I am looking to buy a home and have found condos (patio homes and ground-level condos) in my price range. If you have owned a condo and later sold it, I would like to know what potential problems I might encounter after moving in, as opposed to buying a single-family home. Thanks.
2007-10-04 12:33:45 · 5 answers · asked by Froggie 2 in Business & Finance ➔ Renting & Real Estate
Hmmmm....
1. Out of control Condo Fees - you may be paying for something that you don't need or use but since its part of the "common area/amenities", you have to pay for it. On the other hand, this could be a great deal if you use all the amenities.
2. A inept or incompetent condo association - owners must rely on the condo association to approve or in some cases undertake necessary repairs to the unit and the common area. If the association leadership is not on the ball, this could take awhile and become a pain in the .....
3. Market Sensitivity - Typically, single-family homes hold their value longer than condos during a down market. Condos are usually the first to tank because the market of potential buyers is usually smaller.
4. Rental Overload - If too many units turn into investor units (not owner-occupied), the development can turn into a community of renters instead of owners. In some cases, this can be okay, but in others, it might dramatically affect the way folks maintain their units.
2007-10-04 12:54:37 · answer #1 · answered by therainbowseeker 4 · 0⤊ 0⤋
Location location location!
I had no problem having and selling a condo... if fact you never mentioned anything about yourself but condos have much less time commitment and yet there are nicely kept grounds. Make sure you have the place checked out for structure just as you would a house and be sure of any major plans the condo board might have for renovations.
Hope that helps
2007-10-04 12:46:14 · answer #2 · answered by vbrauner 2 · 0⤊ 0⤋
Just like living in an apartment but with property taxes and homeowners association dues. Rules that may not allow you to rent it out. Thin walls and noise from neighbors or complaints from them about your noise. Hard to sell. Yadda yadda.
I'll NEVER do it again!
2007-10-04 12:52:33 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Noise, odors, and grounds fees or maintence fees.
2007-10-04 13:47:31 · answer #4 · answered by Anonymous · 0⤊ 0⤋
neighbors , corrupt management , dry rot , mold ,etc
2007-10-04 12:38:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