"All my life I have lived in a single-family home. I'm mental about downsizing and I hear all this talk about how great condominium living is. There must be some bad things too. What can you tell me?"
Every time you drive down the freeway in big cities, near suburbs, resort areas, or small towns, you see condominium developments sprouting up. They come in all sizes and shapes---luxury versions, low cost models, and those in between. What makes condominiums so popular?
Let's start with the definition of a condominium association:
- Membership in the condominium association is mandatory and automatic upon buy of a unit.
- The condominium association's governing documents mutually bind all owners.
- Mandatory assessments, called maintenance or condo fees, are charged to each owner to control and pronounce the condominium's property.
- Use and enjoyment of the asset are for all owners.
What are the advantages of condominium living?
- Owning your own home is a wise investment. Why pay rent when you can be building equity?
- Interest on your mortgage loan may be an proper wage tax deduction.
- You can enjoy leisure from performing covering maintenance.
- The cost of recreational facilities is shared. Many condominiums offer amenities that you may not be able to afford on your own.
- Security systems are "built in." Because of the presence of your neighbors, when you take a vacation, just lock your door and go!
- Organized public activities may be planned for all ages and occasions.
- You may have a voice in the supervision by offering your services to the board of directors or special committees.
- Property values normally growth because condominium living is a very popular lifestyle, and the association makes sure the property's appearance is expertly maintained.
So What's The Downside?
- The lifestyle takes some "getting used to."
- There are restrictions about what you can do.
- There can be disagreements with your neighbors.
- You may not have any control over the assessments (maintenance fees) and special assessments charged to all owners.
- The board controls colors and styles of the building exteriors and choices of landscape plantings.
- Parking may be itsybitsy or inconvenient.
- The handicapped may have strangeness navigating the environment.
How distinct is living in a condo from living in your own single-family home? "Good-different" if you buy a condominium to reap the benefits you know it can offer. "Bad-different" if you are unaware that there are differences or you have no intention of conforming. Depending on your attitude, you can enjoy your new condominium or you could be irritated on a daily basis.
Once you understand that you are sharing the operation and maintenance of your home with all the other owners in the condominium association, you can appreciate that you don't carry the whole burden. You have time to eye your other interests.
Do your homework by reading, or having your attorney read, the governing documents and rules. Then you will know the advantages and disadvantages of living in your single condominium before you buy it.
3 master Fundamentals About the Condominium Lifestyle