Condo Or Not?

One decision a homeowner-to-be must make is whether to buy a house or a condominium/townhouse.  The single homeowner-to-be is often advised by family and friends (and maybe even their realtor) that a condo is the way to go.  "It's just going to be you on your own", they say.  "Just think- you won't have to worry about outdoor work, and everything will be so much easier for you.  And it's usually cheaper to buy a condo than a house anyway, and that'll help you as you'll be paying all the bills yourself."  "Wow!", you think. "Cheaper and easier!  That must be the way to go."

Wait a minute! Not so fast there.

There are definately plusses to condo life.  Your friends and family are right- you won't have to mow or shovel snow, and condominiums are generally cheaper to buy that comparable single family homes.  But there are also some downsides to condo life that you should consider:

• Attached walls.  Living in a condo or townhouse means you'll have people on the other side of your walls (and maybe your floor and ceiling, too!).  This means noise!  And not just wild parties at 3am, either- you'll be listening to everybody's everyday noise, like footsteps, crying babies, and barking dogs.   Keep in mind also that you'll need to keep the noise down yourself if you want happy neighbors.
• Condo fees.  Any home that's part of a homeowner's association that provides any kind of maintence will charge you a monthly fee.  Fees vary greatly from development to development.  Some fees just cover outdoor maintence; other associations may include some or all utilities in the fee.  Be sure to find out exactly what's included before you buy, of course.  And keep in mind that fees do increase with time as costs increase.
• Assessments.  Ever wonder who pays when a condo building needs a new roof or other major repairs?  The condo owners. ALL of them in the development, not just the folks in the affected building.  When repairs or upgrades are needed that aren't covered by the regular maintenence budget, the homeowners association will issue an assessment to each unit owner, requiring that they pay a share of the costs. True, paying for a share of a repair is cheaper than paying the whole bill as the owner of a house would have to, but remember- you as a unit owner will have only so much say as to what gets done when.  You'll be expected to come up with the money when the association says so.  Can't pay?  The the association will put a lien on your unit, and the amount you owe will be paid to them when you sell.
• Rules.  Condominium communities all have rules their residents must live by.  Some allow pets, some don't.  Most have official "quiet times" overnight so people can sleep.  Find out what the rules are for any community you're interested in- make sure you can live with them before you buy.

Condos do have some things going for them, too;

• No outdoor maintenence!  That's a big plus for busy people, or those who physically are unable to tend a yard. 
• They're usually cheaper to buy. You need to find out about the fee, though- a cheap mortgage isn't cheap anymore when it goes hand-in-hand with a high condo fee.
• Carefree living.  Condo units are usually simply laid out and easy to care for.
• A sense of community.  Some condo developments have pools, sports ammenities, and social quarters to enhance the lifestyle there.

Some other things to think about before buying:

• Find out what percentage of the units in the development are owner-occupied.  If most of them are, great!  People who live in the units they own tend to care about the community and take good care of their homes.  If a high percent of the units are owned by landlords who rent them out, it may be trouble- not every landlord screens their tenants well, and you may end up with some problem neighbors as a result.
• Extra ammenities such as swimming pools are nice, but they will add to the community's maintence costs (and that'll hit you in the wallet!).
• Try to find out who manages the development, and ask other unit owners if there have been any problems with them.  There are some real estate management companies that are less than honest dealing with association funds- this is rare, but not unheard of.

And lastly, remember; it's like all real estate- location, location, location!  Make sure any condo development is in a good area that's convienient for  your lifestyle.