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| | Condo
Pros and Cons
The Pros and Cons of Condos
Condominiums and townhouses offer an affordable option to
single-family homes in most areas. But consider these facts before you buy.
- Storage.
Some condos have storage lockers, but usually there are no attics or
basements to store belongings.
- Outdoor
space. Yards and outdoor areas are usually smaller in condos, so if you
like to garden or entertain outdoors, this may not be a good fit. However,
if you hate yard work, this may be the perfect option for you.
- Amenities.
Many condo properties have swimming pools, fitness centers, and other
facilities that would be very expensive in a single-family home.
- Maintenance.
Many condos have onsite maintenance personnel to care for common areas, do
repairs in your unit, and let in workers when you’re not home.
- Security.
Many condos have keyed entries and or even door attendants. Plus, you’ll
be closer to other people in case of an emergency.
- Reserve
funds and association fees. Although fees generally help pay for
amenities and provide savings for future repairs, you will have to pay the
fees agreed to by the condo board, whether or not you’re interested in the
amenity or not.
- Resale.
The ease of selling your unit is more dependent on what else is for sale in
your building, since units are usually fairly similar. Single-family homes
usually are more individual.
- Freedom.
Although you have a vote, the rules of the condo association can affect your
ability to use your property. For example, some condos prohibit home-based
businesses. Others prohibit pets. Read the covenants, restrictions, and
bylaws of the condo carefully before you make an offer.
- Proximity.
You’re much closer to your neighbors in a condo or townhome. If possible,
try to meet your closest prospective neighbors before making a decision.
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