Sep 202017
Is Condo Living Right For You?
There is a perfect home out there for every buyer.
Some buyers want to live on five acres in the countryside while others want to live in a city penthouse. Whatever your tastes are there is a home out there for you. In recent years a growing number of buyers have explored the option of a condominium. There are more condominiums in your area than you think. Some buyers love the built-in amenities and comfort of living while others need their space. Like every other property there are pros and cons to condo living. Before you accept or dismiss a condo there are a few things you should know about them. Here are some pros and cons of buying a condominium.
Cons
- Space: There are plenty of good size condos available. In some complexes, they can be bigger and nicer than the average single-family home in the area. The downside is the layout of the units. By definition, a condo is part of an association of other like properties. Because of this they are attached or near other units. If you prefer privacy, a condo is not for you. Back porches are often right next to one another. You may also be limited in the size of your yard or the available parking.
- Resale Value: Comparable sales are the best way to determine property value. Sales that are near the subject property and are similar in room count, square footage, and layout are the most reliable comparables. Every sale in a condo complex impacts the value. This is great when the market turns up, but can be a burden in a down market. A few poor sales will negatively impact your property value.
- Approval: Loan approval for a condominium follows the same processes, except for a few stark differences. The biggest difference is that the complex needs to be approved. The lender can reject the complex if there are too many rentals or not enough insurance, among other things. You need the lender’s approval to be financed.
- Complex Rules: Even though you own the property, you still need to follow the rules and bylaws of the complex. If you wanted to paint your deck, you may not be allowed to. Some complexes have rules that won’t allow you to hang a flag from your garage or to leave lights on after a certain time of night. Every complex is different so it is important that you understand the individual rules.
Pros
- Amenities: One of the biggest perks of condo ownership is the use of the amenities. Each complex may offer something different that appeals to you. Some have tennis courts and swimming pools while others have a twenty-four-hour security guard. Instead of paying for these items individually, they are part of your monthly association fees.
- Maintenance: Many buyers are attracted to the notion of never having to do any maintenance again. They do not have to cut the grass, rake the leaves or shovel their driveway when it snows. Like the physical amenities, this is included in the monthly association fees.
- Community: If you are a social person, condo living may be for you. There are many complexes that offer events, activities, and bus trips year-round. There is usually a main meeting hall in the complex that can also double as the hub for monthly events and entertainment. Since you live so close to all your neighbors, it is easy to build a strong sense of community within your condo complex.
Every condo complex is unique. Take some time to research the various complexes in your area and see which one best fits you. If you enjoy having a close knit community and playing tennis with your neighbors, consider condo living.
