Condo Ownership VS Home Ownership - Advantages & Disadvantages

By
Real Estate Agent with RE/MAX Capital City ~ Call Bob ~512-587-5689 Austin TX - REALTOR® 492107

Condo Ownership VS Home Ownership - Advantages & Disadvantages

The Island on Lake Travis Condos

Condo Ownership is very different than owning a home:
When you own a condo, your personal ownership is typically limited to the interior of your unit, and includes the floors, walls and ceilings. In addition, you share responsibilities with all the unit owners for the exterior of the complex, the common areas, and all amenities. Shared ownership offers enticing benefits, but it also carries drawbacks.
Disadvantages of Condo Ownership:

Austin Condo

owning a house demands additional responsibilities, because you alone are responsible for the interior and exterior maintenance and upkeep of the home. However, a house provides other advantages that a condo cannot match.

1.   Community Living

As a member of a condominium complex, you will be part of a “community.” Having shared walls means you are more likely to hear noise from neighboring units, while shared common areas can lead to more interaction with your neighbors than you wish.

Austin Condos For Sale


2.
  
Fees

Every condominium owner is responsible for certain fees—typically called Home Owner’s Association (HOA) fees. These dues, generally collected monthly, will never go away! While they may minimize large “one time” expenses, additional fees may still be assessed, in response to unexpected or unplanned for events.

3.   Resale

Historically, condominiums have been more sensitive to real estate market trends than single family homes. When the local housing market starts to decline, the condominium sector is usually one of the first hit—and last to recover.

Lake Travis Condo, Lago Vista, Point Venture, For Sale

4.  Rules

When you own a condominium, you lose some of the independence of home ownership. You must follow HOA rules or risk being fined. These rules may influence what you can put in your window, renovations, pet ownership, and noise levels.

5. Privacy

Due to the close living proximity, condo owners lose some of the privacy that a single family residence affords. Shared walls mean shared noise.

Austin Codos


6.
  
Space

When you own a condominium, you do not own the land beneath you. Your ownership typically extends to the space between the walls of your unit along with shared common areas. This also means you will not have the ability to “expand” the size of your home.

 
Advantages of Condo Ownership:

You will not be solely responsible for exterior or common area repairs
The HOA dues (or a one time assessment) you pay will generally cover all exterior repairs, including: siding, roofing, etc.

1.   Convenient location:

Condominiums are often located in prime locations that are convenient to city centers, shopping, and restaurants. The close proximity to the city center and to major transportation routes allows you to reduce your commute time and costs

2.   More affordable than a single family home

Condominiums have a very wide price range, with the lower range often within the budget of first-time buyers and single income families. To find a comparably priced home, you often have to search less desirable neighborhoods and suburban areas of the city.

Condos in Cedar Park

3.   Security and safety

Nearby neighbors make many condominium owners feel more secure in their home. The presence of neighbors makes it more comfortable to leave home for vacations or work trips. Many condominiums have additional security features, such as a guard service or buzzer system to provide additional protection for the owners.

4.   Low maintenance

No more lawn care…say it again, NO MORE lawn care! Condo living usually means somebody else is taking care of the exterior maintenance, such as mowing the lawn, shoveling snow, and cleaning the gutters.

5.   Amenities

Condominiums often offer access to amenities such as a swimming pool, gym, tennis courts, and reception area in the common areas, providing luxuries you may not otherwise be able to afford.

Lake Travis, Hollows, Lago Vista Condos for sale

6.   Neighbor accountability

The condominium association sets rules and regulations that all home owners must follow. The association will enforce these rules to ensure compliance, while also dealing with disputes between unit owners or developers.

 

Posted by

 Canyon Vista Realty Bob Ratliff BrokerLago Vista Home Search 

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Re-Blogged 7 times:

Re-Blogged By Re-Blogged At
  1. Brian Olsen: Lake Oswego Real Estate 12/02/2012 11:21 AM
  2. Katie Evans 12/03/2012 11:09 AM
  3. Saralou Durham 12/03/2012 12:06 PM
  4. Gloria Todor and Doug Durren - Delaware County PA Real Estate 12/03/2012 02:29 PM
  5. Susan McCall 12/03/2012 05:17 PM
  6. Shanna Hall 12/04/2012 03:41 PM
  7. Winston Heverly 03/23/2013 05:20 AM
Topic:
ActiveRain Community
Location:
Texas Travis County Lago Vista 78645
Tags:
for sale
seller
buyer
realtor
hollow
island
lago vista
condo
lake travis
real estate in austin
downtown
austin condo living

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Rainmaker
573,044
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Bob-This is a very comprehensive explanation of condos and their pros and cons. Thanks.

