My Real Estate Blog

Some people can't imagine living in any other type of home.  Some can't stand the thought of it.  Here are some positives and negatives to think about . . . . . .

POSITIVES:

1. Affordability: Are you looking to buy in a specific neighborhood? A condo allows many buyers to live in a desired location, even if they can't afford a single family home.

2. Amenities: Many condominiums come with access to such things as fitness centers, pools, and club houses.

3. Low Maintenance: While you are still responsible for the inside upkeep, outdoor and community features such as the roof, foundation, sidewalks, pool, and yard are covered by the association. This means no mowing the yard in 100 degree heat!

4. Reserve Fund: The condo association collects funds and keeps them in reserve for larger repairs and upgrades needed down the road. If your association keeps accurate surveys and books, this means there should be no surprise expenses.

5. Safety: Many condos offer gated parking, security guards, doormen, and even keyed entry.

NEGATIVES: 

1. Storage: You may find the rare condo that offers access to storage lockers, but condo living generally means no storage. If you have lots of stuff, be sure to include a storage facility rental fee into your budget.

2. Lack of Privacy: You will most likely have neighbors upstairs or down, or at the very least right next door. Some people love the sense of community this creates, though!

3. Monthly Condo Fees: Condos units require you pay a monthly fee that pays for upkeep around the community. This means even if you own your condo free and clear, you are still responsible for monthly fees.

4. Rules: Who likes to follow the rules?  But kidding aside, many condos have strict rules about guests, noise, decor, and even renting.

5. No Yard: While some homeowners love the idea of no yard work, others enjoy planting and growing. Most condos have very little outside space, apart from small patios or balconies.