My previous article was about the benefits and perks of owning your own condominium unit; it would only be fair to discuss the downsides and pitfalls as well. Condo living can really be great for some, but it may not be suited for other individuals. What would be terrible would be to invest in a condominium unit only to realize that this is not the lifestyle you want to live, as you’re being locked into the lease. Given these factors to consider, I hope you weigh all these carefully as you decide if a condo would be right for you. 

1) Association Fees

As you might imagine, that pool, fitness center, security system, and maintenance crew all cost money. When you buy a condo, you essentially become a business partner in that community. You pay a monthly homeowners association (HOA) fee each month, on top of your mortgage, which goes toward the upkeep of the property, as well as future investments such as parking lot resurfacing or the addition of a dog park. 

Part of this, in a way, is the community paying the price for the actions of some. For example, if your condominium already has fees for water but a few tenants spent an amount over the budget, everyone may end up paying for that deficit. Some also have rules where tenants may sometimes be called upon to pay for the building’s major repairs at times. 

These fees vary widely depending on the location, size, and quality of your community, but it is an inescapable fact that these rise every year. Take great care to budget wisely as if you don’t pay attention to how quickly it can rise, you may be priced out of your own unit.

2) Lack of Privacy

For every action, there is an equal and opposite reaction. If you’re more the lone wolf type and are not a fan of joining a community that may be too large, you may find this to be an issue in a condo. You have neighbors on the other side of your walls, and perhaps above and below you as well. You have neighbors going up and down the hall or crossing the grounds at all hours of the day and night. You get to hear their celebrations, their arguments, and things you would rather not hear them do after they argue or celebrate. You can have someone crying their eyes out on one room, and then another family’s newborn waking everyone in the vicinity at the night’s wee hours.

If you’re looking for some peace and quiet, a condo may not be the right choice.

3) Neighbors

As alluded to earlier, you are responsible for the problems in your own place, and sometimes (begrudgingly), you end up responsible for other people’s problems as well. Condo living can be likened to a joint ownership, in some ways and for better or for worse, you can’t pick your partners. We all have our own little quirks and intricacies, but you might be unlucky enough to be given the neighbors whose idiosyncrasies drive you up the wall (pun intended). Of course, you could also be given neighbors that you absolutely get along with and there will be no issues with them in the future, but is that really a risk you would want to take? 

4) Hard to Sell 

Condos can be difficult to sell, even excluding the reasons listed in this article.

The condominium lifestyle is not for everyone. Families with young children, for example, would probably opt for a house if they can afford it or a townhouse to have more room for their child to grow; people with pets will also not want to live in a condo due to possible restrictions. You also have other people who, as mentioned above, would rather live a more solitary lifestyle and not be as connected to everyone. These factors could narrow down your pool of potential buyers.

Second, you have to consider the property’s homeowners association (or HOA). If your HOA demands high dues, this will likely dissuade a lot of people from buying. If your property is from a developer that people generally have less faith in or has a less than stellar reputation. These factors play a role in how fast you can flip your condo. 

Also, since most condos in a building look the same, the empty units will sell first rather than yours. If there are empty units in your building, those will likely sell first. And if there are a lot of empty units, good luck.

5) Rules

Living in your own unit means you have to live by the management’s rules. For instance, say you want to change the color of your walls or install a new fixture in your unit. If they deny your request, you’re out of luck.

The homeowners’ association can have an overwhelming list of rules that owners have to abide by. A common example is usually the no-pets rules that are common in most condo units. They might set limits on the number of visitors you can have or set dedicated “quiet times” to restrict noise. They might also restrict the type of renovations you’re allowed to do or decorations you’re allowed to put up.

Living by someone else’s rules might be fine for some people, but for others, it can be stifling and can make the experience more bothersome.

6) Personal Gardens

Although some condos offer communal areas where you can grow what you like along with other tenants, you most likely will not have much of a say in what’s planted in the building’s outdoor areas or how the landscaping is maintained. If gardening is a hobby for you, then you will have to get creative with what small plants you keep in the unit or decide that condominiums aren’t the housing option for you. A house allows you the free rein to do what you like with the exterior and your yard, which is usually not the case with condos.