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Advantages and Disadvantages of Condos

By
Real Estate Agent with Nesbitt Realty at Condo Alexandria 0225-089134

This article is reprinted by permission from CondoBenefits.com

Advantages

  1. Condos on average are more affordable then other types of housing.
  2. Maintenance of the exterior of the building will be take care of.
  3. The peace of mind living next to neighbors if help is needed.
  4. Condos can be located in major cities surrounded by restaurants, night clubs, and local bars.
  5. Many condos offer a pool, gym, and basketball/tennis court for those who are active.

*Bonus*

Condos are often located in high rise building making for spectacular views.

Disadvantages

  1. 1. There are condo rules by the condo corporation that would have to be followed.
  2. Condos can have additional fees such as corporation fees.
  3. Only your interior walls inward are own by you (depending on which type of condo you own.)
  4. You will have to share the pool, gym, and basketball/tennis courts will your other neighbors.

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Comments(3)

Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

Condo specialists help me out here!  I'm sure we can add a few more advantages and disadvantages to the list.

Aug 10, 2008 11:52 PM
Steve Shatsky
Dallas, TX

Here are a few to add:

You have to take neighbors' right to a peaceful existence into consideration when having a party or playing stereos/surround sound systems.

There is noise transferrence between units at some level in all buildings.  How significanct that noise is varies, but needs to be taken into consideration BEFORE buying... because it won't go away once you own.

The building's maintenance and possible assessment schedule is not controlled by you and you may have to come up with money for unexpected maintenance you might otherwise choose to defer in your home.  Keep some cash reserves available.

Aug 12, 2008 04:36 PM
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

Advantage:

A good condo association keeps reserves to avoid the pain of a "special assessment". If you have a single family residence and need a new roof, the money comes from you in one chunk whether you call it a special assessment or not. A well-managed association tucks money into reserves so that you never encounter this sort of problem.

Aug 12, 2008 10:28 PM