A condo or condominium is a confusing type of property. It is like a hybrid of an apartment and a house. Understanding what you get when you buy a condo can help you to know if this is the type of property you want to invest in.
According to Realtor.com, a condo is a home you own that is within a complex or building.
Key characteristics
You will share common areas with your neighbors, and you do not own the outside areas. You may have a small private outdoor area, but this is not always common. You share amenities with the others in the complex, such as pools and gyms.
You own your condo, but it may be part of a building with multiple units. You do not have a landlord, but you will have a condo board.
Buying a condo is often more affordable than buying a home. They are also usually in a prime location close to shopping, business zones and other populated areas off main roadways.
Responsibilities
You will pay condo fees to the condo board for the upkeep and maintenance of common areas. If there is an emergency situation, you may have to pay extra fees. The money you pay in fees helps to improve the overall community, which will also improve the value of your condo.
While you will not have to do outdoor work on your property, you will be responsible for any repairs inside your home. The condo board may also impose rules on you, such as when to take out your trash.
