Is the condo lifestyle right for you?
Owning a condominium is different from owning a single-family home in many ways.
Here is a list of the basic advantages and disadvantages of condo living to help you make your decision.
Advantages:
- Location: There is often a high concentration of condominiums in center city where land is at a premium. If you want to be in the heart of the city, a condominium may be a good choice.
- Security: Having neighbors around makes it a lot easier to lock up and leave for a vacation or an extended period of time. Also, condominium buildings often have security features, such as buzzers or a security guard service.
- Low maintenance: You dont have to worry about mowing the lawn or shoveling snow. Condo living means someone else takes care the upkeep and maintenance of the common areas of the property.
- Affordability: While condominiums have a wide price range, the lower range is often within the budget of first-time buyers and others who may find single-family houses unaffordable.
- Amenities: Most condominium developments offer a range of amenities in the common areas. This means that you may have access to a swimming pool, gym or tennis courts that you would not be able to afford on your own.
- Condominium association: Every unit owner is a member of the condo association, which also has an elected board. The association serves to enforce bylaws and handles maintenance and repair issues.
Disadvantages
- Community living: Shared walls and common areas mean that you are more likely to hear your neighbors or run into them more often. Also, as part of the homeowners association, you will have to coordinate with neighbors to come to decisions regarding the common areas.
- Fees: Monthly condo fees go toward maintenance and repair of the common areas. There are occasionally additional assessment fees to handle larger repair jobs. Your fees may also be paying for amenities, such as a swimming pool, that you may not use.
- Resale: Condominiums are more sensitive to trends in the real estate market than single-family homes. If the market takes a downturn, condos are usually the first to suffer and the last to recover.
- Rules: Condos are governed by a set of bylaws. This can include restrictions on noise levels, pet ownership, and renovations.
- Condominium association: Because the condo association is made up of homeowners rather than property-management professionals, the association may be weak and inefficient. Also, if you want to make renovations to your unit or rent your unit out, you may have to get approval from the condo association.
Weigh all of the pros and cons before you buy instead of after.
Whether you are buying or selling a home, George Maynes will always work in your best interest while helping to make your real estate transactions as stress free as possible.
George Maynes and his team are excited to assist you in all of your real estate transactions. Please contact George Maynes for a FREE (no obligation) consultation if you plan to buy and/or sell a home. We will provide you with reliable advice so you can make informed decisions.
George Maynes
Prudential Fox & Roach, REALTORS®
2451 Fairmount Avenue, Philadelphia, PA 19130
George.Maynes@prufoxroach.com
Cell: 215-317-3007
Office: 215-763-2100
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