The Pros and Cons of Condo Living

Hello Hampton Roads,

 

A condominium is a popular choice with those looking to buy their first home or down size from a larger home and while condo living has many advantages and often brings to mind the concept of "easy" living, there are trade-offs and considerations.   If you are wondering if a condo is right for you, read on!

First condos come in many shapes and sizes from low rise buildings to high rise building and while many are attached, there are also detached condos as well.  What defines a condo is the type of ownership it provides.  Condominium ownership is where the owner is typically responsible for his or her unit from the drywall out and the land and common areas are owned by the condominium association.  Each condominium is different so it's imporant to read the association documents to see who is responsible for what, for example, the roof may be the responsibility of the association but the balcony may be the repsonsibility of the home owners.  

To see why condominiums are so appealing, lets take a look at all the pros:

• Affordability: Condominiums are typically more affordable than single family homes so one may be able to buy a condominium on the water or with water views for less than what a single family home would cost with those same features
• "Easy Living Concept": The condo dues cover the shared maintenance so common landscaping, lighting, and master insurance policy is covered. There is very little yard work compared to owning a single family home.
• Desireable Amenities:  Many condominium associations have amenities such as gated security, or guards, a fitness center, swimming pool, tennis courts, club house or walking trails.  These features are typically included in the monthly dues.
• Sense of Community:  Each owner is encouraged to participate in the condo board meetings by sharing opinions and voting on what they would like to see in community.  One can even run for a board position to have more hands on experience on how the community is run. The condominium also sponsosrs certain events around the holidays like a picnic or pool party to encourage people to meet their neighbors.
• Can Be a Great Second Home or Rental Property: Condominiums are popular choices for 2nd homes or rental properties becuase of their limited maintenance and affordability.

Now here are the cons:

• The Condo Fees:  Each owner shares in the maintenance of running the condo and to pay for the amenities. The fees typically cost hundreds of dollars a month and as buildings age, these fees can increase or a special assessment may be implemented on top of the regular dues to cover the expense.
• Condo Rules:  Each condomium has certain rules and regulations to abide by. For example there may be rules about what you can do to the exterior, or what kind of flowers you can plant. 
• Limited Yard Space:  Condominiums are typically not for those who desire a lot of yard space. It offers limited yard space and therefore limited yard work.
• Lack of Privacy:  This is especially ture for the attached condos which share a common wall. Neighbors live close together which can be good if you like your neighbors but challenging if you want to live in a place where you can't see your next neighbor's house.
• Pet Restrictions:  If you are pet owner I can't stress the importance of reading the condo rules regarding pets as many have pet restrictions usually based on the number of pets you can have and sometime by size and or breed. 
• Rental Ratios: Most condos have rental restrictions in place which is a hindrance if you are an investor but isn't bad if you are home owner. If the rental ratio is too high, certain loans may not be allowed and pool of buyers will be limited.

If you have any questions about buying a condo or buying a home in general, feel free to reach out! You can also sign up for my upcoming Free Home Buyers Webinar on Aug, 18th. 😃

Thanks for Reading,

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Find out why it coould be a great time for you to buy a home in 2022. Register for the upcoming Free Home Buyers Webinar on August 18th, 2022 at 7:30pm.