Pros and Cons of owning a Condo?

[babyanni]

can i have your thoughts?

[terpkeg]

Con: Very close to your neighbors, lack of privacy (this may not be a con for everyone)

[Iceman]

Cons:

1. Harder to resell.

2. Cookie cutter feel to it: Every house looks exactly the same on the road.

[pavyracer]

If you can get it for 50% off market price go for it.

[Doug]

association fees suck. I pay $222 a month ( no pool or other stuff either) plus special assessments.

lots of stupid rules. I can't even park a motorcycle in my parking spot.

[sundin4prez]

in toronto atleast condo's dont appreciate in value much compared to houses....

fees suck and rules

[Reload]

Pros:
Can often afford a location or size you might not normally get with a house.
You can hear your neighbors having sex. (Might be a con to some people but it can beat watching Cinemax)

Cons:
You can get out-voted by your neighbors on decisions.
Money may get spent on things you don't agree with.
High insurance costs, even though they are split.
Parking is usually tight.
Re-sale can be tougher since banks want to review everything, owner-occupancy rate, condo docs, etc.
Hiring outsiders to do everything
Someone's fat butt might be standing right out your window when you look outside
Neighbors taking up extra space outside with their "stuff" you don't want to look at
Nothing ever gets upgraded or fixed unless it absolutely has to be

[jjgold]

Pros ........ No work to do

Cons..... Fees, no yard, lack of privacy, hard to sell

[msec512]

The association fees will keep me from ever considering buying one. They always seem way too high.

[Doug]

The association fees will keep me from ever considering buying one. They always seem way too high.

I see fees with LV homes too FH, sometimes two sets of them. They are usually under $100 month though.

[ProfaneReality]

I am in a high rise condo.... and they just decided to renovate the entire building and parking garage, I say they because I voted against it.. so im stuck with a huge bill.. have to fork over 2 lump sums, and my monthy fee is doubled for the next year

[treece]

condos are crap.

[Brock Landers]

my buddy can't sell his, went up quite a bit in value from where he bought it though. Probably asking too much

[losturmarbles]

condos are still overpriced, some houses are still overpriced. But it's a buyer's market, if you can get the financing go for a house with land. House, condos, etc always depreciate in value, the land always appreciates in value. (unless you have crazy legislation creating artificial markets)

Look for REO, bank owned for your best deals.