Disadvantages Of Buying A Condominium

Who says Mesa Arizona condos are all convenience, security and comfort?  Just like all things, there are two sides of every story because if there isn’t, then your home would be a perfect place to live in and you wouldn’t have to go out.  Although there are disadvantages in condo living, these drawbacks serve as factors to consider that stops a buyer to think first before buying a home.

1) Monthly Homeowner’s Association Fee

Homeowners Association (HOA) fees are funds that collected from homeowners needed to pay for master insurance, exterior and interior maintenance, landscaping, water, sewer, and garbage costs.  HOA fees are paid monthly and run on  average from $100-$700 per month, but this can still vary depending on the amenities provided by the condominium so always scrutinize any unnecessary high monthly charges.

2) Privacy

Compared to single-family Corvallis homes, condos have less privacy.  One particular concern is the noise and parking areas especially for guests.  So if you are really interested in buying a condo, make sure that you pick one with common parking areas for guests and garages

3) Covenants, Codes and Restrictions

Covenants, Codes and Restrictions or CCR’s are the laws and regulations that govern how, who, and when condo properties can be used.  Ask a copy of the condo’s CCR to let you know about restrictions in the condo building.

4) Resale Value

There is no telling if you will stay in the condominium for the rest of your life.  The location of the condo building is important because it tells how much the resale value of your condo unit is if ever you decided to sell it on your retirement.

These four factors should not discourage a home buyer from buying Stafford condos for sale.  Inspite of the disadvantages, condos can be the right investment if the rewards outweigh the drawbacks.