Buying a condo - feedback wanted, please

General Real Estate Investing
1

Hi Everyone,

I apologize if this has been posted ad nauseum, but I need some feedback from the group about buying condos.

This is an OO condo purchase, it is at the top of my budget. Single mom…
I am concerned about condo associations that might assess a fee for a repair… (reading stories online late at night… bad idea.)

well, i understand that it’s true and possible. I don’t want my home (condo) foreclosed because I can’t pay a special assessment fee.

The property I’m looking at is in a great school district and close to major attractions etc. The apartments owned byt the sme management company (I think) are highly rated by dwellers.

I suppose my question is, what are the pros/cons of condo living ? (aside from low maintenance.) Please advise.

2

Pros - you build equity

Con - you have the same neighbor issues as an apartment.

Con - you are responsible for stuff that breaks inside the unit.

Con - condo board decides what you can and can’t do it and they can be very arbitrary, like banning the placement of objects on doors and windows.

Con - condo board can make improvements/repairs and assess you, even if you don’t want the work done.

Con - investor can buy 51% of the units and start making special assessements for upgrades and there is nothing you can do about. (I actually met an investor who do this.)

Con - condo board can decide to ban rentals or have final say on tenant selection and lease term