In spite of the advantages of buying a condo, it’s important for you to be aware of the pitfalls of owning one. Here are some disadvantages of buying a condo:
4) Lots Of Restrictions – When you own a condo, you’ll have to follow a master deed or Declaration of Covenants, Conditions, and Restrictions (CC&R’s). This document controls the community association and the entire body of condo owners. Basically what you can to do your common space is dictated by this document.
5) Less Resale Value – Unfortunately, a condo doesn’t give you as much equity as a home. Expect your condo to fetch a lower resale value when it comes time to sell.
6) Loss of Privacy – Living in a condo requires you to sacrifice your privacy as your walls, ceilings, and common areas are shared jointly with other condo owners. If you’re used to sharing your house with a large dog or having a big backyard, you may find it difficult to adapt to the limited living space.
If you decide you prefer to purchase a home in Orange County, you can check out these Tustin homes for sale now!
