Owning a condominium is different than owning a single family home and it has its distinct advantages and shall we say, peculiarities. The lifestyle a condominium offers is not for everyone. So look before you condo and consider the following pros and cons before making a decision.

It is important to note for people sensitive to loud noise that first floor units can be raucous. Living in a first floor unit, there will always be a great deal of traffic above you. You must investigate a unit by visiting it at different times of day and night to determine how noisy it would be to live here. The truth will reveal itself to you.

It will be almost impossible for you to avoid your neighbors living in a condo situation because you will share walls and common ground. As far as parking and common areas are concerned, the homeowner’s association becomes the vehicle with which you will deal with your neighbors.

If your preference is to live in the heart of a city, a condo may be a good choice for you as many are usually located in downtown areas, where property is at a premium. Remember that when you buy a condo, you are actually buying the space between the walls of your unit and share ownership of the common areas with other condo owners. The land beneath the building does not belong to you, although you share an interest in it.
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Know what questions to ask before you buy. For example, are there any current or pending assessments on the property? These monthly fees that are tacked onto monthly common charges for a specified project for a specified amount of time may allow for negotiation for a lower selling price. Ask about crime in the complex. Find out if there are many kids and what kinds of amenities are available.

Your own needs must be evaluated when considering the benefits and drawbacks of living in a condo. A condo can offer insured security, low maintenance and affordability as favorable factors. The negative aspects of condo ownership are actually the very same as those factors favoring it. Being in contact with your neighbors in shared common areas may not be desirable, maintenance fees may be charged to you for services you are not using, and condos, while affordable, can be very difficult to resell and recover from a declining market.

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