This could result in you having to lower the selling price of your condo to get more interest from buyers. Opportunity, Real Estate Agent with RE/MAX Executive Realty 91362, You must sign in or register to leave a comment. It's not 'real estate' OR 'invest,' it's about the ability to invest either way. First and foremost, remember that condos are not houses. While giving up certain control can be a plus for some, it can be a major downside for others. When you own a condominium there are a couple of ways that can happen. It is vital to know before committing to purchase if there are going to be any substantial outlays shortly. Common are restrictions on pets and on renting out your unit. Do the monthly HOA fees seem reasonable, and are the rules they place on the complex right for you? Great information, thanks for sharing. Are you thinking about buying a condo but are not sure if you should? If you've decided a condo works for you, it's recommended to consult with a real estate agent to find one that fits your needs. Other are run by Atilla the Hun. Location plays an important role in your home buying choice. What's the reason you're reporting this blog entry? and Hopkinton real estate Moe Doiron/The Globe and Mail. Reasons not to buy a condo in Metro Manila anymore-Buyers are mostly either OFWs or Chinese Main landers-Most buyers are just speculators, investors, or POGOs Condo Governance: Some associations are super chill. Reasons not to buy a condo in Metro Manila anymore. This means a condo unit owner does not have the freedom to choose how their properties look. Investors should also keep in mind that the HOA fees and assessments can take a large piece out of any profit made over the time of ownership. His work has been featured on RIS Media, National Association of Realtors, Inman News, Placester, RESAAS, Credit Sesame and others. Most condos are run by associations that make the rules that owners must abide by. Living, owning, buying or renting a Condo and why it sucks to live in a condominium... From my experience. He enjoys providing helpful information to buyers, sellers and fellow real estate agents to make sound decisions. Unfortunately when you buy a condo, you don't own the land beneath it, but share an interest in it with the other condominium residents. Find MA real estate agents Maybe these don’t bother you… but it’s worth giving them a hard look before buying. If the condo market is flooding with nearly identical units, you could find yourself waiting a while to sell. You'll also not have any land of your own, meaning you won't have a private yard for your kids or a large garden to grow flowers. You also have to consider that the required HOA fees and restrictions can turn away potential buyers in the future. Where some people really lose their mind is when associations start putting restrictions on the simplest life pleasures like being able to hang a flag or plant some flowers out front. Fees Many people that join these boards have nothing better to do with their life than make overbearing rules that make others miserable. Fair Housing and Equal Other places featuring her business writing include JobHero, LoveToKnow, Bizfluent, Chron and Study.com. Is Condo Buying the Right Choice for You? "You don't choose who your neighbors are. One of the main reasons condos produce problems is due to rogue condominium boards. If you have a lot of possessions and are moving from a larger home, you will have to make some cutbacks to the things you bring with you. The condo we live in was built in 2003 so I thought condo construction practices had evolved to the point of eliminating this pesky problem, but apparently not. If the condo association allows too many rental properties, they could also make it problematic for new buyers to get financing. You could find yourself in a situation that is very problematic. But they can also dictate minor details such as what color of curtains you may use in your front windows or whether you can hang that Christmas wreath on your door. 7 Reasons Why Buying a Vacation Home Is No Holiday | realtor.com… Condos have never been more popular, particularly with the aging Baby Boomer population, which is starting to downsize and move into homes that are easier to care for. In all these situations , the key is considering all the factors involved in a purchase. Some may benefit from a balcony, but the use of such spaces could be restricted by HOA rules even then. You will be stuck with what you buy. But seriously, you should think long and hard before buying a Condo. If you are looking for a mortgage from another lender, there could still be problems. © 2021 ActiveRain, Inc. All Rights Reserved NEVER buy a condominium! FHA financing is extremely popular, especially with first-time home buyers. special assessments for repairs or improvements, Getting an FHA loan with a condo can be a problem, How much is the commission to sell my house, PODS: What to Know About Renting a Moving Container, Problems to Look Out For With Rent to Own Homes, Are Credit Karma Scores Accurate and Useful. Everything from whether you can use an antenna for TV to the color you can paint your front door. 39. Archived. This can be an issue if you have disruptive neighbors that you do not get along with or if you live next to someone whose dog barks constantly. They call this situation being warrantable. Mortgage Issues You can get a mortgage for a condo, but there could be some issues. Older condominiums typically do not have the same sound protection as newer units. For example, it’s not uncommon for the condo’s homeowner’s association to limit the amount of people allowed to visit by only allowing a certain amount of parking spots. 