Enjoy Living in the Condos

Living in the condos has many benefits. The outside of each unit is maintained by the homeowners association, which is elected by the unit owners. For this they pay a monthly fee, which also covers cable and water. Thus all they need to pay over that, besides any mortgage payment, is the electric bill.

If the monthly association fee does not include a reserve amount for unexpected emergencies, the unit owners will receive a separate bill to pay off any emergency expenses. If this is for a new roof, it could be devastating for those on fixed incomes, which are often the majority. Also, if the association does not provide security, or allow units to be rented out, it could be a detriment to property values. A thorough evaluation should be made when choosing a unit.

There is an oversupply of units in many areas, contributing to depressed values, especially in areas of extreme economic distress. This may continue for many years. On the flip side, this is the time to find a bargain in the best condominium communities, which will most likely see values increasing over time in the condos.