Whether you are going to buy a new condominium (or condo in short) or an established one, you should be aware of the advantages and disadvantages to condominium ownership.

Advantages

Controlled Access And Greater Security: Many condos have controlled access and 24 hour on site security personnel to screen visitors to the building. Modern condos even have security monitored cameras and electronic card access.

Low Maintenance: You have less outside maintenance work to do. You don't have to cut grass, garden flowers and plants, or shovel the sidewalk and driveway. If you are busy or don't like to do maintenance work, then condo is the best choice.

Convenience: Most condos have on-site amenities such as party-rooms, swimming pools, tennis courts, gyms, spas, laundry facilities. Some modern condos even have ATMs, convenience stores, dry cleaning services, etc.

Disadvantages

Less Autonomy: You are not always able to do things you want. For example, you may not be allowed to have pets or hang bright curtains in your windows.

Restriction: You have to accept rules made by the condominium administration and may be forced to follow common decisions of the majority living in the condo. For example, the majority of the residents living in the condo campaign and come up with an agreement to build a gold statue in the lobby. Although you totally disagree, you have to share the cost anyway to build that statue.

Privacy: Your home will be very close to your surrounding neighbours. You may not get along well with your neighbours but you have to rub shoulders with them in managerial issues or to share the facilities in the condo.

Maintenance fees: You have to pay monthly fees for the utilities, regular upkeep, management, administration, insurance for the common element areas, and facilities in the condo even though you never use them. The fees vary from condo to condo.

Financial Risk: You are responsible to share all the expenses for the condo. For example, if the reserve fund in the condominium is not enough for major repairs or replacement of common elements and assets of the condo, you have responsibility to pay your share of the rest.

Parking: There may not be enough parking spaces for guests and visitors.