MetroWest: Condo or Single Family / Townhome?

Many buyers are looking for more space. Others are downsizing, or investing; these buyers are on the search for a home that will be easy to care for and if retiring, will give them plenty of chances to be active and social.

Condos offer a wealth of opportunity. Most have clubhouses, gamerooms, gyms, and common outdoor meeting areas. Others go above and beyond with organized mixers, dances, movie nights, and more – particularly for those buying in 55 and over communities. You won’t find those included in MetroWest’s real estate inventory however.

Typically, owning a condo means you no longer have to worry about mowing your yard, maintaining landscaping, cleaning or scooping sidewalks, or making large-scale repairs. You pay a fee each month that pays for your portion of this upkeep. Your condo association should also have a reserve fund that is held for large repairs, such as roof replacement, when the time comes.

The operative word is “should.” Not all condo associations are the same. Before you buy, be sure to check into how diligent the association is. Are they up-to-date on reserve studies? How often in the last 10 years have they raised fees? Do they have an lawsuits pending and how many delinquencies to they have on their COA fees – how many foreclosures or Lis Pendens?

Condos also come with an extensive set of rules. This means the condo nazis can and will tell you can do to your home and what you can’t. They can prohibit improvements, pets, home-based businesses, and subletting. The positive side of these rules is that your condo community should stay uniform, updated, and in good order. If you have an issue with a neighbor, you can often bring them to task if they are out of order.

As every up has it downs, there are some drawbacks to owning a condo. One primary negative is the overall lack of storage. Generally, you have no garage, attic, basement, or backyard storage shed to house those Christmas decorations and other junk.

Back to those monthly COA fees (“maintenance fees”). For the entire time you own the condo, you will be expected to pay fees. While these go towards upkeep and amenities, it is an added financial burden that one must consider on top of purchase prices. Additionally, you are still responsible to pay your monthly fees even if your condo is entirely paid off. Some folk object to this. Remember however, that owning a single family home isn’t much cheaper. Pool boy: $100 a month; yard care: $100 a month, termite and pest control… insurance, roof repairs and so it goes on. These are usually all covered in condo fees, but not in regular homes. In the end, the fees work out about the same.

Condos can make great homes and great real estate investments. Be sure to do your due diligence when researching what community is right for you!

See our sister site if you’re interested in buying condos in Orlando and our specialist downtown website for downtown Orlando condos for sale. Or just call: 407-290-3408.

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