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Old 03-30-10, 05:56 PM   #1
no1mad
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How many condo dwellers are around?

Wife and I sort of kicked around the idea of possibly looking into buying a condo.

What are some pros/cons in your experience?
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Old 03-30-10, 05:59 PM   #2
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Above the first floor requires that the peeping tom bring a ladder.
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Old 03-30-10, 06:05 PM   #3
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Above the first floor requires that the peeping tom bring a ladder.
Yeah, that's one of the primary reasons we're thinking about it.
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Old 03-30-10, 06:07 PM   #4
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Not too much different than apartment living. You are always at the mercy of others consideration.
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Old 03-30-10, 08:15 PM   #5
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Cons:
Hard to sell in a buyer's market.
Association fees.
Restrictive clauses,covenants, and restrictions.
It's an apartment that you buy.
Relatively little privacy.

Pro's:
Relatively cheap to purchase.
Low or no outside maintenance.
Relatively cheap/easy to furnish.

My first independent residence was a condo, but I was only a renter. The first property I bought was a townhouse - better, but still had the 1st three disadvantages listed. Of the two, I'd pick townhouse or duplex over a condo if I could. Less neighbor noise, comparable ease of maintenance, slightly more expensive to buy, slightly easier to sell.

In either case, read the CCR's carefully and meet the board members before you buy. Be sure to thoroughly understand what you're responsible for, what the association is responsible for, all fees involved, and what you can and cannot do with your property.
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Old 03-30-10, 08:22 PM   #6
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The vacation home is a condo.
It's nice. I like it. No yard to deal with so I can leave it empty for months if I wish.
I have no illusions that it will appreciate in value.
If you need it for investment purposes stick to a real house.
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Old 03-30-10, 08:30 PM   #7
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Yeah, that's one of the primary reasons we're thinking about it.
Here is the way I see it:

If that kid is half as dangerous as you had described, then you avoid a very serious threat. If your girl is half as wild as you described, this will be only one chapter of many.

I hope you get a medal on Father's day.
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Old 03-30-10, 09:49 PM   #8
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Will you use the condo as investment property to rent, or as a vacation home? To me those are different animals.

Investment property - you need to make others happy who will be renting.

Vacation home - you need to find something to make you happy for short amounts of time that can also be left empty for weeks on end.
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Old 03-30-10, 10:11 PM   #9
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I've read articles that say you need to check out the financial health of the owners association. With all the forclosures, sometimes the associations are broke and the financial liability falls on the rest of the owners.
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Old 03-31-10, 01:35 AM   #10
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Pros:

No worries about lawn care.
Sometimes in a really good location.

Cons:

The HOA has you by the short hairs, and can jack up monthly fees anytime.
Parking may suck big time.
You are really in close proximity to your neighbors so de-escalation skills are mandatory.
It may not sell for much, if the area isn't good.
Lots of by-laws, and new ones can pop up at anytime.
Some may disallow washers and dryers (were apartments without plumbing built to handle it.)
Some may require you to give the HOA a key to the place.
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