There are distinct advantages and disadvantages associated with owning a condo and a single-family home. A condo brings with it a way of life that is not suitable to everyone. Taking that final plunge into condo land means you should look carefully at all the pros and cons connected to buying a condo.
It is important to note for people sensitive to loud noise that first floor units can be raucous. Living in a first floor unit, there will always be a great deal of traffic above you. You must investigate a unit by visiting it at different times of day and night to determine how noisy it would be to live here. The truth will reveal itself to you.
It will be almost impossible for you to avoid your neighbors living in a condo situation because you will share walls and common ground. As far as parking and common areas are concerned, the homeowner's association becomes the vehicle with which you will deal with your neighbors.
If your preference is to live in the heart of a city, a condo may be a good choice for you as many are usually located in downtown areas, where property is at a premium. Remember that when you buy a condo, you are actually buying the space between the walls of your unit and share ownership of the common areas with other condo owners. The land beneath the building does not belong to you, although you share an interest in it.
The right questions need to be addressed before you buy a condo. If there are assessments either current or pending on the unit you are buying, you need to know about it. Common charges that are tacked onto your monthly bill can be grounds for negotiation for a lower selling price if you as the buyer are well aware that they exist. Ask the local police if there have been reports of incidents of crime in the complex. You will need to know what amenities are being offered and how many children live in the complex.
You must weigh both the benefits and drawbacks of owning a condo against your own needs. There are many things in its favor; insured security, low maintenance, affordability and amenities. These very things can be negatives as well. Shared wall and common areas may bring you more contact with your neighbors than you would like, maintenance fees may be charged for services you don't use and while condos are affordable, reselling one is sensitive to market trends and condos are generally the first to suffer in a down market and the very last to recover.
It is important to note for people sensitive to loud noise that first floor units can be raucous. Living in a first floor unit, there will always be a great deal of traffic above you. You must investigate a unit by visiting it at different times of day and night to determine how noisy it would be to live here. The truth will reveal itself to you.
It will be almost impossible for you to avoid your neighbors living in a condo situation because you will share walls and common ground. As far as parking and common areas are concerned, the homeowner's association becomes the vehicle with which you will deal with your neighbors.
If your preference is to live in the heart of a city, a condo may be a good choice for you as many are usually located in downtown areas, where property is at a premium. Remember that when you buy a condo, you are actually buying the space between the walls of your unit and share ownership of the common areas with other condo owners. The land beneath the building does not belong to you, although you share an interest in it.
The right questions need to be addressed before you buy a condo. If there are assessments either current or pending on the unit you are buying, you need to know about it. Common charges that are tacked onto your monthly bill can be grounds for negotiation for a lower selling price if you as the buyer are well aware that they exist. Ask the local police if there have been reports of incidents of crime in the complex. You will need to know what amenities are being offered and how many children live in the complex.
You must weigh both the benefits and drawbacks of owning a condo against your own needs. There are many things in its favor; insured security, low maintenance, affordability and amenities. These very things can be negatives as well. Shared wall and common areas may bring you more contact with your neighbors than you would like, maintenance fees may be charged for services you don't use and while condos are affordable, reselling one is sensitive to market trends and condos are generally the first to suffer in a down market and the very last to recover.
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