Dec 02, 2012 11:25 AM #1
Ambassador
645,816
Courtney Cooper
All Seattle Homes for Sale: CooperJacobs.com - Seattle, WA
206-850-8841

Nice job getting this one put togetehr - I suggested and reblogged it.  Have a great week!

Dec 02, 2012 11:26 AM #2
Rainer
128,334
Ki Gray
SkiHomes.com LLC - Aspen, CO

Lots of options and different variables at play.  Definitely pros and cons to each - great post Bob!

Dec 02, 2012 11:45 AM #4
Anonymous
Anonymous
Olena Nibley

Good article, Bob!

Dec 03, 2012 11:03 AM #5
Rainer
127,746
Ron Aguilar
Real Estate Buying Advice - Salt Lake City, UT
Mortgage & Real Estate Advisor since 1995

most potential buyers understand the pros and cons. Let them dictate to you where they want to be and react accordingly.

Dec 03, 2012 11:10 AM #6
Rainmaker
640,754
Stephanie/Bob The Ruiz/Miller Team
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Hi Bob, excellent post and comparison of condo versus stand alone.

Dec 03, 2012 11:14 AM #7
Rainmaker
658,490
Evelyn Kennedy
Gallagher & Lindsey, Alameda, California - Alameda, CA
Alameda, Real Estate, Alameda, CA

Bob:

Your post is a very good explanation of what a condo is.  I  will use your information to help my clients understand the difference between a single family home and a condo.

Dec 03, 2012 12:22 PM #8
Rainmaker
111,283
Rafi Footerman
Mid Jersey Inspections - Edison, NJ
Home Inspector, Mold Inspector, Radon and More!

This is great for your buyers.  If you don't already, you should give it to them.

Dec 03, 2012 01:35 PM #9
Rainmaker
601,012
Gloria Todor and Doug Durren - Delaware County PA Real Estate
Century 21 Absolute Realty - Media, PA
Hard Working Professionals (484) 431-3686

Hi Bob, This is a great post answering many questions posed by potential buyers of condos.  Reblogging and suggesting.

Thank you.

Gloria

Dec 03, 2012 02:25 PM #10
Rainmaker
208,570
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Specializing in Brookside, Waldo, Prairie Village

Thank you..I always outline the pros and cons of condo ownership, but you brought up a few points I had not thought of.

Dec 03, 2012 03:04 PM #11
Rainer
191,272
Dwight Puntigan
Pyramid Realty Group - Saint Charles, MO
Dwight Puntigan

In this area slow appreciation compared to single family is significant.  Pro and con of majority owner occupant allows for lower down payment FHA financing, but if rentals are not allowed you lose flexibility when you need to relocate or if an elderly owner suddenly dies and rental is not a tool to make the payments.  too many transients and the area loks as if it will never appreciate.  Condo create a great many conversations.

Dec 03, 2012 05:37 PM #12
Rainmaker
281,240
Travis "the SOLD man" Parker; Associate Broker
Team Linda Simmons, Enterprise, AL 36330 - Enterprise, AL
email: Travis@theSOLDman.me / cell: 334-494-7846

Excellent list. We don't have Condos in this area, but do have a lot of townhouses. Many of the features are the same - good and bad.

Dec 04, 2012 05:49 PM #13
Rainer
54,976
Rob Renk
Carrington Mortgage - McKinney, TX
AE | Carrington Mortgage loans down to 550 FICO

Condos do have their place.  Your comparison to the pros and cons is a good read for all before they consider a condo purchase.

Dec 05, 2012 04:21 AM #14
Anonymous
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Rainmaker
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Bob Ratliff, RE/MAX-CC, Cedar Park & Leander, REALTOR® 512-587-5689

Your Cedar Park Real Estate Consultant, REALTOR®
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