What misconceptions do people have about condos?
Many do not understand what a condo is, what is actually owned, and what it means to live in a community association. In essence, a condominium is a form of ownership whereby a person owns the entire condo unit (much like an apartment), but shares ownership of the rest of the building(s) and other property of the condo (e.g., roads, sidewalks, parks, clubhouse, pool, etc.) in common with the other owners. The owners elect a Board of Managers to handle the community’s finances, make repairs, enforce rules, oversee construction projects, etc.
What are some of the negatives that people don’t think about?
Loss of control over many aspects of owning your own home is one issue, as a condo’s By-Laws and House Rules can be fairly restricting and burdensome, but must nevertheless, be enforced (e.g., having to obtain Board consent before making repairs, where allowed to park your car, whether you may rent your unit, what color you must paint your front door, etc.). Other complaints include:
- issues or conflicts with adjoining owners (loud music, smells of cooking, etc.)
- strong disagreement with decisions made by the Board; being financially tied at the hip with complete strangers
- having to deal with many different personalities and people, including angry, irrational and emotional owners who fail to respect the rights, privacy or concerns of others.
What are the advantages of buying a condo, as opposed to getting an apartment, townhouse or standalone house?
First, you actually own something when you purchase a condo, as opposed to being a mere tenant, which includes the ability to refinance or take out loans if needed. Many are also drawn to the fact that a condo owner performs little to no maintenance, and no external repairs (e.g., cleaning leaves/gutters, mowing the lawn, shoveling snow, landscaping, etc.). In addition, many find a harmonious comfort in sharing ownership with surrounding neighbors, including access to various facilities & amenities (e.g., pool, clubhouse, golf & tennis courts, etc.), as well as vibrant clubs and committees holding social gatherings and outings (e.g., movie/card night, charitable events, etc.). One thing is for sure: you’ll never be alone if you live in a condo!
