The Pros and Cons of Purchasing a Condo

Condominiums can provide a low maintenance lifestyle and there are pros and cons to any property purchase decision. Below are some things to consider.

CONS:

Reserve funds and association fees - There are usually homeowners association fees associated with a condo that must be considered when a budget for the monthly mortgage payment is determined. The condo association takes responsibility for maintenance of the common grounds, area amenities and exterior maintenance like roofs, exterior doors and siding. Some times a special assessment must be levied because of an unexpected expense that the available funds wouldn't cover.

Condo rules - When you purchase a condo you are purchasing a share in a corporation providing you with a vote but you must comply with the condo rules. Be sure you understand the covenants, restrictions and bylaws. They will restrict your neighbors from participating in behavior you find unacceptable but those same rules will apply to you as well.

Resale - In a condo community, your resale value is more closely tied to that of the neighborhood. The number of investment properties, the condition of the grounds and the reserve of funds available in the association coffers can effect your ability to sell your condo. You don't have complete control over the situation so time and value can be effected.

Neighbors - You are in close proximity to your neighbors so your lifestyle will have a stronger effect on them and theirs on you

PROS:

Amenities - Many condos have amenities like a pool or fitness center. It eliminates the need for outside memberships and provides a convenience of ease.

Maintenance - Most condos cover maintenance in common areas like the grounds, pool and usually the exterior maintenance of the unit like roofs, siding, doors, etc. These are items that make living in a condo more care-free.

Condo rules - These regulations help to keep the area more agreeable to everyone. Remember, you are entitled to a vote so you may want to attend the association meetings.

Neighbors - The proximity provides an opportunity to get to know your neighbors, develop friendships and provide the security that neighbors provide.

Robin Scott, Broker. Certified Residential Specialist, Accredited Buyer's Representative, Seller's Representative Specialist.