Condo living?

[Amisk]

"The Newf." and I are trying to decide whether to buy a Condominium or not. It is a big move for us.
I was just wondering how other folks who have moved into Condominiums at one time or other in their lives have found the move.

I would like to know both the good points and the horror stories. What are some of the pit falls you have found? Having tried it, would you consider it a good move on your part or not?

[Nadiine]

:wave:
My step-daughter & her new husband are in a condo, they couldn't afford a house yet being so newly married. She's an underwriter for a thriving Real Estate company and they thought that was a very good move instead of renting a house or apt.

You're at least able to get your money back out of it (most likely)....
There's alot of variables depending on your finances & situation & amt. of time you'll be living there.....

But at least you aren't tossing your money out a window when you own something.
Above all, PRAY & SEEK GOD on any moves you make.
:groupray: :thumbsup: best wishes!

[JTLauder]

I've never lived in a condo, but from what I hear from other people:

Pros:
* No exterior yard work.
* Don't have to maintain the building, and maybe not even the condo's infrastructure as well (air, heating, electricity, plumbing, etc.)
* Generally costs less than a private home.
* Great for socializing with others in the condo building.

Cons:
* "Association fees": Extra costs for yard and building maintance.
* There may be restrictions on what you can do to your condo--you lose the control.
* Anything except your condo interior requires concensus of all condo owners in the building--can be a long process filled with bickering and arguments.
* You may be required to attend regular meetings (even at your inconvenience) to discuss building matters.
* Generally harder to sell, but it's not as bad the past few years.
* Less privacy--The building's facilities are communal areas that have to be shared by everyone.
* You don't own land.

Essentially, it comes down to 2 things: Your life style and what you can afford. Condos cost less and are better for active people always on the go. Private homes cost more and are better for families needing a stable environment and have the time to put in the work in maintaing the yard and house.

[Amisk]

I received the following comment on Condos living last nite and I am wondering how many other condo owners have experienced the same.

A family bought a condo in a nice Toronto suburb at the time they paid $150,000 for it. They were paying $150.00 a month condo fees. About 5 years later they were assessed $2000.00 over and above the condo fees in order to repair and bring the balconies in the entire structure up to standard again.

Shortly there after Government inspectors (I am not sure if the buildings are inspected regularly by the city or the province, but apparently it is one or the other)assessed that the underground parking garage needed major work. This brought each condo owner a second bill of $10,000. in order for management to do the required repairs. If the condo owner refuses to pay then a lien is placed against one’s property to cover the cost of repairs. Another thing that seems to be part of the contract with the condo company, even if you don’t own a car or use the garage you still owed for repairs to it.

As time past the value of each individual condo began to drop. Real Estate agents told the gentleman involved that the reason for the dropping value of his property was that as each assessment comes in, word gets out and buyers begin to shy away from purchasing in those condo buildings with high assessments numbers.

The gentleman involved said that when he placed his condo on the market after 20 years, it sold for $50.000 and it took so long to sell that he figured he was mightily lucky to have received that amount.

[Utah Knight]

I live in a condo and i like it except for a few things these are no yard not as much privacy and i do not own the land