Sick of renting, but not ready to spend your Saturdays on a lawn
mower? Often featuring desirable locations, minimal maintenance, and
smaller price tags than single-family homes, it’s no wonder young
homebuyers find condos attractive. But living in a condo association can present
some unique challenges. Ask yourself these questions to make sure a
condo living is right for you.
Are the condo fees worth it?
Condos are clusters of individually-owned units typically sharing
common walls, landscaping, and driveways. To fairly maintain these
common areas, condo association owners pay a monthly condo fee for routine and emergency
maintenance including lawn mowing, snow plowing, painting, and roofing
repairs.
While freedom from yard work can be a perk, condo fees—which can be
several hundred dollars—will take a bite out of your budget. Plus, most
condo associations only maintain property from the walls out. That
means when a bathroom pipe bursts, you still have to play plumber.
Can you afford a special HOA assessment?
While monthly condo fees cover ongoing maintenance and contributions
to a reserve fund for small emergency repairs, condo associations may
assess separate fees for unexpected expenses or to fund major property
improvements like repaving. If you buy a condo, be prepared for fluctuating or increasing
condo fees.
Can you play by the condo association rules?
Every condo association has rules. While some condo associations’ rules
may provide owners with most of the liberties of owning a stand-alone
residence, other associations’ rules can be restrictive—or downright
bizarre. Every condo association is different, but examples of rules you
might find include: no dogs, no window air conditioners, no kids, no
late-night laundry, or no flags or outdoor decorations.
Condo associations can sue over violations, but neighbors can make your
life miserable even without getting lawyers involved. The bottom line?
Read the condo documents (which include association rules) carefully
before purchasing a unit. And if your style is easily cramped, you may
want to avoid condos all together.
Find out more about Condo Association Loans
