The Pros/Cons of condo living

Condo living can have its perks. However, when contemplating the purchase of a condo instead of a house, it's important to weigh both the pros and cons. Here are some factors to consider.

Cons:

• Close quarters. If privacy is important to you, maybe condo living isn't for you. Neighbors are often right across the hall or on the other side of a wall. Unlike a single-family dwelling that may offer trees and a perimeter fence for privacy, expect to share space with others.
• Association fees. A monthly fee, independent of your mortgage, goes towards the upkeep of the property. When considering a purchase, it is crucial to factor these fees into your overall budget.
• Resale value. When it comes time to move, if there are a lot of units available in your building, expect fierce competition.
• Rules and regulations. Unlike a home, condo owners are subject to rules and regulations, and suffer financial or legal consequences for violations. Frequently there are restrictions on renovations, noise and even the size of pets that are permitted.

Pros:

• Repairs. Any maintenance or repairs in your building are not your responsibility. Don't worry about the torn shingles, leaking roof or broken furnace, your association fees will cover it.
• Security. Many condos offer extra security, such as a doorman and gated entries. Also, with so many neighbors, help is never far away.
• Added perks. Some complexes offer amenities that are out of reach to many homeowners, such as a clubhouse, fitness center or a community pool.

What to look for during final walkthrough.

The final walkthrough provides buyers an opportunity to confirm the completion of any repairs the sellers agreed to and ensure the property is in the same condition it was when their offer was accepted. New owners should pay close attention to detail to avoid costly oversights. Here is a checklist to guide you through the final walk-through.

1. Confirm any items such as appliances, window treatments, or furniture that were included in the sale are present and in working order.
2. Flush all toilets.
3. Open and close all windows and make sure screens and storm windows are present.
4. Run the dishwasher and test every appliance.
5. Test the heating and air conditioning
6. Run every faucet (tubs, showers, sinks) to ensure proper drainage and look for leaks.
7. Check the walls for any holes or damage (especially directly behind doors where a doorknob may meet the wall).
8. Run ceiling and exhaust fans, garbage disposal and garbage compactor.
9. Turn on every light fixture.
10. Verify that remote controls (like garage doors) have been left by the previous owners and are operational.
11. Test the alarm system and verify that a manual is present to instruct you on how to change the code.
12. Run the spa/hot tub/pool to ensure functionality.
13. Inspect the floors, railings, ceilings and steps for any damage that may have occurred during the move. Check the railings for stability.
14. Make sure the sprinklers work and the outdoor areas are satisfactory.
15. Confirm all belongings and debris have been removed from the property.