What are the benefits and drawbacks to buying a condo?

Question

versus a "typical" home... are their any?

Answer 1

big draw back is condo fees and how they can change  

Answer 2

Drawbacks: Neighbors may be located above, below or beside you and are often connected by the building structure. Definition of "condo" vaires geographically, but generally you do not own the land underneath. You pay for lawn care and community space upkeep usually with a montly fee. Your "unit" often looks just like others and bylaws limit what you can have is public view sometimes. Generally less privacy.

Benefits: You usually have no lawncare to do. Sometimes heating and cooling can be lower as you are "insulated" by neighbors. There are people nearby usually. If you have a good homeowners association and builder your maintenance can be easier.  

Answer 3

I don't have any experience in this but thought I'd just chip in. Maybe you could (if you havem't already) visit with a relator and have a really good talk while you go around and see different kinds of units with them. U don't have to make any decision immediately, but, the advantage is you get to converse with an expert and if you set up a really good rapport, they will help with all the pros and cons and answer all the questions you have. Done that with a family member when they were looking for a home, and was amazed at how much I didn't know. The realtor was very honest and knowledgeable. That helps a lot. Goodluck with your decision. Take your time researching and talking to people. Ultimately and after a while, if you feel a pull, I'd say take the plunge, and then take it as it comes. The way I see it, no path is a wrong path, and no matter what, you always have a choice in any situation to make changes. No path is right or wrong the way I see it. We just make it perfect by our willingness to experience, explore and learn. Take care..!  

Answer 4

A condo versus a Townhouse? A condo you own shares, like stock - not real estate. A townhouse, you own your unit, and have common grounds you share.  Both have associations and dues paid monthly.  Sometimes the style of the buildings can vary. But otherwise, you don't do your own lawn maintenance, or exterior maintenance, or pay for hazard insurance in most places... Single family you can pretty much do as you like as long as it does not effect the neighborhoods in a negative way or legally.   Does that help?

Answer 5

Benefits include major upkeep (roofs, snow removal etc) is done by the Condo Board.

Drawbacks include, condo fees can be quite high, you have to keep the outside looking like everyone else's units...no flower boxes, painted doors etc, unless approved by condo board.  So even though you own it, they make the rules.