What are The Pros and Cons of Condos?
Condominiums are a flexible and affordable option for some home buyers, but there are distinct differences between condos and single-family homes. Here are some things to consider if you are thinking of buying a condo.
1. Storage space varies wildly in condominium units. Some buildings have storage cages in the basement, but many don’t. If you need a lot of storage space, a condo may not be the best choice.
2. Private space outdoors is rare in a condominium development. This is great if you dislike maintaining a lawn, but if you love to garden or lounge outdoors, you may regret your condo purchase. If outdoor space is important to you, consider purchasing near a park or a condo in a building with a roofdeck, possibly.
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3. Most condominium developments have luxurious amenities like on-site gyms, communal outdoor spaces (in some cases swimming pools), community lounges, and playgrounds, which are very attractive to a certain type of homebuyer. Keep in mind, though, that the more amenities you have, the higher your monthly fees will be, so choose your amenities wisely.
4. Almost all condo developments have an onsite maintenance crew that handles any repairs to your home, and maintains the common areas. They often also arrange for deliveries to your home, and even let approved workmen into your home, such as cable or phone technicians.
5. Condos usually offer enhanced security, such as a doorman, multiple secure entry locks, and in some cases, round-the-clock security personnel—which is very helpful in the event of an emergency.
6. You’ll pay maintenance fees and dues to cover the costs associated with the amenities and security, even if you don’t use them all. The fees are set by the condo board, and they often increase on a periodic basis. These fees will be on top of your monthly mortgage payment.
7. The resale price on your unit often hinges on what other units are available in your development, and at what previous like-kind apartments have sold for. Condo units are very similar to one another, so the number of available units, views, finishes, and appliances often determine your asking price.
8. Condo living is governed by the condo association and any rules and regulations they adopt, although in most cases you will have a vote. Some condo boards restrict pets or noise levels. Make sure you read all your condo rules and regulations before purchasing a unit.
9. Condo residents live in close proximity to one another; it’s a good idea to meet your neighbors before you buy.
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