Should You Buy A Condominium?

For buyers , condominiums tend to fall into the love them or hate them position. Here's primer on condominiums.

The Pros and Cons of Condominiums

Condominiums can be good or bad depending upon your personal views and they are all about communal living. But the failed experiments of the sixties wherein hippies packed into a structure and shared everything is not what this type of communal living is all about. The modern condominium community is instead all about sharing common spaces as well as rules, rules, and more rules.

When it comes to condominiums, they come in all shapes and forms. Condos can be found in a single high rise building in a downtown area or in an apartment complex type of layout in a planned community. The structure is not the determining point. Instead, the issue is how the properties are owned.

Unlike a stand alone home, the property lines on a condominium are the walls of the structure. This means that you own everything inside the condominium as your individual property. As for everything outside the condominium, these are owned jointly with the people who own the other units. These areas are subject to group rule and they are known as common areas.

A homeowners association is what every condominium has in one form or another. The association has rules set out by the original developer regarding landscaping and so on. Members of the community will immediately become a focal point of aggravation from individual owners and would often wonder why they took the thankless job when they are elected to the board of the association.

The problem with the association and condos in general is the issue of uniformity. If changing the exterior of your condominium is what you want to do, then you must comply with the rules of the association. This means you cannot paint your property a different color, do landscaping and so on. For some people, this isn't a problem, but others are frustrated they can't express themselves.

When you are trying to decide if a condominium is a good option for your next purchase, make sure that you weigh the restrictions of a particular association carefully. If you are an individual and want to show it, then it's likely that a condominium is a very poor choice for you.

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