Top 8 Reasons Not to Buy a Condominium

1. The price usually includes an amount for an aggressive marketing and sales plan
2. If the project does not sell out, you are stuck with a unit that will be very hard to sell
3. If the homeowner’s association is not well run, your dues can get very high and the quality of maintenance can suffer
4. The homeowner’s association is a political body. Political bodies do not always manage things well
5. Mortgage financing for you, and for potential buyers, can be difficult to find and may have a higher rate
6. During the initial phases of project sell out, homeowner’s associations can be financially fragile. That exposes you to the possibility of special assessments or higher dues
7. For mature projects, it is very common to have special assessments for capital improvements or maintenance that were not adequately reserved in the annual budget
8. It’s an up close and personal living experience. Neighbors are very close. If you don’t like that, well...

The primary attraction to this type of ownership is the ability to obtain affordable housing in a highly desirable area that typically is beyond economic reach. Additionally, such properties benefit from having restrictions that maintain and enhance value, providing control over blight that plagues some neighborhoods - Wikipedia