If you are considering buying a new home in the near future and are not sure where to begin, one of your first considerations should be to determine the type of lifestyle you're looking for. Do you want condo style living (attached) or single famiy residence (detached)?
Here are some factors that may help you determine if condo style living is for you.
If you want to be downtown; normally there are endless options of condominium buildings available and the land they sit on are usually considered prime locations.
You have the security of neighbors and guard services that makes it hard to determine if your unit is occupied or not. If you do a lot of travelling this may be an ideal situation for you.
You don't have to worry about mowing the lawn, fixing the roof, painting and all the other pesky maintenance issues that come up when living in a single family residence.
Many condo buildings have units with various price range therefore you can get into a prestigious building at an affordable price. These are usually the units on the mid to lower level floors.
Amenities can consist of more than a swimming pool and a workout room. Other perks may include valet parking, laundry services, on-site salons and restaurants.
You're automatically a member of the Condo Association; therefore you have a "voice" in the overall decisions of common areas of the building.
If you don't like the idea of apartment style living; condo living is not for you. Lack of privacy is usually a major concern.
Unless you're considering public transportation, you may have to pay to reserve a spot to park your vehicle, or may have to park on the street.
If you're using an FHA insured loan; your lender may not release the funds to buy a condo if it's not located in an FHA approved building. Even then, the condo building must be at least 51% owner occupied before the lender will release a FHA loan along with other restrictions.
When you buy a condo you do not own the land beneath the building, you share an interest in it with other condo owners. You only own the space between the walls of your unit, and common areas are also considered shared interest with the other condo owners.
Monthly association fees can sometimes cost a pretty penny, and CC&Rs (Covenants, Conditions & Restrictions) are used to govern the way things are done in a condo building. Restrictions may consist of noise level (including how loud you play your radio), pet ownership, renovations and even the type of window treatments you hang in your window.
Condo Associations are made up of condo owners who may not necessarily be professionals or have experience in property management so the risk of mis-managed funds and repairs are sometimes a major issue with condo buildings.