Condominium Living: Is It Right for You?

For some people, a condominium lifestyle is the only way to live – no lawn maintenance, a pool and tennis court, and extra security features you might not have in a single-family home. Other people simply can’t breathe in a condo, because the neighbors are too close for comfort. Consider the pros and cons and your specific needs and desires before deciding to buy a condo.

Pros

• Location: If you want to be in the center of the action in a big city, a condominium may be a good choice. With land at a premium, downtown locations have a wide variety of condo choices, from swanky high-rises to renovated warehouses.
• Security: Condo buildings often have security features such as a guard service, buzzers and enclosed parking. And having lots of neighbors close-by can provide peace of mind and built-in house sitters if you leave for an extended period of time. This is particularly helpful if this is your second home, and you are only there for part of the year.
• Low maintenance: Someone else does the landscaping and takes care of overall structural maintenance. There may be some cases – if it’s your fault for instance – where you will have to pay to repair damages.
  Affordability: While condominiums have a wide price range, the lower range is often within the budget of first-time buyers and singles who may find single-family houses unaffordable.
• Amenities: Most condominium developments offer a range of amenities in the common areas, including a swimming pool, gym or tennis courts.
• Condominium association: Every unit owner is a member of the condo association, which also has an elected board. The association serves to enforce bylaws, handles maintenance and repair issues, and deals with disputes with developers or between unit owners.

Cons

• You own a “box of air”: You do not own the land beneath the building, but simply share an interest in it. Instead, you own the space between the walls of your unit and share ownership of the common areas with other owners.
• Community living: Shared walls and common 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 regarding the common areas.
• Fees: Monthly condo fees go toward maintenance and repair of the common areas. There are occasionally additional assessment fees to handle larger repair jobs. Your fees may also be paying for amenities, such as a swimming pool, that you may not use.
• Resale: Condominiums are more sensitive to trends in the real estate market than single-family homes. If the market takes a downturn, condos are sometimes the first to suffer and the last to recover.
• Rules: Condos are governed by a set of rules called Covenants, Conditions and Restrictions (CC&Rs). This can include restrictions on noise levels, pet ownership, renovations, and even what kind of curtains you can put in your windows.
• Condominium association: Because the condo association is made up of homeowners rather than property-management professionals, the association may be weak and inefficient. Also, if you want to make renovations to your unit or rent your unit out, you may have to get approval from the condo association.