by Raynor James
Condominiums tend fall into the love them or hate
them position for buyers. Here’s primer on condominiums.
Condominiums
Condominiums are all about communal living, which
can be good or bad depending upon your personal views. This type of
communal living doesn’t refer to the failed experiments of the sixties
wherein hippies packed into a structure and shared everything. Instead,
the modern condominium community is all about sharing common spaces as
well as rules, rules and more rules.
Condominiums come in all shapes and forms. Condos
can be found in a single high rise building in a downtown area or in an
apartment complex type of layout in a planned community. The structure
isn’t the determining point. Instead, the issue is how the properties
are owned.
Unlike a stand alone home, the property lines on a
condominium are the walls of the structure. Essentially, you own
everything inside the condominium as your individual property.
Everything outside the condominium is owned jointly with the people who
own the other units. These areas are known as common areas and are
subject to group rule.
Every condominium has a homeowners association in
one form or another. The association has rules set out by the original
developer regarding landscaping and so on. Members of the community are
then elected to the board of the association, whereupon the immediately
become a focal point of aggravation from individual owners and often
wonder why they took the thankless job.
The problem with the association and condos in
general is the issue of uniformity. If you desire to change the
exterior of your condominium in some way, you must comply with the
rules of the association. This means you cannot paint your property a
different color, do landscaping and so on. For some people, this isn’t
a problem, but others are frustrated they can’t express themselves.
When deciding whether a condominium is a good
option for your next purchase, you need to carefully weigh the
restrictions of a particular association. If you consider yourself an
individual and want to show it, a condominium is probably a very poor
choice for you.
Condominiums
– Disadvantages of Ownership
by Raynor James
Purchasing a new residence involves many issues
and condos may be on your radar. Before you buy, keep in mind there are
disadvantages to condominium ownership.
Condominiums – Disadvantages
Condominiums are simply a collection of units in a
structure or structures. All property on the interior of the unit is
yours with few limitations. Everything outside of the unit, however, is
considered to be in the common areas and subject to administration by
the homeowners association for condominium communities. As with any
bureaucracy, this can lead to problems.
1. Parking – One of the biggest pet peeves with
condominiums is parking. While this may sound petty, it becomes a big
issue over time if a particular situation occurs. One would think a
condominium comes with assigned parking. In many developments, however,
this simply isn’t the case. Instead, parking is on a first come, first
serve basis. Over time, this situation can become extremely
aggravating. With guests in the neighborhood, you may eventually find
it difficult to getting parking!
2. Restriction – Condominiums are all about
uniformity. If you prefer to express your individuality, the rules of a
condominium may drive you insane. Since people live close to each other
in condos, there has to be a number of rules to keep the peace. Many
condominium associations, however, seem to go overboard with rules and
one can often feel like a prisoner. You may be restricted from having
pets, particular types of material in your units, renting to others,
making noise outside during certain times and so on. Before taking the
plunge on a condominium unit, you absolutely must read the rules and
regulations for the association.
3. Association Fees – Homeowners’ associations
need money to keep the gardening up and so on. As a unit owner, you are
responsible for paying monthly homeowners’ association fees. Before
taking the plunge, you need to make sure you understand the current
fees. You should also look back in time to see how much the fee has
risen over time. Paying an extra hundred bucks or so a month probably
will not kill you, but what if the monthly fee is five hundred dollars?
The decision to purchase a condominium can be a
complex one. While there are distinct advantages, the devil is in the
details. Make sure you understand what you are getting into before
taking the plunge.
Condominiums
– Advantages of Ownership
by Raynor James
Condominiums tend to be a love it or hate it
subject with property owners. Here are the advantages of owning a
condominium.
Condominium – Advantages
Condominiums provide a unique living opportunity
in the United States, one that many people have jumped on in this hot
real estate market. Although not for everyone, condominium ownership
does have some distinct advantages over stand alone homes.
1. Condominiums are cheaper than stand alone
homes. Universally, you will find the lack of a yard makes condominiums
a cheaper buying option when compared to the rest of the real estate
market. This makes condominiums a good real estate option for first
time buyers, as they are often able to get into one when they otherwise
would not qualify for a loan for a tradition home.
2. Condominiums are also excellent options after
the kids are gone. Once kids are out of the home, you’ll find the space
in your home is no longer necessary. Many parents will downsize to a
condominium and use the cash windfall from a home to take early
retirement. This trend is occurring with greater frequency as the baby
boom generation begins to retire.
3. Condominiums are also excellent options for
people that travel a lot. If you have to travel for work, you know the
problems that can arise from having a home sitting empty for weeks or
months on end. Burglaries, graffiti and so on are natural results of
leaving a home empty. With condominiums, it is much harder for someone
to tell if a person is home or not. This makes condominiums very
popular with pilots and certain sales people.
4. A detached home requires a lot of maintenance
to keep it in good shape. A condominium also requires maintenance, but
the homeowners’ association is responsible for the upkeep. Generally,
the constant attention provided through the homeowners’ association
makes condos a better long term maintenance option.
Condominiums are not for everyone, but they have
definite advantages over detached homes in certain situations. While
guidelines are a solid method of determining if a condo is a good
option, you really need to consider your personal circumstances to
determine the best choice for you.
Raynor James is with FSBOAmerica.org - a FSBO homes
for sale by owner site. Visit our "Sell My Home" page
to list your FSBO Home or visit our home buying page to
see homes for sale.
Raynor James may be contacted at http://www.fsboamerica.org
