I've been researching and talking about condos for over a year now in anticipation of actually buying one myself. I've talked with condo owners, realtors, and lenders. I've read articles, books, and Web sites. I've even toured a few properties to see what they're like. After all this research, here are my top issues to consider when you're deciding whether a condo is right for you.
Condo vs. House
If you're undecided about whether to purchase a condo or a house, your biggest deciding factor should be how much freedom you want. With a condo, you'll be sharing walls with your neighbors. Are you comfortable with that? Perhaps you've had enough of apartment living and want to play your music as loud as you want. If that's the case, a house might be for you. On the other hand, perhaps you're ready to own, but you're not ready for all the responsibilities that go along with owning a house. If that's the case, and condo might be great for you. With a condo, you get the best of both worlds: you stop paying rent, but you're still not responsible for things like mowing the lawn or fixing the roof.
Location
After you've decided that, yes, a condo is right for you, it's time to decide where you want to live. Maybe you're a downtown dweller and would love a swanky loft in a shiny high rise. Or, maybe you want more spacious accommodations in the suburbs. Choosing a location is important, as you want to happy where you live. But, unless you plan on living in your condo forever, you should also think about the location in terms of resale value. Is the condo in a desirable area that someone else (a potential buyer of your condo) would want to live in?
Builder's Reputation
Condos are not built in a day. Even before construction, there is a lot of planning involved. It's important to find out who built the condo you're interested in. What is the builder's reputation? Are they known for building solid, well-designed units? If not, be prepared for problems down the road. Cheap construction can also hurt a condo's resale value. Check out some of the builder's other units. Talk with the unit's owners. Have they filed any complaints with the builder? If so, were their issues resolved?
Fees
Lawn care and shingles are not free. When you're looking at condos, you also need to look at the associations that manage the condo development. How much are the monthly condo fees, and what do these fees cover? If you can, try to talk with some members of the condo association board. How do they run things? Then, try to get the real story from current condo residents. If they've had issues, has the association handled them effectively?
Rules
Because condos are shared properties, there are rules about what you can and cannot do to your condo. For example, you probably can't paint the exterior of your condo purple unless the condo association approves the change. The association will also likely have rules about who owns what. Will you own the doors and windows in your condo, or will those be shared property? If they are shared, you can't simply replace a door - you must go through the proper process for getting a new door. Condo developments also often have pet policies. Will you be able to take Fido with you? Maybe, maybe not.
When deciding whether a condo is right for you, consider these areas and realize that choosing a condo also means choosing a lifestyle.
