CONDOMINIUM LIVING PROS AND CONS

Monday, December 15th, 2008 8:42 pm

The cons of condominium living largely depend on what you want out of a property. When you buy a condo, you do not own the land beneath you. You instead share an interest in the property which means you won’t be able to convert it into something else. As you share common ownership of the property with other condo owners, you’ll be expected to meet with them to vote on various issues.

Although social interaction isn’t necessarily a con, just keep in mind that you’ll be in close contact with your fellow condo owners on a regular basis.You will also be subject to condo rules which could involve anything from the type of flower baskets you’re allowed to hang outside to the kind of blinds you can hang in your front room. Pet ownership is another key consideration so if you’re thinking about getting a pet in the near future, condo living may not be for you. There are also monthly condo fees for the maintenance of the property including tennis courts and the pool that you may never use.

You’ll need to have a full understanding of both the rules and fees before making a commitment.There are pros and cons that go with owning any property. If your real estate vision includes extensive plans, then buying a condo may disappoint you since renovations will be limited and you’ll never own the property completely. On the other hand, the relatively maintenance free lifestyle of condo living may be exactly what you’re looking for. Owning a condo is really a matter of personal preference — the freedom of low maintenance vs. restrictive condo rules. You’ll need to take a good look at all of the issues to decide if it’s for you.

Information Provided BY Real Estate Word . Carl Stars.com/blog newsletter

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