Unlike Orange real estate-homes for sale, when you buy a condo, you only buy the space inside your house. The borders of your space are set by the walls, ceiling, and floors instead of brick walls and sidewalks. The remaining common area space such as stairwells, swimming pools, sidewalks, or gardens are owned and managed by the community. Some benefits of condo life include:
1) Cheaper Costs – Unless you plan to live in a big metropolitan area or by a resort, you’ll find condos costing less than a house. Since upkeep costs like landscaping, roofing, and some insurances are paid by community funds, your condo’s monthly maintenance costs are less.
2) More Opportunities To Socialize – Since you belong to a large association of condo owners, it’s easier for you to find opportunities to socialize with your neighbors.
3) Less Upkeep – One advantage of belonging to an association is you won’t need to devote a lot of time maintaining the common areas of your property. You also get to use a community pool or gym without having to pay a separate service to maintain it.
Now, let’s check out the negative features of looking at Orange condos versus Orange real estate-homes for sale:
4) Rules Galore – As a condo owner, you’ll be bound to follow a master deed or Declaration of Covenants, Conditions, and Restrictions (CC&R’s). This document governs the community association and all condo owners. Basically your rights to common space and how you can use your condo are limited by this document.
5) Lower Resale Price – Unfortunately, a condo yields a lower return on investment compared to a house. Expect your condo to fetch a lower resale value when it comes time to sell.
6) You’ll Have To Settle For Less Privacy – The fact you have to share common areas, walls and ceilings should clue you in to the fact you’ll have less privacy as a condo owner. Another disadvantage is the loss of backyard space. A condo typically has very limited yard space for children or pets.
7) You’re Obligated To Pay Certain Expenses – When you become a condo owner, you’ll be obligated to pay association dues on a fixed schedule. Unfortunately, even if you don’t take advantage of the community features such as the pool, you’ll still have to pay your dues.
Depending on the community association, you may be required to pay special assessments to cover major repairs it’s budget can’t cover. If the occupancy level is low in your building, these special assessments can be expensive.
If you’re researching Orange Realtors-real estate agents to help you search for Orange condos, give me a call today!
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