Condos, or condominiums, are appealing because they offer the convenience of renting, but you own the condo. With a condo, the lawn care and snow removal are taken care of for you. If the plumbing breaks or there are roofing problems, those are fixed, too. On the other hand, there are a variety of reasons not to buy a condo, including monthly maintenance fees, close neighbors, condo regulations, and possible problems selling if numerous units are on the market when you want to sell.
No Land Ownership
Buying a condo means you own the unit in which you live, but share ownership of common areas including any pools, gym or lawn areas. If you like to garden or host outdoor dinner parties, a condo might not be your best choice. The lawn would be maintained, but you might not be permitted to plant a garden or host large parties in the shared space.
Monthly Condo Fees
You might not have to shovel snow, mow the lawn, or fix the plumbing, but you will have to pay a monthly fee to ensure that the chores are done. Fees also maintain condo amenities such as a pool, gym, or tennis court. If a large repair is needed, high fees could be required. A condo's board can raise fees without your consent.
A condominium is basically a large apartment building where tenants own their space. Unless the walls, floors and ceilings are soundproof, you will hear your neighbors and they will hear you.
Condos are typically governed by a board of condo owners. The board creates and enforces condo rules and regulations such as whether pets are allowed, if flag poles can be installed, and whether barbecue grills are permitted on patios or balconies.
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