Buying a condo is a slightly different experience than buying a single-family home. You will have some considerations to make that you might not think of if you have never bought a condo before.
Bankrate explains that buying a condo is not something that is a good fit for every buyer. The first thing you need to do is consider how different a condo is from a single-family home and determine if that living situation suits you.
Condo life
Condos allow you to own your own property, but you only own the part of the condo in which you live. You do not own the land or common areas. You are also at the mercy of the condo board, which can dictate rules you must follow.
At the same time, you will not have any exterior chores or maintenance. You also get access to amenities, such as a community pool or workout room. Many facilities also have security in place.
Financial concerns
You may also run into some financing issues with a condo that you would not with a home. For example, if you want to secure an FHA loan, it can be tricky to find a condo that the FHA allows. On the plus side, condominiums are often more affordable than homes, so if you have a lower budget, you may find it is easier to secure financing for a condo.
You will need to figure in your condo fees, which will pay for shared maintenance needs and property upkeep. Many times, these fees will be much less than what you would spend in a year on the upkeep of a single-family home. The only difference is you will pay these more regularly, and there is a guarantee you must pay them every year.
As with buying any property, you want to do due diligence. Make sure a condo is the right fit and that it suits all your needs.
