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, restrictions, and
bylaws 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
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