Condos Verses Homes

People tend to think of condos as smaller houses without the yard work.

Since most condo owners are at opposite ends of the home ownership spectrum, either first time buyers seeking affordability or long-time home owners looking for an easier life style, home buying may be a new or only distantly remembered experience. Buyers may not think about the very real differences between buying a condo and buying a single family home.

Buying A Condo Is Not Like Buying A House

First of all there are the legal differences. A single family home conveys with all the land around it and gives total control of its (legal) use to its owner. Condos, however, can only be possessed from the outside of the inside walls and anything beyond that is controlled by what is supposedly a democratic rule of all of the owners of the complex. In other words, no, you may not paint the front door in purple and green stripes or chop down the messy willow in “your” front yard.

When you move into a condo you don’t just have neighbors. You have co-investors and you have enforced relationships that simply do not exist after the usual home purchase transaction.

Condos are a wonderful lifestyle choice, and in congested urban areas may be one of the few home ownership choices. But make sure you understand what you are buying and what you are buying into.

First of all, ask the right questions. Your agent will probably not have all the answers and the listing agent may not either. Therefore the first question you ask is if the complex is professionally managed. If it is, ask for the number of the management company. If it isn't ask for the name and number of the head of the Home Owners’ Association (HOA).

If the complex is professionally managed, the manager will probably be more than willing and prepared to answer questions. If the complex is self managed as many smaller complexes by reason of economics must be, HOA board members are volunteers who are less prepared or even less willing. More about this later. But here are some of the questions you should ask.


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