Condominium living can be an exciting idea, but only if you understand what you are taking on. Is condo living really right for you? There are many things you need to consider before you make that decision.
There are some benefits to owning a condo, for example. These benefits may make it worth owning a condo if they're things you prefer in your life.
For example, someone else takes care of all outside work when you live in a condo. That means you don't have to worry about mowing or maintaining the landscaping. You likely have condo fees as a result, but they are shared among everyone living in the community. Additionally, condos let you own your home so you can decorate and structure it as you like. The development may have extras, like a shared swimming pool or clubhouse, too, which makes condo living similar to apartment living with the additional perk of owning the unit.
Of course, the major benefit of condo living is that all major costs are shared. For example, if a roof needs to be replaced, some of the condo fees you've paid go into a fund that should cover the replacement without your having to foot the bill.
There are some downsides to living in a condo, too. Condos don't tend to increase in value over time like a home would, and the overall price of owning may be more thanks to condo fees. This could put off buyers later on, which means you may not get as much of a profit when selling as you'd hoped.
These are a few things to think about before you purchase a condo. It can be a good investment for the right person. If you want to learn more about condominiums and the process to buy, your attorney can help.
Source: Everything Zoomer, "Is Condo Living Right For You?," accessed June 02, 2017