Condo living can have its perks. However, when contemplating the purchase of a condo instead of a house, it’s important to weigh both the pros and cons. Here are some factors to consider.
Close quarters. If privacy is important to you, maybe condo living isn’t for you. Neighbors are often right across the hall or on the other side of a wall. Unlike a single-family dwelling that may offer trees and a perimeter fence for privacy, expect to share space with others.
Association fees. A monthly fee, independent of your mortgage, goes towards the upkeep of the property. When considering a purchase, it is crucial to factor these fees into your overall budget.
Resale value. When it comes time to move, if there are a lot of units available in your building, expect fierce competition.
Rules and regulations. Unlike a home, condo owners are subject to rules and regulations, and suffer financial or legal consequences for violations. Frequently there are restrictions on renovations, noise and even the size of pets that are permitted.
Repairs. Any maintenance or repairs in your building are not your responsibility. Don’t worry about the torn shingles, leaking roof or broken furnace, your association fees will cover it.
Security. Many condos offer extra security, such as a doorman and gated entries. Also, with so many neighbors, help is never far away.
Added perks. Some complexes offer amenities that are out of reach to many homeowners, such as a clubhouse, fitness center or a community pool.