Owning a condo unit, like owning a house with a lot, has its advantages and disadvantages. Condo Living is not for everyone. If you would like to live your retired life cutting your lawn when it is green, a condominium unit is certainly right for you.
We trust that you can decide for yourself which type of home ownership fits your lifestyle. Here is a things to consider when decide for or against a condo ownership.
Advantage of Condominium
- Condominiums are often located convenient to centers of
employment and shopping. - Some of the amenities include 24‐hour concierge, high‐tech
security surveillance, recreation and fitness facilities plus the
convenience of not having to cut grass. - Exterior maintenance is the responsibility of the condo
homeowner’s association. - The security of leaving your condo for an extended period
without worry (called “lock and leave”). - Pride of ownership from being an owner rather than a
renter. - Sound Investment ‐Potential resale profit as the condo
appreciates in market value. - They make great affordable first homes.
- They also make great “last homes” if you are downsizing
from a large family house to a smaller residence.
Disadvantages of Condo Ownership
Depending on your viewpoint, potential condo disadvantages might
include:
- •Condos are governed by a set of rules called Covenants, Conditions and Restrictions (CC&Rs). This can include restrictions on noise levels, outdoor barbeques, pet ownership, renovations and even what kind of curtains you can put in your windows.
- Poor soundproofing (the No. 1 complaint of condo owners).
- Parking at condominiums is often in a common area not attached to the home.
- No yard.
- Some condo buildings may have stairs. Poor‐quality maintenance or management which affects enjoyment and resale values.
Condo Right For You If…
- You want or need the convenience of Location
- You want absolutely nothing to do with exterior maintenance and repairs.
- You like the idea of amenities (swimming pools, tennis courts
and the like) but you don’t like the idea of having to pay for them
on your own. - You like the safety of numerous and nearby neighbors.