If you are planning to invest in a real estate property, one of the choices you have is to buy a condominium. This is actually one of the least forms of home ownership and before you decide to get into the process, you should be familiar first with the advantages and disadvantages of owning one. When you look for a condo, one of the possible starting points you have is online Portland MLS. You can also ask for listings from your agents and for sure, you can find the type of condominium unit you are looking for. Having the right resources, it will surely be very easy for you to find Portland Homes for Sale and other Portland real estate properties such as condominiums. Having a buyer’s agent will be a very good help as well. Below are the pros and cons of investing in a condominium to help you make your decision whether you will buy one or not.
1. Less things to worry about
Owning a condominium means that you will only have an ownership to a single unit. Most condo owners find it more convenient to be away from their condominium because they have fewer things to worry about. The whole complex is well-secured as there is always a security guard hired by the Home Owner’s Association (HOA) to protect the units. Your neighbors and the other owners of condominium units can also easily look out for your property whenever you are not around.
2. Less expenses for maintenance
HOA pays for the siding paintings and for the maintenance of the roofing, meaning you have less repair expenses to finance.
3. Swimming pool
Most of the condominium complexes have swimming pool that is freely used by all the owners. You can use the swimming pool whenever you want and you do not have to pay much for the maintenance because the expenses for it are shared by all the unit owners.
Because you will only pay for a condominium unit which is relatively smaller than single-family residences and detached homes, you can expect that you will get a lower price deal for it.
Why Not Buy?
If you will reside in a condominium, expect that there will be restrictions and limitations, as stated in the strict bylaws and regulations created by the HOA. The HOA poses some limitations regarding the improvements and redesigning that you can do to your unit. Sometimes, there are also pet regulations that you need to follow.
Unlike single family residences that can be meters far away from each other, in a condominium unit, your neighbor is only a wall away from you and most of the time, you can hear their noise. It is actually possible that you hear almost anything from your neighbor’s unit.
3. Difficult to sell
It is actually harder to sell a condo unit that a single-family residence. It may take you a longer time to find a buyer who will make a purchase offer to your condo unit.
4. Can’t rent it out
Most condominium owners do not allow their buyers or the residents to rent out the property to other owners.