Condominiums and townhouse offer an affordable choice to single-family homes in most areas. But consider these facts before you buy.
When you buy a condo, you do not own the land below the building, you simply share an interest in it. Instead, you own the space in the middle of the walls of your unit, and share rights of the base areas with other owners.
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Storage. Some condos have storage lockers, but commonly there are no attics or basements to hold extra belongs.
Outdoor space. Yards and outdoor areas are commonly smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you hate yard work, this may be excellent choice for you.
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Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very high-priced in a single-family home.
Maintenance. Many condos have onsite maintenance personnel to care for base areas, do repairs in your unit, and let in workers when you're not home.
Security. Many condos have keyed entries and or even doormen. Plus, you'll be closer to other citizen in case of an emergency.
Community living: Shared walls and base areas mean that you are more likely to hear your neighbors or run into them more often. Also, as part of the homeowner's association, you will have to coordinate with neighbors to come to decisions about the base areas
Reserve funds and association fees. Although fees ordinarily help pay for amenities and supply savings for hereafter repairs, you will have to pay the fees agreed to by the condo board, either or not you're interested in the amenity.
Resale. The ease of selling your unit is more dependent on what else is for sale in your building, since units are commonly fairly similar. Single-family homes are commonly more individual, so even if there are others for sale in your area, they probably won't be exactly like yours.
Freedom. Although you have a vote, the rules of the condo association can affect your capability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets. Read the covenants, restrictions, and bylaws of the condo considered before you make an offer.
Resale: Condominiums are more sensitive to trends in the real estate shop than single-family homes. If the shop takes a downturn, condos are commonly the first to suffer and the last to recover
Proximity. You're much closer to your neighbors in a condo or town home. Look at profile of other owners be sure you'll be comfortable. If possible, try to meet your closest prospective neighbors.
The Pros and Cons of Buying Condos
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