ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Downsizing? Condominium? Should You Buy One?

Updated on July 19, 2013

A condo in Newport Rhode Island


Condominium Living Has Advantages and Disadvantages

This article is for anybody thinking of simplifying their lives by downsizing. Especially for senior citizens, downsizing is a project that should be carefully thought out. It's common, especially for Baby Boomers and those older, to think about a smaller home. There is less maintenance, obviously, lower costs and the satisfaction to be had by making life simpler. Condominium ownership is a wildly popular choice for people looking to downsize, but it's a choice that requires very careful analysis before you make the move.

Condos Can Have Great Views


The Benefits of Condominium Ownership

The idea of a condominium is really quite simple. It's an apartment that you own. Later in this article I will discuss whether you should rent or own. If you own a condominium you are usually one of the owners in a group of apartments. As a member of a group, naturally everybody wants some rules and regulations to ensure that people respect each other's privacy and enjoyment of the property. Here are a few of the major benefits of owning a condo.

1. Maintenance of common areas is taken care of. Especially if you like to travel, owning a condo means that you don't have to worry about your yard or driveway. You pay a monthly maintenance fee and it's all handled. You lock the door and head to the airport.

2. Amenities. It's common in many condominium developments to have amenities available for the residents. These may include a swimming pool, tennis courts, a community clubhouse and a golf course. Some developments also include shuttle transportation to and from shopping and cultural activities. There are even some that include use of a golf cart for getting around the facility.

3. Safety. Because of the density in condo developments, there is a sense of safety in numbers. Neighbors tend to take of each other, and there is always someone around to report trouble. There is no guarantee, of course, because your neighbors are not legally responsible for your welfare.

4. Rules and Regulations. If you own a single family home and your next door neighbor decides to paint his house a shocking pink, display vulgar lawn signs, play loud music and otherwise make a nuisance of himself, you're stuck with the problem. Private homeowners, unless your house is in a gated community with rules and regulations, are free to be obnoxious as their whims take them so long as they don't violate the law. When you buy a condo, you also sign and agree to be bound by the by-laws and the rules and regulations of the condominium association. The association is run by an elected board, and you agree to be bound by their decisions. The typical association is known as a Homeowners' Association, or HOA. You may be required to keep your unit in good repair on the outside. This may include replacing shutters, painting, power spraying mold and just about anything else you can think of that aims to keep your unity looking good.

5. Socializing. If you are a neighborly sort and like interacting with people, a condo development creates endless opportunities for friendship. There are often events such as movies, lectures or performances in the community house. If you are a single family homeowner, you don't get to interact with your neighbors regularly. Some people like this state of affairs. It's your call.

6. Selling your condominium. Real estate values are based primarily on comparable sales. The marketplace enforces this through bank lending which means real estate appraisals. Comparable sales figures are the key to appraising real estate. This can be a two edged sword for condo ownership. It's relatively easy to appraise a condo. If a couple of units identical to yours are sold within the past few months, you will be hard pressed to get much more than what they sold for. Areas all over the United States, especially Florida and Las Vegas, Nevada, have been decimated by the down market, with many condo owners under water on their mortgages. But in an up market, you definitely have a negotiating edge if you sell your unit.

If you're planning to downsize, what are you considering?

See results

The Disadvantages of Condominium Ownership

Just as with the above list of advantages, you may perceive these things to be good or bad. It's really all about who you are, what are your likes and dislikes, and, of course, the preferences of your spouse. There are two major potential disadvantages to owning a condominium.

1. It's not your yard. If gardening and tending to a fairly sizeable piece of property is your passion, you will need to cool your passion in a condo. Your HOA will have strict rules. If you can live with taking care of a small garden in a box on your patio, then this is not a problem.

2. You don't call the shots. How you decorate the inside of your unit, of course, is entirely up to you. But there are decisions over which you have no control. If the board decides on a major upgrade of the entire development and it's approved by the owners, you may be stuck with a very large assessment. A private homeowner makes all the decisions on maintaining a home. Can you get two more years out of the roof? Go for it. Will a patch here and there do the trick? You control the purse strings. This is not so with condo living.

A Ranch House


What Are Your Alternatives?

