Are you thinking of buying that nice condominium? Think about it first. Owning a condominium is completely different from owning a single family house and comes with its own particularities. Before you pull the trigger on purchasing one in the condo market, make sure that it will match your lifestyle first.
Make sure you review the advantages and disadvantages of owning one, using your own personal criteria. Which one is more important to you, security or proximity to your neighbors? Are you comfortable with community living? Here is a list of the basic pros and cons of condo living to help you make your decision.
Advantages:
Location
There is often a high concentration of condominiums in downtown locations where land is at a premium. If you want to be in the heart of the city, a condominium may be a good choice.
Security
Having neighbors around makes it a lot easier to lock up and leave for a vacation or an extended period of time. Condos usually have guards downstairs, buzzers and other security features. This is particularly helpful if this is your second home, and you are only there for part of the year.
Low Maintenance
No more backaches from mowing the lawn or shoveling snow! In a condo, you do not need to worry anymore about plumbing problems or leaky roofs, the fixes are done for you. However, there might be cases where you will need to pay, if the problem was your fault.
Affordability
While condominiums have a wide price range, the lower range is often within the budget of first-time buyers and singles who may find single-family houses unaffordable.
Perks and Amenities
A lot of developments will provide you with a range of amenities for 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:
'Box of Air'
When you buy a condo, you do not own the land beneath the building, you simply share an interest in it. You own the space between the walls of your unit, and share ownership of the common areas with other owners.
Communal Thing
Since the walls are shared, you will tend to hear your neighbors more often, and in the common areas you will probably see them a lot too. Also, as part of the homeowner’s association, you will have to coordinate with neighbors to come to decisions regarding the common areas.
Monthly Fees and Dues
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
Condominiums are more sensitive to trends in the real estate market than single-family homes. If the market takes a downturn, condos are usually the first to suffer and the last 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.
Condominium 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.
At the end of the day, always remember that owning a condo is quite different from owning a house. Make sure the condo lifestyle is for you before buying.
Author Resource:
Dolores is a student who is also promoting a varied collection of web sites on the side. If you are looking for a place where you can get discounted halloween costumes or the best selection in baby halloween costumes , try visiting her sites.
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