Condominiums and townhouses
offer an affordable option to single-family homes in many
markets, and they’re ideal for those who appreciate a
maintenance-free lifestyle. But before you buy, make sure
you do your legwork. These are some of the important
elements to consider:
·
Storage. Some condos
have storage lockers, but usually there are no attics or
basements to hold extra belongings.
·
Outdoor space. Yards
and outdoor areas are usually smaller in condos, so if you
like to garden or entertain outdoors, this may not be a good
fit. However, if you dread yard work, this may be the
perfect option for you.
·
Amenities. Many
condo properties have swimming pools, fitness centers, and
other facilities that would be very expensive in a
single-family home.
·
Maintenance. Many
condos have onsite maintenance personnel to care for common
areas, do repairs in your unit, and let in workers when
you’re not home — good news if you like to travel.
·
Security. Keyed
entries and even doormen are common in many condos. You’re
also closer to other people in case of an emergency.
·
Reserve funds and
association fees. Although fees generally help pay for
amenities and provide savings for future repairs, you will
have to pay the fees decided by the condo board, whether or
not you’re interested in the amenity.
·
Resale. The ease of
selling your unit may be dependent on what else is for sale
in your building, since units are usually fairly similar.
·
Condo rules.
Although you have a vote, the rules of the condo association
can affect your ability to use your property. For example,
some condos prohibit home-based businesses. Others prohibit
pets, or don’t allow owners to rent out their units. Read
the covenants, restrictions, and bylaws of the condo
carefully before you make an offer.
·
Neighbors. You’re
much closer to your neighbors in a condo or town home. If
possible, try to meet your closest prospective neighbors.
