For some people, a house just isn’t the answer. They may like the concept of ownership, but maybe they’re just not interested in some of the responsibilities that go along with it, such as lawn maintenance and snow removal. For those individuals, a condo may be the way to go.
While most everyone knows what buying a house entails, some may be unfamiliar with the particulars of condo ownership, such as what you’re actually buying when you purchase a condo. Let me explain.
When buying a condo, you’re buying all of the interior space of a particular living unit, as well as a percentage of the common areas such as hallways, green space, driveways, garages, etc. A condo is similar to a townhouse, which is a style of construction that likely also includes exterior surfaces and the land the dwelling is built on.
When you purchase a condo, you also become a member of a homeowners’ association, which is comprised of all the individuals who own a unit in your condo development. An elected board of condo owners will meet regularly to set an annual budget for the upkeep of the building and common areas, implement policies, purchase insurance and plan for the future care and maintenance of the structure. As a member of the homeowners’ association, you will be expected to pay a set monthly fee.
If you have your heart set on the condo lifestyle, select a Realtor who has expertise in this area. He or she should work with you in a timely fashion to obtain and review a copy of the specific rules governing your homeowners’ association.
There are other differences when it comes to condo ownership, and the professionals on The Olear Team are more than willing to answer any questions you may have. Please contact us today for a consultation!