Condos - drawbacks?

Hi. I currently rent, however I am considering purchasing in the next year. I'm the type of guy that enjoys the conveniences offered by an apartment, so I'm naturally interested in a condo. I don't want to worry about the outside appearance of my home (i.e. lawn, flowers, mulch beds, snow removal, etc) and I also love the open floor plans and vaulted ceiling layouts that many condos offer vs. that of traditional homes. Lastly, it seems like condos go for cheaper than homes of similar square footage. Besides the obvious association fee and limited privacy, what are some drawbacks or areas of concern with buying a condo vs. a traditional home?





Thanks

Condos - drawbacks?
In a traditional home, you own everything. You own the airspace, the minerals and water in the ground, the ground itself, and of course, the house. You can do as you please (within zoning ordinances) to everything you own on that property.





In a condo, you own from wall to wall. While you often get "perks" like not having to mow the grass, you don't get to decide the outside at all. You generally can, however, change anything inside (except adding on).





There are perks and downsides to each. A condo is most often like a nice apartment - you pay for upkeep, to keep a nice neighborhood, but you often still share property with your neighbors, be it a wall, a driveway, a garage. But you're still getting equity out of it like a house.
Reply:You have no control over who buys next to you and their quirks (noise, dirt, kids, etc) and you have condo bylaws to abide by with every management company having their own "dos" and "donts". In our unit we cannot have gas grills, dogs, or even birdfeeders. Our units also share water so if one unit needs repair the building is without water. The worst part of our development is how hard it is to sell units and not because they are overpriced but because of the drawbacks of condo life. We love the fact that we dont have to worry about outside work but we are paying dearly for it month after month after month. Look before you leap.
Reply:Well there's a couple things. I don't know where you're at, if in California, maybe I can help you as I'm a Realtor out of a West Los Angeles firm. Parking is something I try and find for a client, a private garage attached to the building is always preferred but these units usually cost a wee bit more. In CA I like to see a portion of the homeowners fees going for earthquake insurance and I hate to see fees above $300.00, it becomes like a mini mortgage. Also I don't like to show a unit that has a ugly view, say of a commercial building; car lot etc. And, two and three units are always easier to resell than 1 br units. The laundry should be in the unit and I like to find a 2 bedroom unit at a 1 bedroom price, it's pretty easy to do now, it's definitely a good time to purchase. I'm not sure where the market will be next year. Right now a buyer doesn't have competition behind them submitting higher offers, next year it may be very different as I expect the market to heat up again......As a buyers agent it's a great time for me to present your offer and hammer the price down to the acceptable range. I very good at putting the deal together....let me know if I can help.....A single family residence, on a big lot, in a great location, is the better investment though......