Buying a condo/co-op?

Gentle Lamb

"Let there be sheep!"
Site Supporter
Jul 18, 2009
1,615
1,331
✟272,616.00
Faith
Christian
Marital Status
Married
I really need to live on one floor because of my problems with knee/hip pain, aggravated by use of stairs. I'm considering buying a condo as the houses in my area are beyond expensive. Is anyone out there a condo/co-op owner? What are the pros and cons of purchasing one? Thanks in advance.
 

Albion

Facilitator
Dec 8, 2004
111,138
33,258
✟583,842.00
Country
United States
Faith
Anglican
Marital Status
Married
From friends, I know a few things about this.

The main issue is whether you want to trade off several hundred dollars a month (to the Home Owners Assn) for being relieved of maintenance on the outside of the unit, including whatever public grounds are part of the neighborhood. Given the physical limitations you have, this might make sense, but so might a ranch house accomplish the same thing except, of course, for all lawn care, snow plowing, trash and garbage removal, and so on, as well as repairs to the exterior of the structure. There is also an insurance benefit since you don't have to insure the outside.

But there may not really be any significant financial benefit when it comes to the purchase price of the condo itself. Condos in many areas are in short supply and are, in many cases, equal to much larger private homes in sale price.
 
Last edited:
Upvote 0