Condominiums and
townhouse offer an affordable option to single-family homes in
most areas. But consider these facts before you buy.
Storage. Some condos have storage lockers, but usually
there are no attics or basements to hold extra belongs.
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 perfect option for you.
Amenities. Many condo properties have swimming pools,
fitness centers, and other facilities that would be very
expensive in a single-family home.
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.
Security. Many condos have keyed entries and or even
doormen. Plus, you’ll be closer to other people in case of an
emergency.
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.
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 are usually more individual,
so even if there are others for sale in your area, they probably
won’t be exactly like yours.
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.
Proximity. You’re much closer to your neighbors in a
condo or town home. Look at profile of other owners be sure
you’ll be comfortable. If possible, try to meet your closest
prospective neighbors.
