What Are the Advantages of Owning a Condo?
Maintenance: Turning over the maintenance responsibilities to the condo association gives owners more free time for other activities. 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.
Amenities: Owners often have access to other amenities like a pool, tennis courts, private beach, docks or exercise room that would not be affordable in a single-family home.
Outdoor Space: Some complexes have areas of open space with large playgrounds or walking trails.
Affordability: Condos are often a more affordable way for first-time buyers and singles to become homeowners.
Security: Close proximity to your neighbors offers a more secure environment in case of an emergency or if you're leaving for a vacation or an extended period of time. This is particularly helpful if this is your second home, and you are only there for part of the year. Many condos have keyed entries or doormen.
Urban Living: There is often a high concentration of condominiums in urban locations. If you want to be in the heart of the city, a condominium may be a good choice.
What Are the Disadvantages of Owning a Condo?
Restrictions: Condos are governed by a set of rules called Covenants, Conditions and Restrictions, which can affect your ability to use your property. For example, some restrictions may prohibit home-based businesses, rentals, renovations, pets or parking restrictions.
Storage: Although some condos have storage areas, there are sometimes no attics, garages or basements for storage.
Outdoor Areas: Yards and outdoor areas can be smaller in condos than in single-family homes.
Home Owner Association Fees: You will have to pay the fees that are set by the condo association board, whether you agree with them or not, and there are occasionally additional assessments to pay for major repairs or improvements.
Proximity: You're closer to your neighbors in a condo or town house than in a single family home. While this is a plus from a security standpoint, shared walls and common areas mean that you are more likely to hear your neighbors or run into them more often. Try to find out as much as you can about the other owners to be sure you'll be comfortable living there. If proximity is an issue for you, you may want to consider a Planned Unit Development (PUD).
