How is Owning a Condo Different from Owning a House?
While owning a condo can be similar to owning a house, there are definitely some details that set the two apart. So if you’re considering on buying your very first property it may be in your interest to know the differences– that way you can tailor your interests and lifestyle with your living arrangements. If you’re considering on buying a condo you’ll have a couple of extra responsibilities, such as board fees and following enforced regulations; but you also get to enjoy some great communal amenities and live in a tight knit community. Here are some of the distinctions of owning a condo:
Shared responsibilities.
Most condominium communities have associations that are responsible for making any repairs or handling maintenance issues (roof repairs, plumbing, pool cleaning, etc.). To help everything run smoothly, most condo associations pay a monthly fee that goes toward building maintenance. Some condos issue an “assessment”; a one-time fee made to the association for a big upgrade or repair—like a new pool or mass window replacement. Upon buying a condo, be sure to inquire about upcoming assessments so you’re not blindsided by a hefty fee after moving in. When it comes to what’s inside each individual condo, the specific owner is responsible.
Great amenities.
If you’d like to own a home with a pool but can’t afford it, buying a condo is a great alternative. When you live in a condo, you oftentimes have access to great shared amenities like a swimming pool, a gym, gardens, and game rooms. For homeowners who don’t normally have time to maintain things like a backyard, pool or garden themselves, regularly maintained amenities is a great perk.
Inexpensive insurance.
Many condo owners pay less for insurance than typical single family home owners. This is due to the fact that part of a condo’s structure is already covered by the condo association’s master policy. This isn’t always the case though, so make sure to research your particular condo’s insurance policy.
Association rules and regulations.
While some condominium communities are stricter than others, expect to have to follow some basic rules when living in your condo. Rules can include turning down any excess noise by 10pm, no swimming after dark, minimal door decoration, etc. Before buying a condo, be sure you’re comfortable with the rules set in place.
A sense of community.
Many condo associations hold monthly meetings allowing you to bring any issues you may have to everyone’s attention. This way, other fellow condo owners can stay up to date with what’s going on, and can ban together on any issues. Condos tend to naturally have a sense of community because of the amount of shared space on the property. If you enjoy seeing your neighbors often in your condo’s shared spaces, condo life will serve you well.
Would you consider buying a condo? Let us know in the comments below!