What are the good and bad things about getting a condo?

Question

We are thinking about getting a condo by the en dof this month but before we do I would like to know the benefits and the non-benefits of have a condo? What should we be looking forward too, with 2 kids?

Answer 1

I have lived in a condo my entire life and here's my list of pros and cons:
PROs:
- little outdoor maintenance, no mowing lawns, shoveling snow, etc.
- Association is usually liable for large repairs, or repairs in common areas (plumbing inside walls, air ducts and furnace, etc.)
- Usually a lower cost to purchase a condo than to purchase the same sized house in the same area,
- easier to meet new neighbors
- A lot of associations include most of you bills in the association fee ( water, heat, maintenance), so you don't have to send out as many bills every month
CONs:
- You may have some one living right next to you, under you or over you- they may be noisy to you or you (and the kids) may be noisy to them
- You have to share common areas with other people who may not be a neat/courteous as you are
- Condo associations may not always welcome pets
- You have to abide by the rules set up for you by the association
- Association fees may contain items that you don't feel you want or need (cable T.V., subscriptions to newspapers, fitness room, etc.)
- You have little or no say in who is hired to do repairs and maintenance that the association is paying for.

Answer 2

Well, that is a very open ended question, but as a real estate agent and a mother, I will try my best to give you some good guidance. First, if all you can afford is a decent condo rather than a single family home, by all means, own a condo. Generally, condos tend to be more influenced by the market conditions and can be harder to sell. They can also be harder to value as a buyer and seller, because people do what they want with the inside, and you cannot walk through condos that sold previously to see where the value lies.

Now, if you are looking for low maintenance, no matter what your price range, then a condo may be for you. You can get them all the way up into the millions, and they can be very fancy. It is a different lifestyle that you are buying. If that is for you, then do a lot of shopping before you make a decision.

A condo can be a great first time buyer and future investor situation. They are generally cheaper to get than a single family home, and you can easily rent them out in a few years if you move on to greener pastures. Then, you can sell in 10 or 15 years and use that money toward a vacation home, or other investment that is in your dreams.

In general, if you are the typical family with 2 kids and a dog, try your best to get a single family home, it is a wiser investment, but a condo can work if it suits you better, or if that is all you can afford.

Hope that helps, and blessings to your family:)

Answer 3

Hello,
Some condos do not allow children, so you should check into that first. Second, they may or may not allow pets. A condo would only have a certain amount of parking spaces, so if you have or are going to have with a kid driving, a third car, that may be trouble. Condos are good because you pay a monthly fee to upkeep the area and that usually includes snow removal, lawn care, utilites, pool and tennis maitenance and much more. This leaves the owner to have little to worry about. Also, a Co-Op is different then a Condo so remember that. A co-op need approval to make any changes to the unit, and you never truley own the unit, you own a share in the "company" that owns the place, so if other fall back on dues, mortg. etc, your fees will go up. Also, usually with Condos there are not too much land. Wouldnt you want your children to have a swing set or something in the yard? (if you are in the city disreguard that because there is not too many lawns) Basically my advice is to just read all the rules before you sign on the dotted line. If all is good, go for it. Good luck.

Answer 4

Several things to pay attention to:
1. What is the cost of the monthly HOA fee? It varies widely.
2. Is there any history of assessments (extra charges against the condo owners)?
3. Do you have a garage that has a lock door on it or do you just have a open parking place?
4. Are you upstairs or downstairs. If you will be living in California near an earthquake fault, make sure you are upstairs as the 1st floors tend to pancake, killing the people in them.
5. What are the policies about pets?
6. Are there a lot of speed bumps? These get very tiresome after a short while.
7. What percentage of the condos are owner occupied? This changes the mortgage rates and % down payment you need to make. Don't every buy a condo in a complex that is less than 75% owner occupied.
8. Check with the local police for the crime rates in the condo neighborhood.
9. Don't waste your time on gated complexes. They do not give any added security and are a bother going in and out. Thieves just wait until a car comes in and follow the car in.

