Storage
Storage: Some condos have storage lockers, but usually there are no attics or basements to store belongings. We recommend clients pay extra attention to closet space — mapping out where one could store a vacuum, cleaning supplies, linens, winter coats and the rest.
Outdoor Space
Outdoor Space: Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, condos may not be a good fit. However, if you hate yard work, this may be the perfect option for you.
Amenities
Amenities: Many condos have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home. Consider whether you will use these amenities, and how they compare to local clubs.
Security
Security: The level of security can vary greatly across condominiums. Make note of common area security features and try to meet with prospective neighbors.
Reserve Fund and Association Fees
Reserve funds and association fees: Association fees often contribute to the general maintenance of the property, amenities, and reserves. These fees are set by the condo board and must be paid regardless of use.
Resale
Resale: The value of your condo is highly correlated to the value of other condos in your building. Don’t expect to drastically outperform comparable condo sales, and keep your improvements in-line with other units.
Freedom
Freedom: Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.
Financing
Financing: Financing the purchase of a condo is more complicated than financing the purchase of a single-family home. Due to owner-occupancy ratios and usage constraints, you may have to contribute a more significant down payment or carry private mortgage insurance. Check to see which mortgage banks have lent on other units and consider obtaining a mortgage through them as well.
