Resource:
Mario is a retiree living in the middle of the Las Vegas desert. In an effort to relieve his boredom, while at the same time make some money on the side, he has started promoting a varied collection of sites, so if you are looking for any add-ons for your ipads or if you are interested in discounted weber gas grills , check out his sites.
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