Condominiums and townhouses 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 store belongings.
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 the 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
door attendants. 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 or not.
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 usually are more individual.
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 townhome. If possible, try to meet your closest prospective
neighbors before making a decision.
