Pros and Cons of Condominiums                 

Condominiums offer many advantages, conveniences, and efficiencies that make them an appealing option for a wide range of buyers.  The most obvious advantage:  condominiums typically are less expensive than detached dwellings with comparable amenities; as such, they may represent a starter home for first-time buyers who might otherwise be priced out of the housing market.

Why People Buy Condominiums:

Today people of all ages purchase condominiums.  Before the 1970’s it was perceived that the only people who bought condos were the “newly wed and the nearly dead.”  That may have been somewhat true in the early days of condos, but not today.  People of all ages choose to live in condos for many different reasons.

-         Many people, especially young people, are tired of paying rent without getting equity, and condos are generally less expensive than single-family houses.  Many of these people still have the dream to own a home, but a condo is the next best thing and a step towards homeownership.

-         Condos have become a good investment as they have appreciated, on a national basis, about 33% since 2001, compared with 15% for single-family homes.

-         People enjoy the freedom from house and yard maintenance that condos provide.  Condo owners do not have to water, mow or weed their lawn.  They also do not have to worry about maintaining the exterior of the building such as painting, gutters, roof repair, etc.  Condo owners pay a monthly fee that is pooled together to cover such maintenance expenses.

-         Condo owners are able to enjoy certain amenities, which vary with each condominium building.  Amenities such as a pool, tennis court, exercise room, etc. are a luxury that can be very expensive to own and maintain at a private residence. 

-         Insurance prices are generally less expensive for condo owners.  Condominiums have a blanket policy for building insurance and it is included in the association fee.

-         Some people enjoy living close to other people for social and safety reasons.  Owners are not isolated and neighbors are always close by to help if there is a problem.  The density of living also creates a very social atmosphere for condo owners.

-         Condos are generally located in or near urban areas which provide many services for condo owners.  The close proximity of such urban areas makes transportation much easier and cheaper.

What People Dislike About Condominiums:

Condominiums promote a more urban and social lifestyle which has many positive affects on the community and the condo owners.  The same reasons that many people like condominiums are also the same reasons why many people dislike condominiums.

-         Condominium buildings vary in size, space and shape, but they generally all are very dense and people live very close together.  People dislike this lack of privacy and crowdedness.  Dense living leads to more noise which can be a nuisance to many owners.

-         People dislike not having their own private yard or land.  Some condos do have yards, but they are shared by all of the condominium residents. 

-         Most condominiums are smaller than a single-family home, and many people prefer to have larger living areas.

-         Parking can be an issue at many condominium buildings.  Many condominiums developed vertically which creates a lot of units per acre and limits the parking area.  It can be very expensive to build underground parking garages (around $30,000 per spot) therefore many condos have on street parking. 

-         Condo owners dislike the fact that they do not have control over the building.  Depending on the number of units in the building the condo owner only has a share of the decision making process, in regards to the exterior and common areas.  If owners dislike the color of the structure they cannot just simply go paint or remodel the building.

-         The owners Association can pose many problems.  If the Association is not managed responsibly there can be many social and economic problems which may occur. 

-         The monthly fee may change at any time, which makes it very difficult for some people.  If there isn’t enough many in reserve accounts for a maintenance expense, the association can legally raise the monthly fee for the owners.