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An option often
overlooked by
those desiring
homeownership is
purchasing a
condominium or
condo. But, the
traditional
detached single
family home is
not the ideal
situation for
everyone. For
those just
starting out,
affordability
may be an
issue. An empty
nester may want
to downsize and
not have the
hassles of yard
work and other
maintenance. Or
it can simply be
that the
traditional
family home
doesn’t suit
your lifestyle.
When you own a
condo, you own
the title to the
space within the
walls of your
living
quarters.
Common areas
such as
hallways, roofs,
parking lots,
green areas and
pools are shared
with the other
owners in the
complex. The
more common type
of condo is the
apartment-style,
in which you may
have units on
either side of
you and above
and/or below.
However, there
are other
styles. There
are units that
are designed
more like
townhomes, with
single or
multiple levels
and one or two
common walls
with neighbors.
You may even
find a condo in
a building that
was a multi-unit
apartment
converted to
condo units.
Condos are
attractive to
many buyers
because they
offer them a
chance to own
their residence
and build equity
at what is
usually a lower
cost than a
single-family
detached home.
Of course there
are exceptions,
such as the
luxurious
condominiums
that many
developers are
building in
downtown and
affluent
neighborhoods.
One factor to
consider is that
condominium
owners generally
must pay a condo
association fee
monthly. These
fees defray the
cost of
maintenance,
repairs and
upgrades to the
community’s
common areas as
well as the cost
for the services
of a property
management
company.
However, if you
would rather
spend your free
time doing
something
besides mowing
the lawn,
painting the
outside of your
home, or waiting
at home for the
pool maintenance
person, then a
condo may be for
you.
Other advantages
of owning a
condo are the
amenities that
may be part of
your complex
such as a pool,
tennis courts,
fitness center
or clubhouse.
These are some
of the perks you
might not be
able to afford
or even have
room for if you
were to purchase
a single-family
home.
Of course, as
with all things,
there are some
disadvantages to
owning a
condominium,
such as the lack
of privacy that
a single-family
detached home
affords. You
are also
confined to the
rules and laws
of the community
association,
which can run
the gamut from
how to display a
satellite dish
to the type of
animals you can
keep.
Is a condo the
right living
arrangement for
you? Make an
informed
decision by
weighing the
pros and cons.
Talk with a real
estate
professional who
is familiar with
condominiums and
the laws that
govern them.
Preview the
various condos
in your area to
get an idea of
how the
properties are
run. If your
real estate
professional has
sold condos in
any of these
complexes, find
out the type of
feedback he or
she has received
from clients.
Condo living
isn’t for
everyone, but
can be an
attractive
option for those
who want to own
instead of rent. |
