Buying A Home – Is A Condo Right For You?

If you’re a homebuyer, owning a home may be the ultimate goal. However, your budget may dictate a less expensive option such as a condo. A condo allows you to own the internal space which is bordered by the walls, ceilings, and floors. The remaining brick walls, sidewalks, external stairwells, swimming pools and garden areas make up the common areas managed by the community of homeowners. Some positive features of condo life include:

1) Lower Cost – The sales price of a condo tends to be lower than purchasing a house. In large metropolitan or desirable resort areas, you may find the price trend to be opposite. Since community funds cover the costs to maintain the landscaping, roofing, and insurance, your monthly upkeep costs are typically less.

2) Get To Know Your Neighbors Better – A community of condo’s with common recreation areas and planned activities gives you greater opportunity to get acquainted with your neighbors.

3) Easy Maintenance – Since the community pays someone to maintain the common area, you’ll have more time to enjoy other things. You may also get the benefits of using an on site pool or gym.

Now let’s examine the disadvantages of buying a condo:

4) Restrictions – When you join a condo association, you’ll be obligated to abide by a master deed or Declaration of Covenants, Conditions, and Restrictions (CC&R’s). The community association and all the condo owners are required to follow the CC&R’s. This document states what your common space rights are and what you can do with your condo.

5) Lower Resale – As you compare properties, you’ll find condos don’t appreciate as fast as a house, so the resale value will be lower.

6) Less Privacy – Living in a condo requires you to relinquish your privacy as your walls, ceilings, and common areas are shared jointly with other condo owners. If you’re accustomed to living with a large dog or a big backyard, you may have a difficult time adjusting to the smaller space set aside for your unit.

7) Mandatory Expenses – As a condo owner, you’ll be required to pay your share of association dues on a schedule dictated by the association. If you don’t use the amenities such as the community pool, you may feel frustrated paying for something you don’t enjoy.

Sometimes a community association will require special assessments to pay for major purchases (such as a new roof) it’s reserves can’t afford to cover. These special assessments can be high in situations where the building isn’t fully occupied.

Want to find out more about Irvine homes for sale? Then check out these Irvine Realtors for your homebuying needs.