The Condo Life

There is a lot to like about condominiums and townhouses. Both forms of housing involve individual ownership of a unit along with shared ownership of "common areas." Is this type of property right for you?

Advantages
There are many advantages to condo and townhouse life. First of all, they are relatively low maintenance properties. There is an association in charge of the property, and this association takes care of a lot of the management. Larger associations may even hire a management company. Whatever the case, individual unit owners do not need to worry about exterior maintenance. The association takes care of all such maintenance, from lawn care to roofing. Unit owners only need to take care of the interior of their units.

Another critical advantage of condominiums and townhouses is reduced costs. These units tend to cost less than single family houses because they are smaller, and because the price of any common areas are essentially divided up among all owners. That is also true of all amenities. Think about the price of a pool. Building a pool can be very expensive, and the owner of a single family house would have to pay for the whole pool themselves. As part of a larger association, however, unit owners would only pay a small portion of the cost of a pool. This is not to say that every condominium or townhouse association will have a pool, just that the costs of amenities such as pools would be divided up, thus making them more affordable.

Townhouses and condominiums have even more than financial flexibility to offer. They tend to offer more security as attempted burglaries are less common due to the shared nature of the buildings. Some people feel that there is a greater sense of community involved in shared housing as well, though that is not necessarily always the case. Nonetheless, there are clearly lots of plusses that come with living in a condominium or a townhouse.

Disadvantages
As with any form of real estate, living in a townhouse or a condominium has its drawbacks. The most common complaint about living as part of an association is the restrictions. These are called the covenants, codes, and restrictions (or CCRs for short) which are outlined in the bylaws. The association will have written these bylaws, and all unit owners are expected to live by them. Some bylaws restrict pet ownership or define what types of pets are allowed. It is not unusual for there to be a fifty pound weight limit put on dogs, for example. There can be noise restrictions or parking restriction. The list can go on and on. Obviously the point of these restrictions is to ensure that no one unit owner or group of owners negatively impacts the lives of their neighbors.

Another disadvantage of condos and townhouses is the fees that come with being part of an association. Association dues need to be paid, and the money goes to pay for association costs, from insurance to electricity. These fees can go up, and they usually do, but only with the approval of the unit owners. Unit owners can be assessed a fine for violating the association bylaws. It seems like everyone knows somebody who has paid a fine because their dog used the wrong area for its "business". Unit owners might also have to pay special assessments to help pay for exterior painting or snow removal costs during an especially bad winter.

The common areas can also provide drawbacks to life in a condominium or townhouse. The shared walls, halls, and entrances provide less privacy to unit owners. Unit owners also have to pay for all amenities, regardless if they actually use them. Take the pool example from earlier. Each and every unit owner in some way helped to pay for the pool, and will continue to help pay for the maintenance of the pool even if they never use it.
 
Is This the Life for You?
Individuals and families need to sit down and decide if living in a condo or townhouse is right for them. They are usually best for first-time home buyers, small families, and couples who are looking to downsize. First-time home buyers can gain experience in property ownership without have the complete responsibility over maintenance. Small families that are look for a more affordable way to into a better school district may want to live in a condo or a townhouse. Couples looking to downsize can also really benefit from similar properties because it does limit the size and amount of responsibilities placed on property owners.

As always, if you have any question related to condominiums, townhouses, or anything regarding real estate, feel free to contact Realtor Ryan Guilmartin at 617-852-0040 or ryan.guilmartin@gmail.com. Happy house hunting!