Should I Consider a Condominium?

A CONDOMINIUM is a property where you own a shared interest in certain “common areas” and unique ownership of a specific “unit”. It is generally governed by a Board elected by the ownership and regular Homeowner Association “maintenance” fees are assessed by the Board and have foreclosure rights if not paid.

There are wonderful benefits to “condo” ownership:
  • Once condominiums were for people who couldn’t afford or manage a separate home, today they are homes of choice to people who want the freedom and flexibility of common interest housing.
  • Someone else does the maintenance of yard, common areas, and general structure. You are usually responsible only for your individual unit, but you have the right to enjoy all the amenities.
  • The price of a condo may be less than the price of a single family home.
Most often they share walls, floors and ceilings, and roofs, creating an economy of construction and maintenance.
  • Condominiums come with a “community” of co-owners. It is likely that the same kind of people are living in the community as are you and other people who are attracted to the complex. When making a major move to a new location, it is a nice way to make new friends easily.
  • These same co-owners will also be interested in the management and operation of the entire complex. Talking with people before you confirm your purchase is smart, to be sure whether there are any difficult issues between members of the association.
  • People who like to fix and resell will find that condominiums allow great benefit from interior remodeling and redesign without the possible risk of serious structural or systemic issues that can arise in single family homes. Cosmetics is often a very profitable fix.
  • In the 70’s even 80’s condominiums suffered a lower appreciation than they earn today. Today they are generally equitable with the appreciation seen in single family homes.
  • And finally, some people are attracted to the security of gated or locked complexes, neighborhoods with people around them in case of emergency.
No doubt there can be problems. But bad neighbors can come in homes also. Sound can be an issue in a house, and most other issues can be addressed through collaboration with the Association.