Guerin Consulting

With so many issues involved in buying a home, you might be thinking about buying a condominium instead. Before you buy, keep in mind there are disadvantages to condominium ownership.

Condominiums are just a number of units in a structure. You'll own all the interior property with just a few limitations. But know that everything outside the units are considered to be common areas, which means that they are subject to administration by the homeowner's association for the condominium. Well this can lead to problems just like any other bureaucracy.

Parking Area. Parking is one of the greatest problems with condominiums. This may not seem like such a big deal, but it can become such a big issue when the situation arises. People would think that condominiums have assigned parking. But usually, this isn't the case. It's actually first come, first serve basis. This can become very aggravating in time. And if there are guests, you will have a very hard time parking your car!

The Restriction. Condominiums are all about uniformity. If you are fond of expressing your individuality, then all the rules a condominium may have would drive you mad. Since people live close to each other in condos, there has to be a number of rules to keep the peace. But most condominium associations go overboard with the rules, making their tenants feel like prisoners. You may be restricted from having pets, particular types of material in your units, renting to others, making noise outside during certain times and so on. Make sure you read the rules and regulations of the condominium association carefully before you decide to buy a unit.

The Association Fees. Money would be needed for the gardening, maintenance, etc. All the unit owners have to pay the monthly fees. You must make sure to understand the current fees. It's also good to know how much the fee has risen over time. Paying an extra hundred bucks or so a month probably will not kill you, but what if the monthly fee is five hundred dollars?

The decision to purchase a condominium can be a complex one. While there are distinct advantages, the devil is in the details. So before you make your big decision, think over everything carefully.