All Posts tagged Condominium

If you’re looking at homes for sale in Palm Desert or the surrounding areas and are including condos in your search, there are a few things to consider before making a final decision. While there are many pros to buying a condo as opposed to a house, there are also some cons that may impact your decision—and what some may consider a plus, other may deem a minus. Read on for a few important elements to consider.

Convenience. Condos tend to have amenities that you would not otherwise have access to if you live in a purely residential neighborhood or buy a standalone residence. Many offers pools, fitness centers, play areas and clubhouses. Some even have tennis and basketball courts on the premises or a community park. In addition, building maintenance, landscaping and grounds keeping is typically included with your Home Owners Association (HOA) fees, which means one less thing to worry about.

Additional costs. Speaking of HOA fees—while condos are often cheaper than standalone houses and townhouses, there is an additional annual cost for enjoying all the amenities and upkeep. Often times, there are many rules and regulations in place that are enforced via fines and additional fees. While you don’t have to worry about paying for the type of building maintenance you would on a standalone home, there can sometimes be expensive renovations or maintenance projects planned by the HOA. Make sure to ask about HOA fees, carefully examine your contract and read the recent meeting minutes to make sure there aren’t any outstanding maintenance issues or upcoming projects.

Ownership. Technically, a condo is a building consisting of several apartments that are owned individually—condo owners do not have any ownership to the land that the structure is located on. On the flip side, if you are looking at standalone homes for sale in Palm Desert and find one you want to buy, you will hold the title to the land it sits on.

The social benefits. In a condominium development, you will be in close proximity to your neighbors and share access areas that afford opportunities to meet your neighbors. This can be ideal for some, but for others who appreciate more privacy, this may not be the perfect scenario.

img credit: modernman.com