Advantages & Disadvantages of owning a condo vs a home
Owning a Condo: your personal ownership is typically limited to the interior of unit which includes floors, ceilings and walls. Sharing responsibility with all condo owners when it comes to exterior amenities and common areas.
Disadvantages of Condo Ownership: single-family home owners are responsible for the interior and exterior maintenance and upkeep of their home and provide advantages condo ownership does not.
Community Living: condominiums share walls meaning you have to respect your neighbor when it comes to noise compliance. Generally condo communities lead to more interaction with neighbors and their pets.
Fees: Condominium owners are responsible for fees collected monthly and additional fees can be assessed in response to unexpected or unplanned events.
Resale: Depending where your condo is located in which city may or may not be sensitive to real estate market trends. Condominiums use to be the first hit and last to recover generally speaking. Times are changing for many popular city condominiums.
Condominium Rules: single-family owners have more independence while condo owners must follow community rules following hoa rules are facing steep fines. Condo owners are not allowed to do certain renovations without approval, not allowed to put up certain items in their windows and must respect noise compliance.
Privacy: Condominiums share walls, there will be noise at times.
Owning Space: condominium owners do not own the land beneath them, they own the space between the walls of their units along with shared common area of their condo community.
Advantages of Condo Ownership: Community HOA generally covers all exterior repairs, including roofs, building structure, and owner shared areas.
Location: Condominiums are generally conveniently built around city center, shopping and restaurants. Close proximity to city centers and major transportation routes.
Affordability: Condominiums are very popular for first time home buyers, empty Nester's and others. Varying in prices and hoa fees can be a win win for buyers but not always in HOT real estate trending markets.
Maintenance: No lawn care, No shoveling snow, No exterior cleaning.
Amenities: owners can enjoy community swimming pools, gyms, meeting rooms, and additional amenities condominium owners don't have to worry about community amenities only living enjoyable free lifestyles.
Condominium Owners Accountability: Association sets rules and regulations all condo owners must follow. Enforcement to ensure compliance.
Weighing the pros and cons of condo vs home ownership has been brought to you by Bob Ratliff, REALTOR® (512) 587-5689 helping buyers and seller with Austin area condominium investing. If you or someone you know is considering buying or selling a condo please contact Bob Ratliff.
Search Condos for sale in Austin and surrounding areas below: