· P ROS AND CONS OF CONDO COMMUNITY LIVING Pros · No external maintenance. Many seniors wan...
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PROS AND CONS OF CONDO COMMUNITY LIVING
Pros
· No external maintenance. Many seniors want to be free of yard
work and exterior maintenance at this stage in their lives. yet they still want
to live around broad green lawns and gardens that so many communities offer.
·
Affordability. A condo permits many buyers to live
in a desired neighborhood, even if they can’t afford a single family home
there.
This would be especially true for properties near many of our beautiful
Gulf beaches or in the central and immediate northeast areas of St Petersburg
where single family home prices have gone through the roof in recent years
surpassing greatly even condo prices that themselves have escalated. Condo ownership eliminates many maintenance
costs while retaining the significant federal income tax benefits of home
ownership.
·
Amenities. Most condo or townhome communities in Pinellas County offer
swimming pools with outdoor patio areas, and many have tennis courts,
clubhouses (many with kitchens and libraries, and pool tables) where you can
entertain a group, as well as fitness centers.
You split the costs and upkeep (and usage) of such common areas with the
other owners though often some owners don’t use these facilities much.
·
Safety/Security/Sense of Community. Many local condo communities are gated, and a number have 24
hour security at the entrance.
Frankly—for good and not so good—you will be forced to know your
neighbors and who belongs there. Older
people, the newly single, and those moving to Florida from out-of-state often especially
appreciate this “built-in” sense of community.
You are likely to be living around at least some people with similar
backgrounds and interests as you.
·
Relative Ease of absentee
ownership. Whether you plan on being just a winter
visitor or perhaps renting the property out until you can move there full-time,
being an absentee owner as well as a landlord is far easier when you don’t have
exterior maintenance to be concerned about.
If you leave your property vacant much of the year, you generally will
have fewer security concerns in a condo compared to a single family residence.
Cons
·
Low or No Storage. Only a few local condo communities offer access to storage.
Remember, in most you will not have a garage. If you have many items that need to be
stored, you should include storage
facility fees in your budget.
·
HOA Fees you can’t directly control. You may own your unit free and clear, but you are still on
the line for monthly HOA fees for upkeep, building insurance, etc. Sometimes there are unexpected costs that are
proportionally assessed to you such as replacing a roof though it may not have been at a time you
would have chosen. Of course, there is the positive aspect of “forced savings” to
this as well.
·
Rules, Regulations. Condo ownership makes you subject to the rules
and regulations established by the board.
Such rules often restrict pet
ownership, use of outdoor space, renovations to your unit, and some may seem extremely
petty. Every community has different
rules and regulations. That why it’s extremely
important to review the bylaws and rules carefully before purchase, and try to
speak to people already living there.
·
Limited Parking facilities: With a home, you usually have a garage but also a driveway and
street parting in front of your house.
Many condos in Pinellas County have just one reserved space—sometimes
not even under a roof—with fairly additional unreserved parking for second cars
and visitors. Given Florida's hot sun and very hard rain showers, having a car under roof is a significant advantage for many.
·
Lack of privacy. Condos certainly don’t offer the same privacy as a standalone
house. Some condos—especially those that
were converted from being originally apartments—don’t have good soundproofing.
·
You may own it, but you can’t always do
what you want with it. This is a critical consideration if
you plan to rent out your property all or part of a year. Generally your tenants as well as anyone you might later sell it
to will be subject to HOA Board approval.
Also, most communities have significant rental restrictions (e.g. number of times per year, minimum lease period,
age of tenants if an over-55 community, pets etc.) that are generally enforced. These help to ensure a quiet community and also property values. If there are too many rentals in a complex, it tends to depress prices.
·
Historically condominiums appreciate more slowly than single family
homes. During the 2008-2011 downward spiral in Florida residential real estate, condominium and town home values were especially hard hit. Likewise, the recovery in recent years has seen prices of single family homes rise faster.
