Community: Yes, this is both an advantage and disadvantage. If you like living in a community and sharing responsibilities with other owners, you'll probably enjoy living in a condominium. Unfortunately, you'll also share walls which may cause noise issues depending on the development. Luxury condos in Miami, however, often have sound-proofing built-in so this won't be a concern.
Fees: All owners in a condominium must pay HOA fees, which range by association. These dues are typically collected monthly and, unlike a mortgage, never end. These assessments go toward the general upkeep of the community, including siding, roofing, common areas and plumbing. Special assessments, or additional fees, may also be charged if there are large unexpected expenses that the association must pay for.
Rules: When you're living in a condo, expect to go by a long list of HOA rules and regulations or risk fines. These rules cover nearly everything you can do, including owning pets, performing renovations on your condo unit, noise levels and even the type of barbeque you can use on your patio or balcony. Still, it's important to remember these rules apply to everyone and work to improve the community experience for every owner. Many rules are also in place for safety reasons and maintaining home values, two things that should be very important to you.