Real Estate Corner…
Q. We’re thinking about buying a home, but can’t decide whether to get a single-family residence or a condominium. What are the pros and cons?
A. Condominiums are often the answer to finding a low-cost, low-maintenance home. However, there are a few downfalls to consider.
First, you’ll have to be comfortable with the idea of being in close proximity to your neighbors. Chances are you’ll share at least one common wall with another family. So you’ll need to decide whether you’re willing to lower your noise level and deal with the occasional noise made by your neighbor.
Second, most condominiums require tenants to pay special assessments for common items such as roadwork or roof repairs. Generally, the tenants vote on these items, which means you’ll want to become involved with tenant meetings association projects.
Condos can be an attractive option because they are generally kept in good repair by enforced rules called CC&R’s. You’ll need to become familiar with these rules and agree to follow them before buying a condominium. If you like the benefits of CC&R’s, but decide you want a single-family residence, you can look for a subdivision with a homeowner’s association that enforces such rules.
If you aren’t turned off by the downfalls, condos can offer some great perks. Besides being less expensive, they also allow you to share maintenance and repair responsibilities. Most complexes also offer pools, clubhouses, and other amenities.
