Before knowing the Pros and Cons of owning a condominium, you must know what a condominium is first.
A condominium is a type of ownership, we usually think of a condo as a type of a building, or an apartment complex, sometimes a mid-rise or high-rise, technically it's true, but a condominium is a way that you take ownership of the property. Sometimes you can have a property that looks like a townhome, but that's a condominium townhome-style.
The ownership of the condominium is inside the walls and in the interior. You own that on your own, if you're a single owner or if you purchase it with a spouse or a partner. Outside the wall of your unit, you own that with all the other condominium owners.
The “Pros” of owning a condominium
Having a lot of useful amenities such as a gym, workout room, swimming pool, tennis court, basketball court, or anything that a lot of people could enjoy together with the other tenants of the building.
Most often the cost of one unit can be much more affordable than buying a single-family home.
You're not going to worry about maintaining your exteriors, such as lawn or anything that's outside your actual dwelling.
The “Cons” of having a condominium
You may have bought it for a lower price, but the maintenance fee could be much higher than the actual price of your unit.
Yes, There might be no lawns to be maintained in a condo, but having that elevator up and running may cost a lot, especially if it's an old property. Even though you wouldn't want to be responsible for that maintenance fee, let's say that you're not using the elevator often; you still have to pay for it, especially if the management of the building said so.
If you're a private person and you don't like to be told what to do, then owning a condominium wasn't really a good idea for you. Condominium associations have rules that need to be followed; not obliging to rules may cause penalties or, worse, eviction in the building.
If you're interested to learn more about Real Estate Investing or tips and strategies about Real Estate, you can reach me at 703-346-2776 or send me an email at Dan@greetingsvirginia.com. We will be more than happy to help you.
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