If you are looking to buy a home for your family, you may have come across a few condos in your search. Condos have plenty of good reasons why you should buy one, but there are also reasons why you should not. Purchasing a condo comes with certain drawbacks that you wouldn’t get if you were to buy a house, like condo fees adding to your monthly payment. Living in a condo also has other limitations based on the condo’s homeowners association, so it’s a good idea to double check with your real estate agent about those rules and fees before buying.
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An Introduction To Condos
Condos are single units within a community complex that are sold individually to buyers. In these condo complexes, every owner of a condo can use the community amenities like tennis courts, pools, and gyms. Condos are very similar to apartment buildings, but the person who lives there is an owner of their specific unit. Condos and Apartments have a similar feel to them, but there are quite a few differences that set them apart. However, if you enjoyed living in an apartment, buying a condo is the closest experience you can have to that lifestyle.
Apartments may have limitations and rules that condos do not have, like how many people can be on the lease. Condos, for example, may not have limits for the amount of people in a unit, but they can. Usually, though, it is around two people to a bedroom. This means that a condo can be perfect for a single family whereas an apartment may not allow more than 1 person to a bedroom. However, keep in mind that if you are planning on growing your family, a condo may not properly suit your future goals.
Condos have a homeowners association that is paid into by each condo owner. As mentioned before, the homeowners association has rules into place for each owner in the complex. They also have a budget for any additional plans they may pursue in the future. Keep in mind that the homeowners association fee varies depending on the community the condo is purchased in. The homeowners association fee can fluctuate and most often increases throughout the years, especially if the value of your condo increases. You also have to prepare for the possibility of a special assessment fee.
When you are shopping for a home, real estate websites usually show how much the homeowners association fee will be. It’s very important that you know how much the fees are, what the budget is like, and about the insurance policy. These can help you make an informed decision about whether or not buying a condo is affordable to you.
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Condos Have Limitations
Condos have rules set by the homeowners association that single family homes may not have. This includes rules on how many people can reside in the home and even what kind of decorations you can put up. If you are a festive person around the holidays, you may not be able to put up that Christmas Wreath on your door that you are used to putting up. You will need to double check the rules in the homeowners association guidelines.
Another limit that condos have indirectly imposed on condo units is the inability to decorate or customize the outside of your unit. When you buy a unit, you basically buy everything in between the walls. This means you most likely will not be able to modify a unit to fit your needs that may have changed since your purchase. You cannot expand the unit by adding any rooms like you would be able to do in a single family home. This also means that if you are expecting a new addition to your family, you may actually need to sell your condo unit and move into another that more fits your needs.
Condos have common areas that also may have rules and regulations for condo owners in the community. It is quite possible that if you have friends and other family members only, they may be limited or outright not allowed to use the facilities. Some areas, like the clubhouse or lounge areas may not have this restriction, but it is good to make sure. For example, it’s not uncommon for the condo’s homeowner’s association to limit the amount of people allowed to visit by only allowing a certain amount of parking spots.
Please check out the next part of this blog series, Reasons To Not Buy A Condo Part 2, as we go more in depth for additional reasons why condo living may not be for you.
