For this blog update, we’ll be talking about more information you should know about condos before you buy. Condos can be a very good purchase if you are a specific type of individual. However, there are plenty of reasons why a condo can be a bad choice and even a bad investment.
Condo Units Means Neighbors
And not just any neighbors. Neighbors that are next door, a floor above you and a floor below. If you are a very social person, condo units may be a very fulfilling home purchase for you. However, if you are more of the private type, condos may often leave more to be desired.
More often than not, the condition of your next door neighbor’s condo unit can affect the sanitary level of yours. If the habits of your next door neighbor has become the breeding point of an infestation, that infestation can very easily find its way into your condo unit. While this is not very common, it can happen.
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Neighbors Can Be Loud
Another issue is that the noise level from neighbors may not be suitable for your beauty rest. If you worked the graveyard shift and needed to sleep during the day, the kids next door can possibly be responsible for your inability to rest properly. Unfortunately, this is one of the drawbacks to sharing walls with other people that even townhouse owners experience as well.
When it comes to making a complaint to the condo board, it can take days if not weeks to have your neighbor reprimanded for their loud music. So even if you wish to handle the situation properly, you may still have to deal with the lack of proper sleep until the problem is resolved.
Condos In The Same Complex Are Typically All The Same
Condos can be a bit more difficult to sell due to the type of property it is. Condo units mirror each other throughout the complex, just like with apartments. This can lead to the possibility of having trouble when selling your condo unit. If other residents are currently in the process of selling theirs, then that might cause a delay in the sale of your unit.
Unless your unit has condo board approved renovations, it will most likely be just like the unit your neighbor is selling. And unfortunately, this can result in a lower sales price for you if your neighbors decide to compete with you and lower their prices.
Condos Have Limitations
Not only do condos have limitation in space, but your condo unit may have specific occupancy limits as well. This means that you can be in violation of your building code if you have too many people in your unit at once for a specified period of time. This can greatly limit your ability to have friends and family live with you if the resulting amount of people exceeds the limitations set.
As mentioned before, condos do not quite have the space that single family homes do. However, in the same vein, condos usually can have a sales price much lower than a home with the same square footage due to not having to pay for the plot of land that it sits on. Keep in mind that the difference in price may eventually reverse if you own a condo long term and keep paying varying amounts of homeowners association and special assessment fees.
We hope this blog post was a good update to help you learn some things about condos that may influence your decision to buy!
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