Disadvantages of Condo Ownership
Depending on your viewpoint, potential condo disadvantages might include:
- You will be responsible for payment of Condominium Association fees. These are not tax deductible.
- Your fees may be paying for amenities, such as a swimming pool or sauna, that you may not use.
- Unexpected increases in monthly fees and special assessments for maintenance costs.
- Condos are governed by a set of rules called Covenants, Conditions and Restrictions (CC&Rs). This can include restrictions on noise levels, outdoor barbeques, pet ownership, renovations and even what kind of curtains you can put in your windows.
- Poor soundproofing (the No. 1 complaint of condo owners).
- Parking at condominiums is often in a common area not attached to the home.
- No yard.
- Some condo buildings may have stairs. Poor-quality maintenance or management which affects enjoyment and resale values.
- Condominiums are more sensitive to trends in the real estate market than single-family homes. If the real estate market takes a down turn, condos are usually the first to suffer and the last to recover.