Owning a condominium is unlike owning a single family house and it has its distinct advantages. The lifestyle a condominium provides is not for everyone. So look before you buy a condo and consider the following advantages and cons before making a decision.
It is important to remember for people sensitive to loud noise that first level units can be noisy. You must realistically accept that people will continually be walking above you. To find out how noisy a unit really is, drive by it at different times of day and on the weekends.
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Shared walls and common areas means that no matter how alone you want to be, condominium living will make it very difficult for you to steer clear of your neighbors. With a homeowner’s association you will be forced to meet with your neighbors when it comes to decisions concerning parking and communal areas.
A condo is a good pick for lovers of urban life as most of them are located in the downtown areas, where the price of land is very high. Remember that when you purchase a condominium, you are actually buying the area between the walls of your unit and share ownership of the communal areas with other condo owners. The land beneath the edifice is not part of your ownership in a condominium, which includes only the area between the walls; you just share an interest in it.
Know which questions to inquire about before you purchase. You have to find out if the property has any pending or present assessments on it. These monthly fees that are tacked onto your monthly common charges for a specified amount of time may let you negotiate for a lesser selling price. Inquire about crime in the condominium complex. Ask about the facilities available and how many children live in the complex.
You must weigh both the benefits and drawbacks of buying a condo against your own needs. Insured safety, low maintenance, affordability and facilities are all favorable factors available to those who live in condos. These same conditions can work versus a condo owner too. Shared walls and common areas may bring you more contact with your neighbors than you would prefer; maintenance fees may be billed for services you don’t use.
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