Is A Salt Lake Condo Right For You?
There are pros and cons with buying a condo. So are they the right choice for you?
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.
AmenitiesIf 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 SpaceRemember 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.
BackyardThe 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.
MaintenanceYard work, and all other external maintenance is usually taken care of by the home association. That means less work for you.
SecurityCondos 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 FeeWith 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.
ResaleWhen you resell your condo the price you can get will probably depend upon what other condos in your building are currently listed.
FreedomThe 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 AssociationsPoorly 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.
NoiseIf you have a noisy neighbors the chances are the noise will come straight through the wall.