What Are All Of The Disadvantages To Buying A Condo? I Want To Buy One Instead Of A House.?
Feb.10, 2010 in
chalet
I can get a relatively new condo for a cheap price. If I get a house for the price that I am paying for a condo, it might be very old and will probably be a fixer upper. I can deal with the advantages of buying a condo, but what are some disadvantages that I should know about?
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February 10th, 2010 at 8:24 pm
There are many pros and cons of living in a condo.
Since you want to know about the disadvantages, here’s some from first hand experience:
Condo Fees: they continue to go up over time (just like your house expenses would over time). You must pay them, period. Newer condos start out with low fees but they eventually rise as repairs are needed. Beware of older buildings, make certain they have adequate reserves.
Rules: plenty of community rules to follow. No car washing, no car repairs, quite hours, no pets, etc. No BBQ, etc.
Community living: i.e., getting along with others.
Noise issues: above and below your unit.
Parking!! : In my building I only have one spot. Visitors must park on the street. When I shop I have lug everything up to my unit. But I’m used to it now.
Storage: Limited storage space.
The Board of Directors: all decisions for the building are made by a handful of volunteer board members.
Special Assessment: a fee for unexpected reason (damage to building not insured, underfunded reserves, etc.). Could be be thousands. You must pay it if it comes up.
Summary:
Similiar to living in an apartment building except you have a mortgage plus monthly fees.
In my opinion condos are bought by these kind of people:
1) those who cannot afford a house (young people)
2) those who want convenience (old people)
In my case I would love to be in my own house, but I simply cannot afford it. Hence I have accepted living in a condo, and I’ve learned it has pros and cons.
Good luck.
.
February 10th, 2010 at 9:18 pm
condo’s are similar to apartment living. It’s a personal decision. While you can paint and decorate, in most condo’s you only own your unit. Not the grounds around it. But you do pay maintenance fee’s to maintain the buildings infrastructure and grounds.
A single family you own the house and land under it. You can paint and decor to your heart’s desire. While you do not have a monthly maintenance fee, you will have repairs from time to time. Or replacement of such things as the furnance, roof etc.