Condo living is now a huge thing in real estate. More people are seeing this option as their best when moving to a city where high density is the deal, or perhaps moving down and looking at a lock-and-leave lifestyle.
But condo living is a commitment, and you may find that it's not the best option for you. Here are 4 reasons not buy a condo according to Realty Times:
Traditionally, condos appreciate more slowly than single-family homes
When choosing a real estate investment, buyers are looking at investing on a property that promises a high return of investment, and a condominium may not be the best option for that. Compared to a single-family home, it has lesser potentials of building equity.
"Condominiums often appreciate in value much slower than single-family homes," said Money Crashers. "This is because you don't own any land, which is the biggest driver for appreciation. Instead, you only own the living space. There's a big difference."
Common walls
In condominiums, you could be sharing a wall with a family of three who seem to like creating noise. Or, your neighbor may not be fond with your late night TV obsessions or your kids' screaming and running. Do your homework and visit the condo unit you are planning to buy and get a good feel of the noise and activity level, ask neighbors of their honest opinion of their experience so far, or check with the builders if the insulation is up to your standard.
You want a yard
If you are dreaming of a backyard where your kids and pets can play, then you are better off with a single-family. In a condominium, the closest thing you can get to a backyard is a pocket of grass and a mini patio.
It might actually be more expensive
Depending on your loan, you may end up paying for higher interest rate with a condo. Add to that expensive HOA fees. Some condos also don't have their finances in order, warns US News.