Answer 5

First things first. If you are purchasing the unit, make sure you do up a list regarding:

a. Real Estate Ownership.
What type of property title/entitlement does it hold; how is the ownership on the piece of property divided; exactly what do you own, is there an accessory parcel that you may not know of. Is there a lease on it and the tenure is for how many years. Would all these factors become a problem later on when you wish to sell it off. Ascertain all the grey areas in terms of property entitlement

b. Condo management.
How is the shared property managed and how much do you have to pay the monthly fee for the upkeep. Can you anticipate any rise in the fee and would that balance out all the conveniences and benefit that you will enjoy as a result of condo living. Would you have a say in the decision making process. Unless you want to live in a grubby place for the rest of your life, make sure that the condo is in sound management.

c. Real estate Value.
Is your condo in a value enhancing location. What are the prospects of that location given time. What kind of demographic of the area? The last thing you want to buy is a condo in an area that is socially deteriorating.

d. Covenience.
The last thing you want is a condo that is in an inconvenient location, that it will take you a lifetime to get to places like school, soccer, music, ballet classes etc. and shops etc. Make a list of all the daily life requirement that you think would be affected by staying in the condo.

Google it at:

Answer 6

Second, they may or may not allow pets. A condo would only have a certain amount of parking spaces, so if you have or are going to have with a kid driving, a third car, that may be trouble. Condos are good because you pay a monthly fee to upkeep the area and that usually includes snow removal, lawn care, utilites, pool and tennis maitenance and much more. This leaves the owner to have little to worry about. Also, a Co-Op is different then a Condo so remember that. A co-op need approval to make any changes to the unit, and you never truley own the unit, you own a share in the "company" that owns the place, so if other fall back on dues, mortg. etc, your fees will go up. Also, usually with Condos there are not too much land. Wouldnt you want your children to have a swing set or something in the yard? (if you are in the city disreguard that because there is not too many lawns) Basically my advice is to just read all the rules before you sign on the dotted line. If all is good, go for it. Good luck.

Answer 7

Good things: you'll be building up equity, or, if you get an interest only loan you'll be getting a great tax deduction; the kids will have a ton of neighbors close by, they'll learn to be respectful & safe because of the proximity of their neighbors; NO maintenance like cutting grass, etc. Many times the condo fee will cover heating & cooling; condo's are usually less expensive than a single family house.

Negatives: The proximity of your neighbors. It's a positive and a negative. If they make too much noise it can be a big detriment especially if you're trying to put the kids to sleep at nite. We raised two kids in a timber loft . . . yikes, you could hear people walking above us all the time! Dealing with the condo board can be a huge pain in the neck, especially if you have condo-nazi's on the board (control freaks, not racists). You can outgrow a condo very quick if you don't buy a big enough place.

All in all, I think it's a good environment to raise kids especially if it is in a great part of the city or town where regular housing is way too expensive. Again, it helps the kids learn to respect their neighbors, you'll have benefits such as a pool or park that is attached to the condo building, etc.

Answer 8

The only benefits I can think of are they are alittle cheaper than a single family home but when you live in a condo you have home owner fees and people stuck next to you so they arent very private. You have to have permission to put up screen doors and they must be like everyone elses. You wont have any yard work and your kids will have to play in the designated play areas and some places get funny if they were to walk on any grassy areas that they shouldnt. I lived in a condo for a few years even tho I didnt want to. I bought it thinking it would be nice but after 2 short months wanted out and it took me 2 years to sell it. Check into all the home owner stuff that thier association has and find out what types of rules they have about everything. You just might find that a small family house might be better. You will have privacy and not have people telling you what you can and can not do. A condo is no better than an apartment in reality. You also might find that with your condo payment and the homeowners fee that you are paying the same as you would if you were buying a small home. Especially with 2 kids I wouldnt get a condo.

Answer 9

I live a few miles from the coast in Los Angeles. It isn't easy to purchase homes because everything is very expensive in this area. Condos are a good first step into home ownership, because they entail less maintenance responsibility than a stand-alone home, and they are often the least expensive purchase option within a particular neighborhood.

