Should You Consider Condo Living

Purchasing a condo can be a great option for many buyers. Condos frequently feature desirable locations, minimal maintenance, and smaller price tags than single-family homes and home buyers today are considering a simpler lifestyle. But condo living, good or bad, can present unique challenges;

Pros

1. Amenities. In many condominium communities you'll find you have access to a clubhouse, pool, exercise facilities, concierge, or even door security. These great perks cost you nothing extra and are quite the draw for many buyers.

2. Cost. In many cases, you can find a condo in your preferred neighborhood for a cheaper price than a single family detached home. This can come in handy when parents want children to go to the best public schools in the area. They may not be able to afford the house around the corner, but they can afford the condo in a community.

3. Maintenance. Most condominiums require very little maintenance from their tenants. Yard work and the like are done and paid for through your monthly dues. Reserve funds are saved up by the condo association for larger periodic repairs, such as roof replacement and painting.


Cons

1. Monthly dues. While the condominium unit itself may come with a cheaper price tag, once you add in monthly dues or fees you could see yourself being priced out of the property. While monthly condo fees cover on-going maintenance and contributions to a reserve fund for small emergency repairs, condo associations may assess separate fees for unexpected expenses or to fund major property improvements like repaving.

2. Resale. There are fewer buyers looking for condos. Large families are generally on the hunt for a single family dwelling.

3. Limited Space in General. You may luck out and find a condo with a garage or storage units. If so, you are in the minority. If you have lots of things to store, and no extra space to put them, remember to add in a storage rental space into your monthly expenses before buying.

4. Less Privacy. You share a wall with your neighbors. You may even have neighbors above or below you. In this case, remember the noise factor.

5. Subletting. Did you know that a condo board can make it "illegal" for you to rent your unit out? Be sure to check out the rules before you buy, especially if you are considering using the property as a rental unit at some time.

Condos make ideal homes for singles and couples who lead busy lives and don’t spend much time at home, but consider your lifestyle—both now and in a few years—and make sure a condo really Is the right fit for you.