Here are some of the pros and cons of a buying a condominium:
• Lower average price point but higher $/sqft
• Collective responsibility and management of building and common areas
• Possibly exempt from Rent Control laws for San Francisco but still subject to eviction control potentially.
• Desirable inventory in desirable locations (planning and zoning favors more people enjoying a location through raising population density)
• Sophisticated developer and designer focus on this product category because its kind is so common here
• Lifestyle choice: You have full-amenity buildings with door people, gyms, and spas to the bare-boned
• Various legal protections for buyers of newly built condominiums for the first 10 years of a building’s life (right to repair act)
• Lifestyle, part 2 — depending on where, may be perfect for owners who travel, own multiple homes, or ones who don’t want to be bothered with mundane things like mowing the lawn or cleaning the windows
• Less independence because of Homeowner Association prerogatives, conflicting personalities, arcane rules and governing HOA documents and bylaws
• Close quarters with neighbors (more sound transmission, less privacy and freedom)
• Shared common areas (lack of yard/parking/storage)
• Risk that other neighbor actions will impact you financially (a remote foreclosure risk)
• Risk of a chilling effect on ability to sell if HOA-wide legal issues arise
• HOA dues and assessments aren’t cheap and you may pay for things you don’t use — also, how much more debt would thhose amenity fees cover intead?
• Less flexibility to rent to short term (like Airbnb) or to take possession back of your plans change