A smaller house. Remember, this article is about downsizing your living space. If all of the condo rules and regulations and the giving up of a certain amount of freedom bothers you, there is one simple alternative. Buy a small house, preferably a ranch house if you are getting up in years. If your property is modest in size, the cost of a landscaper should not be too great. If you like to travel, consider hiring a contractor who agrees to look in on your house every day or two. The cost of hiring outside help may be lower than the monthly maintenance costs of a condominium. Interior upkeep and repairs are your responsibility in a condo, so there is no financial difference here.

Should you consider renting? If you can get past the psychic joys of ownership, renting may be just the option for you. You can take the money you would have put down on a house or condo and invest it or splurge. Caution: I do not recommend renting a single family house. You have no control over the landlord's decision making, except during the term of the lease. If he decides he wants to sell after your term is up, you have to move; it's that simple. If you rent an apartment, you are dealing with a landlord who is in the business of renting apartments, and the risk of having to move is much less.

Downsizing can be a freeing experience for anyone, especially seniors. As with any major decision, consider all of the facts, and more importantly, your preferences.

Copyright © 2012 by Russell F. Moran


    0 of 8192 characters used
    Post Comment

    • rfmoran profile imageAUTHOR

      Russ Moran - The Write Stuff 

      3 years ago from Long Island, New York

      Best of luck, Chris.

    • profile image

      Chris Lee 

      3 years ago

      Thanks for the sharing Russ. I am buying too

    • rfmoran profile imageAUTHOR

      Russ Moran - The Write Stuff 

      5 years ago from Long Island, New York

      Very good point Kevin. Condo living has its conveniences. It can also suck.

    • Kevin Vitali profile image

      Kevin Vitali 

      5 years ago from Tewksbury Massachusetts

      I have found over the years after helping many baby boomers down size, that condo living might not be for everyone. If you have many years of living in a single family home with no apartment or condo living experience, renting for 6 months can help you decide if condo living is for you, before committing to a purchase.

    • rfmoran profile imageAUTHOR

      Russ Moran - The Write Stuff 

      5 years ago from Long Island, New York

      drg sdfg

    • rfmoran profile imageAUTHOR

      Russ Moran - The Write Stuff 

      6 years ago from Long Island, New York

      Thanks for stopping by. The older I get the less I like home maintenance.

    • alocsin profile image

      Aurelio Locsin 

      6 years ago from Orange County, CA

      We've considered getting a condo, since we don't like to do house maintenance. But we'd need to get rid of our current home first. Voting this Up and Useful.

    • rfmoran profile imageAUTHOR

      Russ Moran - The Write Stuff 

      6 years ago from Long Island, New York

      Linda, as I contemplate our 6,000 sq foot 3 story house, I wonder, what were we thinking. I wish I had read your hub AND my own before we bought this place 4 years ago (we were both over 60).

    • lindacee profile image

      Linda Chechar 

      6 years ago from Arizona

      Great Hub, Russ! We are on the same wavelength this month! Great minds think alike, right? ;) Right now my husband and I are renting an apartment. We are both of the age that home maintenance is something we just don't want to deal with. We are not planning on purchasing any time soon. We're still trying to figure out where we want to spend our retirement years. But I will tell you it will be a single-level residence of one sort or another.

    • rfmoran profile imageAUTHOR

      Russ Moran - The Write Stuff 

      6 years ago from Long Island, New York

      Thanks shiningirisheyes. I've don it with and without research. Yes, research is better!

    • rfmoran profile imageAUTHOR

      Russ Moran - The Write Stuff 

      6 years ago from Long Island, New York

      Thanks Nancy

    • shiningirisheyes profile image

      Shining Irish Eyes 

      6 years ago from Upstate, New York

      Stellar well researched article for those contemplating condominium living. Too often people make the decisions and find out much too late the drawbacks. As you so thoroughly pointed out, doing the research will help to avoid many headaches in the future.

    • cynthtggt profile image

      Cynthia Taggart 

      6 years ago from New York, NY

      I am going to share this with my friend because it is wonderfully common sensical and well-written. Thanks. Voted up and useful.

    • nancynurse profile image

      Nancy McClintock 

      6 years ago from Southeast USA

      So true. I have done both. Interesting and well written.


    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

    Show Details
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)