There are some home buyers who are not sure what the benefits and disadvantages of owning a condo. First, I will list some of the benefits of condo ownership:
• No exterior maintenance, such as, mowing the yard and painting the exterior of their home.
• More free time for the homeowner.
• Condos may provide amenities, such as, swimming pool, fitness room, and clubhouse for holding parties.
• Condo ownership allows homeowner to take advantage of tax savings. Interest paid on home loan and property taxes can be deducted on your federal income taxes.
• Benefits can be realized from appreciation of the property.
Now I will list some of the disadvantages to owning a condo:
• Will incur association fees for maintenance and updating the property.
• May not have as much privacy as you would experience in a detached home.
• Probably will have little input in landscaping choices.
• Will be living in close proximity to your neighbors.
In final analysis it becomes a personal choice, but buyers need to be aware of the pros and cons of condo ownership.