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What are the pros and cons of buying a condo? In your opinion, do the pros or cons outweigh the other?

We are in the process of buying a home and we've found some that we like a lot but we found a condo that is almost exactly what we were looking for and in a nice area. Our girls can go to the school district we like and it's selling for much less money than some of the other places we are looking at and that's ideal because I will be making the switch from working mom to SAHM after the birth of this baby.

However, I've heard good and bad about owning a condo and I want some opinions.

We are a young couple with a 4 year old and one child on the way.

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collegexmamix28

Asked by collegexmamix28 at 11:11 AM on Sep. 7, 2013 in Home & Garden

Level 12 (663 Credits)
Answers (12)
  • How much are the condo fees? What do they include?
    butterflyblue19

    Answer by butterflyblue19 at 11:17 AM on Sep. 7, 2013

  • My dad always used to say the biggest problem with condos was that they don't appreciate the way a house does. To me, that's not a huge deal. You do have common walls, so there can be noise issues just a in an apartment. And you have to deal with the HOA.
    gdiamante

    Answer by gdiamante at 11:17 AM on Sep. 7, 2013

  • There is the noise issue and maintenance fees, but in the scheme of things if it is easier to afford, one can get use to that..it beats throwing money down the rain with rent....
    older

    Answer by older at 11:22 AM on Sep. 7, 2013

  • CC&R's can be a pain, so I would recommend reading those before going to contract. Same thing with HOA's, regardless of the kind of property you re interested in. I guess the pros and cons depend on your point of view on things like the size of your home, whether you have a private yard, and how loud or sound sensitive your family is. I personally prefer a single family home. I like a yard of my own and I like to have extra room for guests, so condos don't generally work for me, at least not in the price range that I can afford for that kind of condo. You are sharing a wall (at least one). The benefits are that you are gaining equity in most cases and that in some areas it's actually less expensive to buy than to rent if you can secure funding. Make a list of the things that are most important to you and then address your list with your realtor and they will show you things that fit your wish list and budget.
    QuinnMae

    Answer by QuinnMae at 11:27 AM on Sep. 7, 2013

  • We have owned a condo before. 


    Pros- No outside maintenance to worry about (mowing the grass, replacing the roof, etc). Same pluses of living in an apartment complex but own instead of rent (pool with no maintenance, club house, playground, etc), less costs over all (price of home, maintenance, insurance, property tax, etc)


    Cons- not being able to pick your neighbors. Of course this is also true if you buy a home, however, your neighbors are much closer to you than if you live in a house, Home Owners Associations (some are good, and others are power hungry)


    The biggest reason we no longer have our condo is because of a neighbor issue however, it was mainly situational and most people won't experience what we experienced.

    JeremysMom

    Answer by JeremysMom at 11:45 AM on Sep. 7, 2013

  • To me they are to much like Apartments. You share walls with your neighbors. And exta $$ for condo fees. some condos wont let you do things to your yards.
    louise2

    Answer by louise2 at 12:27 PM on Sep. 7, 2013

  • Pros: No maintenance. Great for older or single people due to no maintenance & the safety aspect (around here most are in gated communities)

    Cons: Monthly fees, no personal (land) property for kids to play with their toys, noise, you can get other peoples smells & bugs. Possible lower resale value.

    As a couple with kids, I like a single family home because I can plant a garden, we put in a pool, kids can play freely, there is no indoor noise constraint (my 2 year old could crack glass with her scream). I like my private space & quiet.

    When I get older & the kids move out then I'd move into a condo. No shoveling snow, no mowing the lawn.
    ILovemyPaulie

    Answer by ILovemyPaulie at 1:12 PM on Sep. 7, 2013

  • I bought a condo, and for me by myself, it probably would have been ideal. No yard to fuss with, and if you get a newer one, the wals are pretty well insulated so you don't hear much from the neighbors inside your home. The HOA fees are high; mine are $230 a month, but that includes water, sewer, trash and recycling collection, groundskeeping, and a playground, a party room, exercise room, hot tub, and in the summer a pool. With kids, not having a yard is kind of a pain because when they're small, you can't let them out unless you go with them. The down side is that you aren't in control of who does the maintenance, so sometimes it isn't done wel, and sometimes you wait forever. I'm still waiting for repairs to be done on my porch roof from last winter, and I've been awaiting approval to put up a rail out there for half a lifetime. You can't modify the outside of your home, even like a satellite, without asking. (cont.)
    Ballad

    Answer by Ballad at 1:45 PM on Sep. 7, 2013

  • Then there are the neighbors. Most of mine are great, but of course, people move in and out all the time. One neighbor, I've had nothing but trouble with. He's a hunter, and now and then my dog finds deer hooves and crap on his porch or lawn. He likes to smoke meat, and he hasn't been agreeable to letting me know when he's going to fire up his smoker so I can clos my windows against the stench. The good side of neighbors is that there are a lot of kids for my daughter to play with.

    Check into the HOA. Look at their Web site and their rules. Some of them are total Nazis. We had a board member here a few years ago who actually told my boyfriend to get a haircut, and told my stepson he wasn't allowed out of the house without an adult. Not that the restriction was unjustified, but it wasn't up to the HOA to impose it. Know your rights.

    So, there are pros and cons. It's just a matter of your particular needs.
    Ballad

    Answer by Ballad at 1:55 PM on Sep. 7, 2013

  • I had four kids and would not have wanted anything but a house while they were growing up. Condos are not good for raising a family, even the teens through young adult. It is multi-living and there are rules. I moved to a condo when I became a widow and the children were off on their own. For a single adult, I recommend the conveniences. The newer models can be as nice as any other home, with soundproof walls. Good neighbors come with the right location. The re-sale value depends on the economy and the maintenance of the property. by the HOA.
    icesong

    Answer by icesong at 3:43 PM on Sep. 7, 2013

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