The allure of easy home ownership has many would be homebuyers asking themselves, “Is condo ownership right for me?” To help make that decision clearer we’ve created a Pro and Con list of Condo Ownership. As always, we welcome your comments.
Location: Often condominiums are available in prime downtown locations.
Security: Close by neighbors makes for peace of mind when you need to head out of town for an extended period of time. Great for the second homeowner.
Low maintenance: Let someone else do the heavy lifting (i.e. mowing and shoveling). That means your free time is really your time!
Affordability: You can find a condo at any price point, but the lower range is often within the budget of many who would not find single-family homes affordable.
Amenities: Many condos have access to a swimming pool, gym or tennis courts adding value to the purchase price.
Condominium association: Condo associations enforce bylaws, handle maintenance and repair issues, and deal with disputes with developers or between unit owners.
Limited Ownership: You only own “the paint on the walls”…not the walls themselves. When you buy a condo, you do not own the land or the structure, rather you share an interest in it.
Fees: There are most often monthly fees which will continue for as long as you own the property, even when the mortgage has been paid off.
Resale: Condos are typically more sensitive to market trends than single-family homes. If the real estate market takes a downturn, they are usually the first to suffer and the last to recover.
Rules: Condo owners have to adhere to the rules that are put forth by the association regarding use of common areas and pet ownership etc.
Condominium association: Condo associations are made up of homeowners rather than professionals. This can mean the association may be weak and inefficient. Also, renovations and rentals are subject to approval from the condo association.