Condos provide an ideal home for those who want their own property without having to worry about doing yard work. Buying a condo isn't the same as purchasing a single-family house, though.
If you’re thinking of going this route, pay attention to the following considerations when buying a condo:
- You’ll have to pay extra fees. In exchange for not having to mow the lawn or rake leaves, you’ll have to pay monthly homeowners association fees that cover maintenance and repairs. Keep in mind that paying these fees comes with perks, such as access to a community pool, fitness center or doorman service.
- You’ll have to follow rules. Each condo community has its own set of rules and regulations that all residents must follow. Look over these policies before signing anything to make sure that you’re ok with them. Restrictions can range from a no dogs allowed policy to rules on what you’re allowed to put on your front door. Also, look into the parking situation, such as how many parking spaces you have and where guests should park.
- You’ll want to find a condo with good management. Take a look at the minutes from board meetings to get a feel for how satisfied residents are with management and to find out if management is facing any pending lawsuits.
- You won’t have as much privacy. Remember that a condo is much like a town home or apartment. You’ll have a shared wall, possibly on both sides, which means the possibility of overhearing sounds from next door. You’ll also see your neighbors more often, so make sure you don’t mind having more frequent interactions with them.
Need more information on considerations when buying a condo? I look forward to hearing from you!
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