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The Pros and Cons of Condos

Condominiums and townhouses offer an affordable option to single-family homes in most areas. But consider these facts before you buy.

1. Storage. Some condos have storage lockers, but usually there are no attics or basements to store belongings.

2. Outdoor space. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you hate yard work, this may be the perfect option for you.

3. Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.

4. Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you’re not home.

5. Security. You’ll be closer to other people in case of an emergency. In most cases, condos are not far from police and fire protection.

6. Reserve funds and association fees. Although home owners association fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees agreed to by the condo board, whether or not you’re interested in the amenity or not.

7. Resale. The ease of selling your unit is more dependent on what else is for sale in your condo complex, since units are usually fairly similar. Single-family homes usually are more individual and appreciate easier in most cases. Consider if the complex is not completely built out - your unit may have to compete with a brand new unit when you decide to sell - this may make the sale harder.

8. Freedom. Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.

9. Proximity. You’re much closer to your neighbors in a condo or townhome. If possible, try to meet your closest prospective neighbors before making a decision. Think about your lifestyle - do you like to play your music loud? Are your friends, children or pets likely to be active and noisy? These issues might be less of a problem in a free standing home. Likewise, if you like a lot of peace and quiet, a condo may or may not be for you if your neighbors don't have a similar lifestyle.