What are the advantages and disadvantages of living in a condo?
What are the advantages of disadvantages of living in a single family home?
Basically, I can either buy a condo in a really cool part of town a nice house about 20 minutes from town but it's next to a really pretty park. Other than that, what are the respective advantages and disadvantages?
- deb sLv 68 years agoBest Answer
This is a huge topic. Yahoo might not let me put all this in one answer.
Disadvantages: You do not have control over your own finances. The Association can vote to raise the fees. The Association can vote a one time "special assessment"...which can be a HUGE amount of money. You have to get the rest of the owners together to get anything done...like fix the parking lot or landscaping.
Advantages: You never have to worry about having enough money to put a new roof on the building..the association spreads that cost over everyone. You have the exterior or the building taken care of. lawn care, landscaping, etc... someone takes care of it.
The way to deal with the disadvantages: get involved with the Board of Trustees. Go to meetings, read everything sent to you. Learn what is happening, and get involved in finding solutions. In all the condos I have been involved with...the governing of them was done by those who cared enough to put their own time into it....everyone else just complained.
- dog maLv 78 years ago
I'm going to assume that you are quite young - someone older would not give himself a moniker like yours. If you are unencumbered by children and want to live in a "really cool part of town", then the condo makes sense. In a condo you can lock up and leave for days or months and not worry about who's going to do the landscaping, etc.
The home owner's association and its bylaws will control much of your activity, but most nice newer housing developments have pretty strict rules also. I've found the only way to get away from them is to buy in a rural area with little to no regulations, but that means I have a very nice house next door to a dump, and can't do anything about it.
What's most important to you? Being able to walk to restaurants, shopping, nightlife? Or living next door to a park in a single family home? Personally, I'd take the house, but I don't have to commute into a city for work, and I much prefer the quiet and privacy of a house. If you are young and/or single, the suburbs might be boring to you.Source(s): Real estate agent, landlord
- E&LLv 78 years ago
In a single family home you are responsible for not only all repair to the exterior of your home, but also all the grounds maintenance. In a condo this is usually part of the monthly association fees. With a condo you must be concerned with the declining values of the units and those which may be in foreclosure (thus not paying their monthly association fees either). Some condos high a high rate of either renters or foreclosures and are during this economy not making the proper amount of contributions for repairs . . . . thus you could be in trouble down the line. Make sure you review their financials before investing in a condo.