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Considering buying a condominium? Be warned. It's much different versus owning a house and you have to be aware of its special characteristics. Before you pull the trigger on purchasing one in the condo market, make sure that it will match your lifestyle first. The benefits and drawbacks of condo living need to be weighed against your own criteria. Is security more important to you than distance from 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: Ideal Location You will find a lot of condo developments in the middle of cities, where space is a premium. If you want to be in the heart of the city, a condominium may be a good choice. Security 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. Also, condominium buildings often have security features, be they buzzers or a guard service. This is particularly helpful if this is your second home, and you are only there for part of the year. Low Maintenance No more shoveling the snow or mowing the lawn! Condo living means someone else takes care of the plumbing problems or roof maintenance for you. However, there might be cases where you will need to pay, if the problem was your fault. Affordability 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 A lot of developments will provide you with a range of amenities for common areas. This means that you may have access to a swimming pool, gym or tennis courts that you would not be able to afford 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. Community Living 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. 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. 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. Your fees may also be paying for amenities, such as a swimming pool, that you may not use. 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. Yet More Rules Condos are governed by a set of rules called Covenants, Conditions and Restrictions, aka CC&Rs. This can include restrictions on noise levels, pet ownership, renovations, and even what kind of curtains you can put in your windows. Condominium Association Because the condo association is made up of homeowners rather than property-management professionals, the association may be weak and inefficient. 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.
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