Condo Living 101

Advantages and Disadvantages of Condominium Ownerhip

January 24, 2008 on 4:35 am | In Advantges/Disadvantges | Comments Off

Advantages of Condominium Ownership

• There is little to almost no maintenance responsibilities
• A condominium can be bought, sold, or refinanced, with very little, if any restrictions
• The cost compared to housing is generally lower than the fees of simple housing
• Expense for housing expense can be lower than when one rents a comparable unit
• Housing expense is relatively stable (versus rental)
• Often, close-in desirable location

Potential Disadvantages of Condominium Ownership

• Sometimes it is difficult to create a sense of community (particularly if a big percentage of the units are owned by investors)
• Communal living is not for everyone
• Your responsibilities and rights are restricted by condominium documents (can be treated as an advantage and/or a disadvantage)
• If the condominium management has not planned enough for its expenses:
1. The monthly condominium fees can increase annually, or
2. A one-time “special assessment” fee can be collected from the owners of the condominium units