Offering a unique blend of convenience and community, condos present an attractive option for individuals and families looking to simplify their living arrangements. However, before you jump into the world of condo ownership, it is essential to fully understand what this type of property entails. In this comprehensive guide, we will explore everything you need to know about condos, from their definition and features to the pros and cons of ownership.
- It’s essential to familiarize yourself with the association’s bylaws, financials, and governance structure.
- Condo living often means close quarters with neighbors, leading to a potential lack of privacy.
- Condominium developers differ in the ways they provide parking spaces and garages to unit owners.
- Compared to apartments, condos provide more ownership rights.
- Condos can make great investments, particularly in neighborhoods with lots of renters or in locations with heavy tourism.
Therefore, it is important to understand the implications before committing to purchase one. Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
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First-time homebuyers are great candidates, especially if the housing market has limited inventory. “Considering all home types could make your search easier and open up options in neighborhoods or communities that may have been previously out of reach,” Pendleton says. In addition to collecting dues, a condo board also enforces rules and regulations that owners agree to abide by when they purchase their condominium. The board can regulate everything from the size and number of pets you’re allowed to the ages of the people living in your unit. Retirement condo communities, for example, can legally require that all long-term residents be over the age of 55. Furthermore, these shared areas and amenities are enjoyed by all condo members without the need to maintain them on their own.
- Most people looking to move into a new place are under the misconception that condos cost more than apartments.
- Assessments are periodic, one-time payments made to the association above and beyond the monthly fee, usually to cover capital improvements or repairs.
- It may so happen that the response time is quicker in the case of condos since the landlord does not have the responsibility of the entire building on his shoulders.
- We also have dedicated onboarding specialists, helpful user guides and tutorials just for residents, and an online community forum for board members and property managers.
- This means that while your home is yours to customize internally, areas such as the fitness center, pool, and gardens are under the collective care of the HOA or condo management.
Think lobbies, fitness centers, and pools that are maintained by the homeowners’ association . One aspect of condo ownership that often raises questions is the monthly condo fees. These fees cover various expenses related to the maintenance and operation of the condominium complex and its shared facilities. Examples of expenses typically covered by condo fees include landscaping, snow removal, building insurance, security, and utilities for common areas. Before delving into the specifics, let’s start by exploring the definition and features of condominiums. A condominium is a type of housing where individual units are privately owned, while common areas and facilities are shared among all residents.