Pros and Cons Condo Ownership

By
Real Estate Agent with Keller Williams Realty

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.

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Rainer
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Jill Schmidt
Aurora, CO

John, Good list.  Over time, I've come to see the HOA fees differently on a condo.  If the roof/exterior maintenance/etc. are all covered, then this is just "putting away $" for future repairs - a good discipline for single family homeowners as well.

Nov 23, 2009 07:30 PM #1
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John Watts

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