What are the benefits to buying a condo?

also if there are any negatives? I live in an apartment which is expensive snd a waste of money as im never done paying and have nothing to show for it.

I wad thinking about buying a condo... bc I do not want a house. I work long hours and do not want to have to do yard work, shovel and such to keep the property up. id like to spend my free time enjoying life. im under the impression if u buy a condo u pay a maintenance fee, assuming they take care of most for you like living in an apartment.

if I am under the wrong impression please help me make a good de ision whi h route I should take.

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  • 6 years ago
    Best Answer

    Location, location, location.

    Take a close look at the local market. For example, Florida can't give them away in many places. In others, it's a better investment.

    I'll relate my own condo experience-

    We bought a condo for our kid to use in college (a medium sized midwestern University town). Her own place, no maintenance, she seemed to like it. It was brand new at the time. THEN there was some sort of problem that required the units to be re-roofed, and there was a "special assessment" for this, and of course the buildings the condo board members lived in got done first, the others...not so fast). After graduation, we sold it about what we paid for it, so less after the 7% realtor fee. So we ate the maintenance fees, but that was still cheaper than renting, and we felt lucky to come out of it at a slight loss. Bottom line - I would probably never buy a condo again, but I'm very handy (rebuilding houses is what I do) and I love yard work.

    For you, it sounds like a condo would be a good idea, as long as you thoroughly investigate any past and on-going issues with the association, ask for a history of fee increases, and really, really be mindful of the neighbors - my kids condo was one building, 12 units, common hallways, so noise could have been a factor, and smelly cooking was occasionally a factor. An elderly aunt of mine is in a side-by-side townhouse type condo, has no issues, few maintenance issues (the property is about 25-30 years old) and really enjoys it.

    Others answering this question have nice pro/con lists that I would concur with.

    Good luck. Sounds like you'd be good candidate for a condo, just do your research!

  • 3 years ago

    Benefits Of A Condo

  • 6 years ago

    Pros:

    Once you pay off your mortgage it's yours

    Possible tax benefits

    Can decorate your home the way you want as you own the air space

    Possible chance to sell it later at a profit

    Some condo's will have club houses, pools, and fitness centers for your use.

    Cons:

    You will always have homeowner's association fees which will most likely rise. (If you are not into having the pool or club house it may be cheaper to buy a home and pay a gardener)

    You still have to pay for any repairs just like in a house. Check with the HOA what they take care of.

    You will share a common wall or two with a neighbor.

    May have a loud/noisy or grumpy neighbor you share a wall with.

    Have to follow strict homeowner association rule (can't park your car in certain places, can't plant certain plants, can't put up certain things around the house) Be sure to read the rules!

    Because of the HOA fees when qualifying, the amount you qualify for reduces.

    Source(s): 29 years mortgage experience
  • Anonymous
    4 years ago

    This Site Might Help You.

    RE:

    What are the benefits to buying a condo?

    also if there are any negatives? I live in an apartment which is expensive snd a waste of money as im never done paying and have nothing to show for it.

    I wad thinking about buying a condo... bc I do not want a house. I work long hours and do not want to have to do yard work, shovel and such to...

    Source(s): benefits buying condo: https://tr.im/0fWBJ
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  • 6 years ago

    One warning: do not buy an old condo. When the roof leaks, the railings rust, carpet in halls need replacing, building needs painting, pavement needs replacing, etc,etc all of the condo owners

    must share evenly in the all the repairs and replacements. This cost is over and above your

    monthly maintenance fee.

    Then there are property taxes and insurance which must be paid on time.( both of these increase

    yearly).

    You must have a good down payment to buy, and then there are costly closing fees.You will also

    need to be approved for a mortgage.

    Source(s): Knowledge.
  • ?
    Lv 7
    6 years ago

    Benefits are

    building equity

    no outside maintenance (You are responsible for repairs inside your unit)

    Drawbacks

    Condo Association hit you with a surcharge

    noisy neighbors

    inability to sell the unit

  • 6 years ago

    you could not give me a condo now

    I owned one

    neighbor's noise enters your unit

    and assn's are mini gods

    if you don't want grounds maintenance, have a full front and back

    of cactus or --heaven borbid i say it--fake grass

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