The Condominium Concept
A Condominium unit is a great alternative to a single family home for some people. Maybe you want to spend more time travelling and want the flexibility to just leave for a couple of weeks. Maybe you don't want to take care of the lawn, or shovel snow anymore.Maybe you want to be with a community of people. Maybe you are looking for inexpensive housing, or a penthouse suite in a downtown high-rise. Whatever the reason, below are some of the pros and cons of condo living. But one of the best benefits is that you can take off without worry about snow / lawn care, or that there will be a flood, etc. The building is usually maintained by a professional staff.
- Professionally maintained
- Don't have to take care of snow and lawn care
- Safety / Security may be better with a single entrance to the building
- Guard desks at some buildings
- Be a part of a larger community of people
- Wide range of floor plans, wide range of locations, wide range of pricing
- Some buildings have underground, heated parking
- Shared amenities such as workout room, pools, saunas, project / craft rooms, onsite library, central dining facilities, etc.
- Restrictions in your ability to change interior walls, or to paint exterior colors, or to modify decks or windows, etc.
- Pet restrictions in many buildings
- Close to a large community of people
- If you don't use the shared amenities, you're still paying for them
- Shared Heat - If you keep your unit cooler than the average, you're still paying the same share
- Limited parking space
- Association dues usually increase
Additional Condo Resources:
What is the purpose of a Home Owners Association?
Single Family vs Townhouse vs Condo - By The Numbers
Condo and Townhouse Associations - Minnesota Attorney General (PDF download)