Is the Condo Life for You?

Should you buy a Salt Lake City condo or townhome or single family home? Here are a list of pros and cons associated with buying condos.

• Amenities

  If you want a use a swimming pool or gym then a condo maybe the way to go. Some condo's provide shared amenities such as a pool. These facilities are paid for via a home association fee. On the other hand if you are not going to use these facilities, remember you will still be paying for them via your HOA fee.

• Storage Space

  Remember if you buy a condo, storage space maybe at a premium. With a single family home or townhome in Salt Lake City the chances are you will have a basement and or loft, which you can use for storage.

• Backyard

  The chances are there will be no backyard with a condo, if there is some open space then it will probably be shared. On the other hand there will be no yard work to do.

• Maintenance

  Yard work, and all other external maintenance is usually taken care of by the home association. That means less work for you.

• Security

  Condos usually provide some sort of security. This maybe a keypad entry system or could include a security guard. This is great if you live on your own or if you are away for extended periods of time.

• Home Association Fee

  With a condo you pay a home association fee which covers the building insurance, general maintenance, use of facilities, security, some utilities. This fee can run into several hundreds dollars a month.

• Resale

  When you resell your condo the price you can get will probably depend upon what other condos in your building are currently listed.

• Freedom

  The home association set the rules for the condo complex. Some associations do not allow home based businesses, pets, letting of units. Because of this you need to familiarize yourself with the rules before you make an offer.

• Poorly Run Home Associations

  Poorly run home associations can get into difficulty. For example, they may have trouble collecting fees and this can lead to financial difficulty. They may neglect general maintenance which could lead to large one time expenses and thus a hike in maintenance fees. You should always request to see the minutes from the HOA meetings.

• Noise

  If you have a noisy neighbors the chances are the noise will come straight through the wall.