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Edited on Wed Feb-14-07 03:03 PM by grace0418
Everything has its upsides and downsides of course but here are mine:
Upsides: It allows us to own property and live in a neighborhood we enjoy (where we could never afford a house). We have a management company that handles mowing, shoveling, cleaning the hallways, etc. If the roof needs repair or the water heater busts, the cost is spread out amongst all the tenants instead of being our sole responsibility. If you have a good condo board (we do), advance planning keeps big surprises like special assessments at bay. Less to clean and maintain.
Downsides: Less room than a house. Less privacy. Often no yard or garage. Upstairs neighbors. 'Nuf said. Even the really nice ones can drive you crazy sometimes. Lots of things you can do without a second thought if you own a home must be decided on by the board (i.e. paint your front door, change the windows, remodel, etc.)
I don't regret our decision at all, to answer your question. We love our condo and we LOVE our neighborhood. We never could've afforded living here any other way. But we're ready to move on, even if it means moving to a less desirable 'hood. We want a yard, and more space, and no upstairs neighbors.
One thing to watch out for, regarding neighbors, is how many renters there are in the building. Many condo associations limit the number of units that can be rented at one time to 20% or less. This is a good thing. I was a renter for many years, so I'm not trying to dis renters, but renters generally don't care as much about the building and their neighbors as owners do. This is perfectly understandable, of course, because there really is something to that whole "pride of ownership" idea. Just something to keep in mind when you are looking.
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