Buying A Home – 7 Condo Facts You Need To Know Before You Buy One

If you’re a homebuyer, owning a home may be the ultimate goal. However, your budget may dictate a less expensive option such as a condo. A condo allows you to own the internal space which is bordered by the walls, ceilings, and floors. The remaining brick walls, sidewalks, external stairwells, swimming pools and garden areas make up the common areas managed by the community of homeowners. Some positive features of condo life include:

1) Reasonable Costs – Condos tend to cost less than buying a house, although the opposite can be true in major metropolitan or resort areas. Maintenance costs are also less since the community shares the upkeep costs such as landscaping, roofing, and some insurance.

2) Get To Know Your Neighbors Better – A community of condo’s with common recreation areas and planned activities gives you greater opportunity to get acquainted with your neighbors.

3) Easy Maintenance – Since the community pays someone to maintain the common area, you’ll have more time to enjoy other things. You may also get the benefits of using an on site pool or gym.

Now, let’s check out the negative features of condo life:

4) Restrictions – When you join a condo association, you’ll be obligated to abide by a master deed or Declaration of Covenants, Conditions, and Restrictions (CC&R’s). The community association and all the condo owners are required to follow the CC&R’s. This document states what your common space rights are and what you can do with your condo.

5) Lower Resale – As you compare properties, you’ll find condos don’t appreciate as fast as a house, so the resale value will be lower.

6) Less Privacy – Living in a condo requires you to relinquish your privacy as your walls, ceilings, and common areas are shared jointly with other condo owners. If you’re accustomed to living with a large dog or a big backyard, you may have a difficult time adjusting to the smaller space set aside for your unit.

7) Required Fees – Once you purchase your condo, you’ll become liable to cover your share of the association dues on a pre-determined schedule. You’re still liable for the fee regardless if you use any of the community facilities such as the swimming pool or recreation center.

In circumstances where major purchases are required and the community association can’t cover it with it’s reserves, you may be required to pay a special assessment to fund the purchase. If your building occupancy level is low, your out of pocket costs can be high.

Want to find out more about Irvine homes for sale? Then check out these Irvine Realtors for your homebuying needs.