While you look at condos for sale, you might come across listings for condominiums in your preferred area. These units are rightly priced, offer the amenities you like, and seem like an excellent option. But before you jump on the real estate for sale and make a condo your own, it is important to first consider the differences between buying a condo and a regular home. Not every buyer is a right fit for a condo-style life, but some people prefer condo living over a private family home. How do you know if a condo is a good property choice for you? Here are a few things to consider:
Be mindful of the three potential problematic "Ps" of condo ownership.
In a condo setting, there are three things that cause problems for prospective residents the most:
- Pets
- People
- Parking
Not all condos welcome pets, which can be a major disadvantage if you already have pets or want pets down the road. People can be a problem because condos essentially put you living in close contact with many other people. If you prefer your privacy or to not deal with people in your everyday environment at home, a condo may not be a good option. Lastly, parking can be an issue. While every condo has its own parking solutions, your space may be limited to only one or two spaces, which can be a problem when you have guests over or if you have multiple vehicles.
Be prepared for condo association fees and understand their purpose.
When you buy a condo, you are buying a section of a large residential property. Your condo is your own to maintain, but in part, so is the rest of the property. It is because of this that condo association fees are required, usually annually, from the residents. These fees are used to cover general property maintenance and repairs, such as parking lot cleaning and landscaping.
Be on the lookout for condo amenities that are valuable to you.
One of the greatest advantages of buying a condo is that these can come with some pretty spectacular amenities, whether it is an onsite pool, tennis court, or community room. These amenities are shared among all residents, but they can definitely make a condo more desirable or fitting for you. Just be sure you look for condos that offer only amenities you don't mind helping maintain, as the more amenities there are on site, the higher our association and upkeep fees can be through the year.
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