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.