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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