The Pros and Cons of Condos

Condominiums and townhouses offer an affordable option to single-family homes in most areas. But consider these facts before you buy.

1. Storage. Some condos have storage lockers, but usually there are no
    attics or basements to store belongings.

2. Outdoor space. Yards and outdoor areas are usually 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 the perfect option for you.

3. Amenities. Many condo properties have swimming pools, fitness centers,
   and other facilities that would be very expensive in a single-family home.

4. Maintenance. Many condos have onsite maintenance personnel to care
    for common areas, do repairs in your unit, and let in workers when
    you’re not home.

5. Security. Many condos have keyed entries and or even door attendants.
    Plus, you’ll be closer to other people in case of an emergency.

6. Reserve funds and association fees. Although fees generally help pay
    for amenities and provide savings for future repairs, you will have to pay
    the fees agreed to by the condo board, whether or not you’re interested
    in the amenity or not.

7. Resale. The ease of selling your unit is more dependent on what else is
    for sale in your building, since units are usually fairly similar. Single-
    family homes usually are more individual.

8. Freedom. Although you have a vote, the rules of the condo association
    can affect your ability to use your property. For example, some condos
    prohibit home-based businesses. Others prohibit pets. Read the
    covenants, conditions and restrictions (CC&R’s) of the condo carefully
    before you make an offer.

9. Proximity. You’re much closer to your neighbors in a condo or
    townhome. If possible, try to meet your closest prospective neighbors
    before making a decision.