3 Disadvantages Of Owning Condominiums
If you have ever looked into purchasing a home you know there is a lot that goes into it and It might not be the right option for you. Many people are opting to purchase a condo instead. While there are many advantages to owning a condominium, there are also some disadvantages to keep in mind.
What Is A Condominium?
A condominium is basically a collection of units in a structure or multiple structures. The property on the inside of the condominium belongs to you. You are pretty much free to do whatever you please with it. There may be a few limitations which will be outlined in your condo agreement. Anything outside your unit is considered a common area and can be used by anyone living in the condominium. 3 Disadvantages Of Owning A Condominium Now that we know what a condominium is let’s talk about 3 disadvantages associated with owning one. These are the three most common things people complain about when they live in a condo.
Parking Most people think you get assigned parking when you live in a condo. While this is the case on most properties, for many it is not. Parking is available on a first come first serve basis. That means you can get home after work and have to park a mile away if that is the only parking available. It can be very frustrating to say the least. Especially if you have company. Where will they park? Over time the struggle to find parking can become very aggravating.
There Are A Lot Of Restrictions Unlike parking spaces, condominiums aren’t short on rules and restrictions. Condominiums care about one thing and that’s keeping the peace. And in order to do that they believe they need to impose a ton of restrictions. It can almost feel very restrictive. Most condominiums have restrictions on pets, the types of materials you can have in your unit and how many people can live in your unit just to name a few. Before you decide to purchase a condo make sure you understand all the rules and regulations.
Association Fees When you own a condo you will have to pay association fees. Sometimes these fees will be added into your monthly mortgage payment (speak with your lender). The purpose of the fees are to keep the exterior lin good repair. For example they would be used to keep the grass cut and the pool clean. Condominium fees can sometimes be very expensive. Take the time to weigh your options. Is it worth it for what you will be getting? Most of the time it is and sometimes it isn’t. Make sure you understand the current fees. Do a little research to find out how much the fees have gone up over the last few years. You may be able to afford the fees right now, but what if they continue to go up year after year. Will you still be able to afford them?
These are things you need to consider before purchasing a condo. Take your time and make sure you know exactly what you are getting into before you sign anything.