Buying a condo may seem like a smart choice. You don’t have to deal with the maintenance and you have less space to worry about inside. But, this type of living isn’t for everyone no matter how amazing it sounds. Learn who should and should not consider this type of living arrangement to help you make the right purchase.
The Benefits of Living in a Condo
There are many benefits of condo living, such as:
- Amenities – Many condominium developments have a large number of amenities, such as a swimming pool, fitness area, and clubhouse. Each development will have its own amenities though, so you’ll want to inquire about what each offers before making a purchase decision.
- Lack of maintenance – As a condo owner, all you own is the interior of your unit. You don’t own the exterior or any of the commons grounds. This can be a good thing though because you are not responsible for the exterior maintenance and repair. If the roof needs replacing, you don’t have to do it. If the lawn needs mowing, again you don’t have to do it.
- Lower cost – Depending on where you look for condos, the cost may be much less than that of a single-family home. Of course, there are those that cost millions of dollars, but if we are talking realistically here, you can generally save more on a condominium than you would spend on a single-family home in the same area.
- 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. This should come out of your monthly homeowner’s association dues, which you’ll pay. The association, if run right,…