Condominium living has its advantages, but it is not the ideal choice for everyone. With this guide, people will understand the common benefits and concerns surrounding buying a condo.

Pro: No Exterior Maintenance

Being a homeowner often calls for more work in maintenance and upgrades than renting. For owners of single-family homes, much of that upkeep is related to the yard. Condo owners can bypass most of it. People who own condos have to pay for the management of the:

• exterior structure
• grounds
• amenities and features of the property
• building repairs

The benefit is that they are not personally obligated to provide this maintenance. Buyers who have limited time, funds, or ability to do yardwork may have an easier time living in a condo. This can be especially favorable for new homeowners who have just stopped renting and are getting used to the process of homeownership.

Con: More Rules to Follow

Condominiums, townhomes and other types of multifamily properties often structure the decision-making power around a homeowners' association (HOA). An HOA is a collective of homeowners who set a number of rules and guidelines that everyone living on the property must uphold. The HOA charges fees and arranges for maintenance, repair, or upgrades to the property. HOAs can change the rules at any time and may increase monthly dues to accommodate the needs of the property. Condo owners have some say in the running of the HOA, but they cannot ignore the fees or rules without consequence.

Pro: Flexibility in Choice of Region

People who want a single-family home have a more limited selection of spaces in which they can choose to live. Willingness to live in a condo allows buyers a wider variety of regions, cities, and neighborhoods to consider. A city with a large urban population may offer more condos as a way to increase the amount of available housing. People who prefer to live closer to shopping, entertainment, and nightlife may find condos more convenient.

Con: Close Neighbors

Single-family living offers the greatest guarantee of privacy. Multifamily properties mean that owners will always have a neighboring unit. Some condos can be structured to minimize the number of shared walls, in which case condo owners may only have a neighbor on either side, instead of a neighbor on the sides, top, and bottom. Less privacy can translate into more noise and frequent disruptions.

Pro: More Budget-Friendly

Because the purchase of condos does not involve ownership of a specific lot of land, condos tend to be less expensive than townhomes, twin homes, or single-family dwellings. Condos are often smaller than other types of homes, although this is not always the case. Condos may be a preferred option for a first-time home buyer with limited funds, especially in areas where the cost of living is higher than the average.

Con: Harder to Resell

Although there are many styles of homes and even more types of families, home buyers tend to show specific preferences. As a general rule, most buyers want a single-family home, not a condo. Condos in areas where there are lots of multifamily properties might not be impossible or even exceptionally complicated to sell. However, not having that privacy and control of land might drive buyers away. Condos with a particularly expensive or picky HOA can make it even more difficult for owners to sell at a good price.

Buying a condo calls for good research into a Shelbyville buyer's needs and long-term expectations. With these common pros and cons, people can determine if a condo will best suit their housing requirements.