Have you ever considered buying a condominium? If so its essential that you understand the ins, outs, ups and downs of this transaction before you put one hand near the dotted line. Effectively, when youre getting a condo its like owning an apartment. Here, everything inside the building is yours. However, everything on the outside of the structure (including the foundation, roof and all amenities like a tennis court) is held in partnership with every other person who has purchased a space in your complex.
Additionally that partnership often has a governing body (an association). The purpose of this association is collecting fees for on-going upkeep (like ground maintenance), as well as handling unique situations that could arise (like new piping due to a water leak). The association must coordinate all of these services from mowing to cleaning the pool while you, the owner, must take care of your own internal space. The association, for example, would not be responsible to replace appliances that break.
Because of the cost of land in some areas, condominiums can be a cost-effective choice. Having said that, look carefully at the Pros and Cons of buying a condominium.
Pros:
Unlike owning a home, the tool challenged persons do NOT have to worry about exterior repairs and upkeep. Additionally the condominium property may offer you many amenities that you couldnt otherwise afford if you purchased your own home (like a childrens playground). In addition to these benefits, most condominium facilities have great locations convenient to highways, stores, and entertainment. Also a condo complex is a bit like a built-in community with whom you can associate readily if you wish.
Cons:
If youre planning to own your condo for a limited time, they typically stay on listings longer than single family homes. Once you buy a condo, youll be locked into association fees and have to accept the fact that you have NO say over exterior issues including landscaping and parking. You also give up a certain level of privacy in a condominium complex, and have to accept the rules and covenants imposed by the association about things like noise levels.
Somefolks have rave reviews about their experiences after buying a condominium, while others experienced nightmares with uncooperative associations, naughty neighbors, and poorly manufactured interior spaces. Because of this, its important to research potential properties thoroughly. Ask questions. Read the Associations minutes. Review all the paperwork. That way should you decide to buy, you can do so with a greater amount of confidence in your choice.
