- 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.
- 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.
- 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.
- 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.
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