From a different perspective, I find that most buyers eventually limit their search to either larger buildings, mid-rise, brownstone, or high rise, or to the more intimate feeling of a multi-family turned condo. Their reasons are varied and personal. For example, a woman I worked with felt safer on the third floor of a mid-rise and more conrfident in the higher level of organization of a larger association. Yet, another couple were moving from a high rise and longed for the homey feeling which they found in a multi-family.

While larger associations do have more formal ways of dealing with disputes, sometimes there can be protocols and or politics which make things more complicated. A smaller association means you have a larger share in the responsibilities of maintaining the property. Therefore your business will be more direct and less complicated.

In my opinion, this is a very personal choice, kind of like choosing a PC or a MAC. Both can be great computers depending on the model and the way you plan to use it. So choosing between a large or small association depends on your personality along with your life style.

In any case, be sure to work with a Buyer's Agent, who will know the right questions to ask. Typically in Massachusetts, an Condominium documents and budget Addendum is included with the Offer to Purchase. Reviewing these documents with a good real estate attorney will help protect you against buying into an association with problems.

Hi Alex,
That is a great question. It really depends on your lifestyle and how involved you want to be in managing your property. As stated in some of the other answers, in a large complex. there is usually a management company that will take care of building, snow removal, maintaining the heating system, etc. Many times there are a few owners who create a board to make decisions on how to spend the extra money (if any) collected from condo fees. There are usually more rules with a larger building (such as pet policies and paying a fee to move in/out of th building). However, there is also a larger audience and more formal way to deal with disputes with other owners.

However, usually the condo fees are higher in a bigger complex than a 2/3 family. The general rule, condo fees usually go UP in time, not down. There are many older buildings that have been converted to condos within the past 10 years and do not have a large reserve. If there are repairs needed and not enough money in reserve, each unit will get charged a special assessment, which could be thousands of dollars.

I will stop here to keep this answer from being too long. Feel free to contact me if you want to discuss further. Depending on your condo amenity needs and the towns you like, we can figure out which style of condo would be best for you.
Sincerely,
Rachel

Great answers from everyone Alex.

Another issue that has surfaced lately as a result of tighter lending criteria, is the ratio of owner occupied units to rented units. There should be a provision in your condo docments that address this issue and many condo conversions don't address it. Otherwise you could have difficutly buying or selling the home.

Regards,

Rob

That is a great question. Okay pros of a condo complex:
You usually have a professional management company that takes care of your basic needs in regards to maintenance, upkeep, etc.
There are usually many members in the association therefore making it more difficult for a "bad seed" to hurt your property value.
FHA loans will only work when there are 4+ units.
Cons:
Money out the window for management fee.
Usually, there is some wasteful practices (like when there is a common heating system and people have to open their windows to control heat).
Complexes usually feel a little less "homey" and a little more like living in an apartment. This really depends on where you're from.

In a 2/3 family you often experience the opposite of these factors, plus you can become closer with your neighbors, waste less money and take a larger role in property ownership. You are the master of your domain. I personally prefer the small, self-managed association but I have had many clients who preferred the other. Keep this one thing in mind no matter what you end up in... the strength of the condo association, the condition of the building and the nature of upkeep (reserves) is one of the most overlooked aspects of home buying. If you were buying a car you'd have a mechanic check under the hood right? The condo association is the motor that runs the building. It's more important than the systems or the shiny appliances. Give me a call and I can elaborate in great detail about what to look for when buying a condo.

Here are a few ...
The pros of a condo complex are that usually the complexes have bigger reserves to maintain the building and have better amenities (pool, gym, concierge, building management company, common areas, etc). The bigger condo complexes will tend to have less volatility in the owner occupancy rate. The pro in a smaller association - 2/3 family - you may have a bigger voice (or the con is if there is one person in the small association who does not get along with the rest of the association it could cause a stalemate). Another pro for 2/3 families is often the purchase price is lower compared to the larger complexes and the monthly association fees might also be lower.

Hope that helps!

First of all the 2/3 family conversions are getting extremely hard to finance. Most of the loan programs, especially the lower money down programs, require more than 5 units in a complex.

More specifically, a complex with a large number of units generally is more stable when it comes to repairs, especially big ticket items. Landscaping, snow removal and so on are taken care of the association/management. On the downside, your voice is only one of many and you have less control.

2/3 family conversions allow more of a single family home feel and sometimes have more personality than larger condo complexes. On the down side, you will get more involved in how your building will be run. There is usually no reserve money and you need to rely on other owners to kick up the money when repairs are needed. Also many of them decide to do their own landscaping and snow removal. It will be hard to get lost in a crowd, especially if you have another owner that does not seem to agree with you. Good luck.