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.
A unit on the first floor can be loud and should be avoided if you are a person with such sensitivities. You must realistically presume that people will always be walking above you. To determine how noisy a unit really is, drive by it at different times of day and on the weekends. That is the way to find out the truth.
Shared walls and common areas means that no matter how alone you wish to be, condo living will make it very difficult for you to avoid your neighbors. When it comes to decisions involving parking and common areas, you will have to deal with your neighbors via a homeowner's association.
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.
Your own needs must be evaluated when considering the benefits and drawbacks of living in a condo. A condo can offer insured security, low maintenance and affordability as favorable factors. The negative aspects of condo ownership are actually the very same as those factors favoring it. Being in contact with your neighbors in shared common areas may not be desirable, maintenance fees may be charged to you for services you are not using, and condos, while affordable, can be very difficult to resell and recover from a declining market.
A unit on the first floor can be loud and should be avoided if you are a person with such sensitivities. You must realistically presume that people will always be walking above you. To determine how noisy a unit really is, drive by it at different times of day and on the weekends. That is the way to find out the truth.
Shared walls and common areas means that no matter how alone you wish to be, condo living will make it very difficult for you to avoid your neighbors. When it comes to decisions involving parking and common areas, you will have to deal with your neighbors via a homeowner's association.
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.
Your own needs must be evaluated when considering the benefits and drawbacks of living in a condo. A condo can offer insured security, low maintenance and affordability as favorable factors. The negative aspects of condo ownership are actually the very same as those factors favoring it. Being in contact with your neighbors in shared common areas may not be desirable, maintenance fees may be charged to you for services you are not using, and condos, while affordable, can be very difficult to resell and recover from a declining market.
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