A condo is a private living space that is typically located in a residential building or a community and is sold out to people. The short form of the word “condo” is condominium. Away from its definition, a condo is different from an apartment in the sense that it’s bought rather than rented. Although both are similar in structure.
Benefits of Owning a Condo
Having a condo to yourself comes with some benefits. Of course, every type of living space—be it an apartment, mansion, tower, penthouse, and so on have their pros and cons. For this section, we’ll highlight the pros of living in a condo.
- It’s easier to sell a condo than a single home because of its appreciating popularity.
- You don’t need to worry about maintenance issues like landscaping, repairs, and so on as long as you’re paying your dues to the management of the complex.
- You can decide to get a condo in an area you visit once in a while (e.g. vacation periods).
- You only need to insure the interior of your living space. This means low-cost insurance.
The following are important facts and questions you should keep in mind:
- Know the legal implications
- Are you taking a loan for it?
- Understand the differences
- Think about the costs and size
- Can you pay the monthly or quarterly maintenance fees?
Know the Legal Implications
As a condo owner, you have to follow the rules and regulations of the complex or face legal actions. You could be asked to pay a fine or forced to comply by law.
Are You Taking a Loan for It?
If you want to buy a condo with a loan, then be prepared to face the difficulty in getting the money. Lenders are strict about loan qualifications for condos. It’s best to inquire from your local bank before making further plans.
Understand the Differences
Know the difference between living in a single-family home and residing in a condo. Do your research before you buy one. This is how you know if a condo suits your lifestyle or not.
Think about the Costs and Size
Condos generally cost less than single-family homes. This is because of their low-maintenance expenses. If you’re seriously considering affordability, then this kind of living space would be right for you. Also, it would be a choice building for those that want smaller settings when next they want to relocate.
Can You Pay the Monthly or Quarterly Maintenance Fees?
You don’t want to purchase one and ask yourself what you were thinking later on. As a condo owner, you’d have to settle periodical fees for maintenance, repairs, and so on. These expenses include the maintenance of the grounds, elevators, lobbies, pools, etc.
Apart from the payment of monthly fees that may prove to be a hassle later, owning a condo has other cons that you should learn about. For example: The periodical dues are subject to inflation and other factors that can cause increments. Also, the rules and regulations may be too strict for you to handle. Are you sure you’re ready for this?…