The increasing influx of people in cities means that the overall population density in these areas is at an all time high. As more and more people are trying to find an accommodation in cities, the concept of high rise, condo based residences has emerged as the preferred choice.
At the same time, condos to substitute for a residential property is at best a marriage of convenience. Consider it a compromise between what you can get, and what is currently available. Condo ownership was a good way to invest in property and it continues to be so today as well but if you are buying a condo to live in it, there are a few reasons which might convince you to reconsider the decision.
First of all, you will have to cough up the fee of condo owner's association. A condo is a system halfway between community shared property and halfway private, individually owned property. So, the land on which the condo is built is owned by a joint body, generally the condo owner's association. The condo structure itself is a property that is owned by the individual home owner. To operate properly, condo owner's association requires all condo owner to pay a certain amount every month as fee. By itself, this might not be too much but couple it with your mortgage payment and you are looking at a substantial payment every month.
Second thing comes out of the first one. Every condo owner's association implements certain codes, covenants, laws and regulations which every condo owner has to adhere to. Generally, these laws are made by common consent and are implemented with care not to cause extra hardship to anyone. However, if you do run afoul to any of these rules or regulations, you might not get favorable results.
Third averse factor you need to consider is that when compared to an independent house, the condo is a much weaker choice in privacy issues. Living in a community is good but there are times when you can do without the pesky neighbors and noisy people in the condo above yours. Add to this the fact that there is limited parking space available in the area and the result is a total mess.
Fourth thing to be considered here is that most people purchase condos for rental incomes and as investment. If you think that you want to buy a condo, buy it in a building with a higher number of owners. Tenants are usually not very careful about maintenance of the whole premises because it is not their own property.
Finally, the resale value of a condo is always much lesser than that of an independent house so you have to consider this factor as well.