Condos - Some Facts to Consider

Condominiums and townhouses offer an affordable option to single-family homes. Consider these pros and cons before you buy.

• Build Equity Young.
  We believe the greatest advantage that condos offer is their relatively low price, which allows young people to begin building equity for their future relatively early. Coupled with the strong appreciation in the Sacramento Area, this feature makes owning a condo an alternative to rent that's worth serious consideration.
• Storage.
  Some condos have storage lockers, but usually there are no attics to store belongings. Some condos like Greenback Estates in Citrus Heights come with a garage, but not all units have the garage door installed. In other subdivisions like Antelope's Westwood Village, the garage is purchased separately and subject to availability.
• Outdoor space.
  Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you hate yard work, this may be the perfect option for you! (John tends to gets excited about this feature because Vicki compares his yard to the landscaping equivalent of a "cancer patient").
• Amenities.
  Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.
• Maintenance.
  Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you're not home.
• Security.
  A number of condos are in gated communities or feature keyed entrances. Plus, you'll be closer to other people in case of an emergency.
• Reserve funds and association fees.
  Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees agreed to by the condo board, whether or not you're interested in the amenity or not.
• Resale.
  The ease of selling your unit is slightly more dependent on what else is for sale in your building, since units are usually fairly similar. Single-family homes usually are more individual. On the other hand, being an inexpensive first time home option, condos generally appreciate well and sell quickly.
• Freedom.
  Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets. Read the covenants, restrictions, and bylaws of the condo carefully as soon as possible in your inspection period.
• Proximity.
  You're much closer to your neighbors in a condo or townhome. If possible, try to meet your closest prospective neighbors before making a decision. Some two-story condos partially mitigate this problem by eliminating noise from the neighbor above or below you.