Condos are No-no’s
In my opinion buying a condominium is the maddest thing a person
could do. It’s paying for a home that allows you almost no
individual freedom. it can depreciate in value as the monthly fee
increases. The exterior and the land are not yours.
However, the rules and regulations? Oh yeah, they’re all yours!
I think the worst thing is the dreaded condo fee. This is money you
pay each month to the condo fund which is held in trust to cover any
maintenance costs that are incurred by the up keep of the common
areas. This fee can be increased as often as allowed in your
purchase agreement. You can bet that it would increase at a
financially inopportune time for most residents.
If you own a freehold home, you decide when repair is necessary and
if you have the skills you may be able to fix the problem yourself
and save hundreds of dollars. You decide when you can afford the
time or money to fix the problem.
You have no autonomy in your purchased space either. Sure from the
interior drywall and inward you are king. You can pretty much have
your condo in any color or décor that you wish. The exterior is a
totally different kettle of fish.
If you are the proud owner of a condo townhouse they tell you what
the exterior of your home shall look like. You may not paint your
front door and trim to suit your personality. You can’t put a bird
bath on your lawn, at least not without running it past the board
and getting their approval.
Some complexes have limiting rules on decorating for Halloween and
Christmas.
In a high rise condo they can tell you what you are allowed to put
out on your balcony. They can insist on a common color, usually
neutral, for all window treatments. In all fairness, you can have
whatever color you want on the inside.
A freehold home far outweighs condo life when it comes to being the
king or queen of your castle. Yes you can renovate inside your four
walls in your condo but that is the limit.
When you own a freehold dwelling you can show your personality on
the exterior of your home. You can landscape your property to your
needs and desires. No matter what your taste. I do recommend that if
you chose to have a 70’s Firebird up on blocks in your front yard,
please make sure you are quite a good distance from any neighbours.
There are examples in every major city of condo complexes and 92% of
the residents are renters. This means frequent turnover and tenants
moving in and out and damaging the common areas of your home. Don’t
forget that your condo fee will increase constantly to cover the
damage that renters can inflict on a building.
Another issue with high rise condo living is that unless you are on
the top floor, you will have someone living above you. Hopefully
your building is sporting the best in fire and sound proofing but
you can’t block out every sound when you have neighbours to the
north, south, east and west of you.
High rise condos are perfect for busy, single people whose job takes
them away a lot. They need the landscaping and security services. As
do seniors who no longer want to shovel snow or manage all the
excess space of the family home.
For my money though, I’d chose an older fixer upper that stood alone
on it’s own little lot even if it were beside train tracks over a
fully loaded condo with a river view.
By
Wendy Peacock
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