Add a comment | Friday, April 17, 2009
This is a misconception that I hear a lot. I guess the best answer is it depends. Here are some pros and cons to help people understand some of the key elements of condo ownership as it may apply to your situation:
Pros:
-You have a homeowners group to help you maintain and watch over the community
-Very little maintenance
-Generally lower price point
-Community amenities like a pool, spa, recreation room or playground
-When markets are HOT so are Condos!
-Condo association usually carries its own fire policy
Cons:
-Poorly run condo associations can lead to emergency assessments or very high association dues
-When markets are down so are condos!
-Depending on the layout you may have several neighboring walls or floors
-Generally no-to little yard
-Not a lot of storage or work space
-Most of the time no garage
-Restrictive rules by the association
