Toying with the idea of maybe buying a condo instead of a single family home or duplex? Condos have become more and more popular over recent years and there are definitely reasons why. At the same time, carefully consider what some might deem 'cons' of buying a condo. Let's look at these pros and cons.
Pros
There are several positives about buying a condo. What are some of these positives?
First, there is definitely less maintenance involved. No lawn to mow, trees to trim, trash to throw out. Instead, the homeowner association, or HOA, hires a management company to take care of all these details.
Security
Another positive is about security. Condos are guarded and tenants have to enter a code in order to enter the building. There are security cameras throughout and are monitored.
Amenities
Condos also provide additional amenities that would cost quite a bit more when attached to a single family residence. There's usually a swimming pool and spa. Some have sports courts, racquetball and tennis courts. There's a clubhouse that can be used for entertaining.
Affordability
In most cases, condos are less expensive than a similarly sized single family home. If a 2,000 square foot single family residence costs $200,000, a 2,000 square foot condo might come in closer to $150,000.
Metropolitan
Although a condo can be located pretty much anywhere, most are found in the city. This means better access to shows, restaurants, museums and all that downtown life has to offer.
Cons
There are some other things however that one should examine and be aware of before getting too much further in the process.
HOA
Condos are managed by a Homeowners Association, or HOA. This is an added monthly expense. The HOA takes care of the general maintenance of the area and also enforces the HOA's rules. While many HOAs are friendly to its tenants, sometimes there are those that might be deemed as hostile. HOAs have the ability to issue fines to owners when they run afoul of these rules.
Privacy
In a metropolitan condominium, there might be 100 or more separate units. This means you now have 100 neighbors. If there's a Mrs. Kravitz living near you, they'll be on the lookout for those who may violate HOA policies.
Selling
Not everyone wants a condo. There can be several reasons but the fact is that some people simply prefer to live in the privacy that a single family home provides.
Rules
We briefly mentioned this earlier, but there are rules that tenants must abide by. One of the HOA’s jobs is to make sure these rules are followed. Noise can be an issue. Maybe the rules say no furniture on the outdoor patio. Perhaps you're issued your own parking spot and you'd better use it or there will be a fine coming your way.