Condos are like apartments, but you own the actual unit you live in and you share access to the grounds and other common areas. Because they're like apartments, they include some of the possible negatives that apartments can have, like having loud neighbors and few children for your kids to play with; and also some of the same possible positives, like fewer maintenance responsibilities than a stand-alone home and often more amenities like a pool, jacuzzi and work-out room

Pay close attention to what the condo association's monthly fees are. Some association fees get really pricy and you'll need to keep that in mind, along with your guess-timates about your mortgage obligations, when choosing to make an offer on a condo. These fees go towards general maintenance of the complex, including repairs, and they often include some basic service fees...so they aren't necessarily bad. Just keep them in mind. When I was searching in my area, I found association fees that spanned from $175-$750 per month. That kind of info is good to know ahead of time.

For instance, in my condo complex, the fee is $270 and includes cable TV service...among other things. As a large group, the condo association was able to arrange a very beneficial contract with the cable company, so that they're only using $9 out of each condo's monthly fees for the cable service. That's not too shabby. If you were getting cable on your own it would be closer to $25-$45. So, the association fees can be sizable, but can still be beneficial.

Whenever you get a bunch of people together in close quarters, interesting things can happen. Every condo complex has a different group of people, so each complex has its own flavor. Check around and see what the flavor is the complexes you consider...not just the association rules that you'll have to follow, but also just what the people are like. It's not uncommon for condos to mostly be comprised of singles and the elderly, but in urban areas this is changing. Real estate is expensive and not everyone can afford a different option. Check into the demographics at the complexes you consider. You might be surprised.

One thing that I heard about when I was shopping around for a condo a couple of years ago was condo conversions. Some condominium complexes were built as condos, and some are converted from old apartment complexes. I'm not sure how these two kinds of condo options differ...I couldn't afford the new ones in my area that were built as condos...but it would be good to look into.

Answer 10

My family and I rented a condo for three years. It was the longest three years of our lives. The positives of having a more modern home with no worries about yard work and exterior upkeep were quickly outweighed by the long list of negatives.

The condo association kept adding and changing the rules, sometimes on a bi-monthly basis. You could not decorate for holidays as the assoc. wanted everything to have a uniform look from the outside of the buildings. We also had to have totally plain window dressings, which ended up being white mini blinds and/or patio door blinds..

The noise factor was a big drawback, as the walls were not insulated very well at all and you could hear whatever was going on in the neighbors condos very clearly at all hours of the day and night. This was especially intrusive if people were fighting or children were running up and down the stairs.

One of the good things that came out of this negativeness, is that my family and I only lived there long enough to be encouraged to find a house on it's own property to lease with an option to buy. I am a happy homeowner today because of this. There are days we may not feel like mowing the lawn, but all we have to do is remember the negatives of our condo experience and we're happily working away very quickly.

Condos do give people an opportunity to have a place of their own without a lot of the "Homeowner Housework," and are a good solution for single people, or childless couples or the elderly person who is no longer physically capable of all of the chores which have to be done with property ownership.

If you were my child, and asking me for this advice; I would tell you to really think about how these types of rules and regulations and living conditions are going to affect you and your children. Best of luck to you and your family. Have a good day.

Answer 11

Hi Eve! My wife and I live in a condo and have for five years and I'll be totally honest with you...it sucks. Unless you are lucky and the owners of the property and the board of directors happens to be a bunch of really caring people, your life will be horrid. Problems that my wife and I have had, (as well as other condo owners in our complex)...1) condo owners renting out their condos. This is bad news. Renters, or sub-letters, could care less about their noise, trash or care of the home. They have nothing to loose. 2) We've had real problems with repairs not being done to the outside of the buildings. 3) Our condo-complex has had three owners in five years and by the time you get a maintenance issue brought to the attention of the owners, they sell and you have to start all over again. 4) Assessments!!!!! Our assessments have gone up over 25% in 5 years, and we STILL have serious issues around the property; rotting siding, peeling paint, potholes, etc.

When my wife and I moved in, it was a really nice place and we paid 100K for it, the same as its value. Now the value has dropped to 89K and we are stuck there. We have also had a problem with, shall we say, 'less desireables' move in. You know the kind...they like lots of Budweiser, smoke Marlboro's, drive trucks and motorcycles. We also have problems with loud parties and music late at night. And all this happened within the last few years.

My advise is stay away from condos. These days, if you can afford a condo, you can afford a house. Just remember this...the only real difference between a condo and an apartment is that you RENT the apartment.