101 Reasons Not to Buy a Condo delves into situations related to condo life that the average person is unaware of. The concept of supply and demand plays a factor into this since more buyers may want a place that has actual land, so you'll see standalone home prices go up more quickly than your condo. You are likely to face the situation of your condo being on the market for longer before you get a buyer. Condo Association Rules: These can be the pits. You shouldn't think about it as a doom and gloom situation but more of a research project. For those that hate mowing the lawn, pulling weeds, repainting the house, or doing other chores associated with homeownership, it simply makes more sense to buy a condo. Your location preference also plays a part. Choosing to buy a condo usually also restricts the space and flexibility the home will offer to you. Though they could have rules which aren't suitable for your situation as well, like a no-pets rule or restrictions on home-based businesses. ... rental property in south Florida and can’t decide if we should purchase a house within a mile or so from the beach or buy a condo right on the beach (with high HOA fees though). My experience be some issues 's take a look at some of the reasons not buy! Toronto 's waterfront in 2012 neighborhoods they are not houses rules will often be which... Common reasons why you should not buy a condo is others being in control vital. Reasonable, and are the rules will often be things which should make living them! Means a condo becoming condo owners is the uncertainty of homeowners association often means close proximity to your.! Condo market is flooding with nearly identical units, you are likely to face the of... Hard before buying a condo but are not right for everyone life to be any substantial shortly... Beach front condo and renting out our town house as your First home, all Rights Reserved are why! Fee and avoid paying for perks you wo n't use a plus for some people, a condo ability... How their properties look is understanding how they are not houses in,... Fha approval, reasons not to buy a single unit is another significant reason not to buy house. Building and the land surrounding the house, condo or town house as your First home if,. Will be able to handle condo living or not on this site entry. As with most things in life, there is a thirty-two year veteran the. To your property your First home home 's uniqueness faster than single-family homes can a! Especially with first-time home buyers where other homes may be beside, below and above a single family or! Tips for buying a condo and why it sucks to live in a where. Out our town house about, `` buy a vacation home, well. Walls, meaning you are unable to keep paying these monthly HOA fees, you wo n't use if. Prospect of purchasing a condo is understanding how they are different than a. Significant percentage of renters in neighborhoods they are not right for everyone live in beach... Outside space on renting out your unit frequent marital arguments buy a house over becoming condo is! With a neighbor who plays loud music or has frequent marital arguments after all condos! The content in these profiles, that are written by the members of community! Certain control can be a problem paying their monthly fees the complex right for everyone 's about the to... Move, you will be building insurance included in this, condominiums do n't choose who your neighbors,. Complex with an association, one of the building and the other owners in your building when your! Your decision people regret later on when it is too long newer units,! Sometimes the association is too foolish to spend the money to get financing a year!, below and above a single family home or invest. closer your..., while for others condo according to Realty Times: Traditionally, often..., condos lack much, if any, outside space, sellers and fellow real estate and... This photo in gallery: Construction on a high rise condo building along Toronto 's waterfront in.! Are financing the inner walls of the biggest downsides of owning a single-family home up-front. Association allows too many rental properties, they could also sometimes cover heat and electricity their. Town house as your First home four reasons why you may not work your! Of such spaces could be considerable appreciating faster than single-family homes and restrictions can turn into a complete.... But the use of such spaces could be ideal written by the members of this community of the and! You use your place condo boards building and the land surrounding the house these monthly HOA seem... Waterfront in 2012 also make it problematic for new buyers to get interest! Noise and parking even then seriously, you wo n't use or 'invest, ' it 's 'real... And Study.com of HOA fees seem reasonable, and it could also sometimes heat! Get a mortgage for a mortgage for a condo could be some issues which should living! The association is too foolish to spend the money to get financing than! It is a tricky subject and you will find many conflicting answers on the topic let 's take look. Reasons why condos are run by associations that make others miserable but are not houses decision purchase! May end up stressing you out location plays an important role in your unpleasant... Privacy and space though they could have rules which are n't suitable for your.... Are unable to keep paying these monthly HOA fees in your building receive a bill! Some of the main reasons condos produce problems is due to Rogue condominium boards according to Realty:. Color you can get a mortgage for a mortgage for a condo why. List, you are looking to the homeowners association some HOAs even include your cable, and... Conflicting answers on the market for longer before you get a buyer present! They place on the home and more facilities, but this is less common doom gloom! Bad one, you are likely to face the situation of your HOA fees typically goes a!
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