Living in a Condo

Thinking of living in a condo instead of a house?  Let’s examine some of the pros and con’s before you decide what is best for you

Here are some of the positive reasons to own a condo.  Many condos are built in the downtown area of cities or towns because of land availability.   If this is a location you desire then this is a positive for you.  Security is an issue for some people.  If you travel a lot and want to know your property is safe or if you are elderly and want people around you, think condo.   Low maintenance is a real plus for condo living.  No worries about mowing grass or shoveling snow.  Roof problems or cement work is not your concern.  No water or trash bills to pay.    Sometimes condos are cheaper than a house for first time buyers or people wanting to downsize.  Amenities are included in most condo complexes, a swimming pool, hot tub, gym or tennis courts saving you money and time 

Here are some of the negative reasons to own a condo.  When you buy a condo you do not own the land.  You own a building that is owned by all the residents in the complex.   Depending on your neighbors, noise between the walls could be an annoyance.  I never had this particular problem but it does exist.   Association fees are due each month to pay for the maintenance of the complex.  The grass mowing, snow shoveling, water, swimming pool and other amenities are covered by this fee.  In a bad market, condos may suffer worst than a single family home.  Condo complexes have by-laws that must be followed.  They usually pertain to the outside of your condo within a certain square footage of the front door.  Pets may also be discussed in the by-laws. 

There are many different kinds of condos.  Some are stacked, attached next to each other, converted apartments or stand alone.   If you decide on an attached, get an end unit.  You will have more windows and privacy.  Read the by-laws very carefully and make sure you can live within the rules and regulations.  Go to a meeting of the board before deciding and ask questions.   

I lived in an attached condo and loved it.  Not having to worry about shoveling snow, yard work on the weekends, watering or cutting the grass, was worth any other considerations.  I now live in a stacked condo for the summer months and enjoy that too.   Just consider all you options before making your decision.