Purchasing a new residence involves many issues and condos may
be on your radar. Before you buy, keep in mind there are
disadvantages to condominium ownership.
Condominiums - Disadvantages
Condominiums are simply a collection of units in a structure or
structures. All property on the interior of the unit is yours
with few limitations. Everything outside of the unit, however,
is considered to be in the common areas and subject to
administration by the homeowners association for condominium
communities. As with any bureaucracy, this can lead to problems.
1. Parking - One of the biggest pet peeves with condominiums is
parking. While this may sound petty, it becomes a big issue over
time if a particular situation occurs. One would think a
condominium comes with assigned parking. In many developments,
however, this simply isn't the case. Instead, parking is on a
first come, first serve basis. Over time, this situation can
become extremely aggravating. With guests in the neighborhood,
you may eventually find it difficult to getting parking!
2. Restriction - Condominiums are all about uniformity. If you
prefer to express your individuality, the rules of a condominium
may drive you insane. Since people live close to each other in
condos, there has to be a number of rules to keep the peace.
Many condominium associations, however, seem to go overboard
with rules and one can often feel like a prisoner. You may be
restricted from having pets, particular types of material in
your units, renting to others, making noise outside during
certain times and so on. Before taking the plunge on a
condominium unit, you absolutely must read the rules and
regulations for the association.
3. Association Fees - Homeowners' associations need money to
keep the gardening up and so on. As a unit owner, you are
responsible for paying monthly homeowners' association fees.
Before taking the plunge, you need to make sure you understand
the current fees. You should also look back in time to see how
much the fee has risen over time. Paying an extra hundred bucks
or so a month probably will not kill you, but what if the
monthly fee is five hundred dollars?
The decision to purchase a condominium can be a complex one.
While there are distinct advantages, the devil is in the
details. Make sure you understand what you are getting into
before taking the plunge.
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