You don’t have to deal with the maintenance and you have less space to worry about inside.
Shared costs – Again, because you only own the interior of your unit, the cost of certain repairs, such as the roof, get shared with the other owners.
The association, if run right, will keep reserves on hand for times like repairing the roof or other major repairs.
Make sure you get to know these rules very well before deciding to buy the condo.
Homeowner’s association dues – In addition to your mortgage payment, real estate taxes, and insurance, you’ll have to pay HOA dues.
Depending on the development, they could get rather costly.
Make sure you know the full cost of the HOA dues and how often the association may raise them.
So is condo living for you?
If you are the type of person that loves to socialize, doesn’t mind a little less privacy, and would use the amenities, it may be the perfect place to live.
If, however, you are a very private person, don’t want any extra monthly dues, and don’t use amenities, such as a pool or fitness area, it may not the right choice.