The Pros and Cons of Condominiums
Condos are a viable alternative to single family living especially if it is to be used for a second home or vacation home. There are pros and cons and you need to know the difference in condominium living.
First of all you need to consider how much storage you are going to need. Are you living there full-time or is this a get-a-way retreat? Storage can be of concern depending on how you answer that question. Condos don't have any attic space available and no basements so you need to look for storage lockers on the premises or perhaps it comes with a garage.
If your a gardener then a condominium may not be for you, but if you hate to get down on your knees and pick weeds or nurture plants to health then the condo idea may be your ticket to relaxation.
Most of the condominium complexes that have been built in recent years having taken great care to provide some modern amenities for the condo owners. Most have swimming pools, tennis courts, bocce courts and with everyone trying to keep fit and healthy you'll usually fine a well equipped fitness center. These are major expenses if you live in a single family home.
Do you like to get up on a ladder and paint your own house? If not then then maybe a condo is your best option. Most condominium associations have a maintenance provision that will take care of all the outside maintenance such as landscaping and caring for the outside of the units. To make this possible you will pay an association fee, normally quarterly, to fund the reserves needed to maintain the property. You need to make sure the reserves are adequate for a new roof on the complex for example. Your only personal concerns would be to maintain the inside of your condo.
Another function of the condo association is to establish rules that will govern the complex in everyone's best interest. Some associations prohibit running a business from your condo, others put restrictions on pets and some will dictate how often you can rent your condo. Be sure to read your Condo Docs when purchasing your unit.
Most of the condominium developments in Naples are in gated communities and provide a level of security you don't have elsewhere. Some gates are programmed for the residents and others have a guard on duty to monitor access to the community.
Some people like alot of neighbors close by for security and a sense of community while others prefer more privacy. Condo living will put you close to your neighbors. If possible check out the noise levels from the people living above you or next to your proposed purchase.
Since most units in a condominium complex are quite similar it is easier to determine a price for a condo that is being sold. The recent resale's are a good guide but depending on the age of the condo you have to take in consideration any updates that may have been done to the other sold units in comparison to yours.
RUTH BETHEM, ABR, CRS, GRI, Realtor®