If you’re thinking of buying a house, you may be considering a condo. Condominiums, or “condos,” are a popular choice for many first-time homebuyers, homeowners looking to downsize or relocate to a place like Jacksonville, FL, and those looking to purchase a home in a bigger city like New York City, NY.
If you’re interested in condo life, there are some important considerations you need to make before you buy. In this guide, we’ll walk you through:
- What is a condo? The key differences between condos and other property types
- The costs associated with buying a condo
- How to buy a condo, the buying process, and how it differs from buying a single-family home
- The major pros and cons of buying a condo and owning a condo
- Questions to ask when buying a condo
- How to look for red flags when buying a condo
By the end, you should understand if a condominium is right for you. Let’s get started.
A condominium is an individual housing unit within a multi-unit housing complex. The housing complex could contain as few as two units or more than a hundred. Each unit is individually owned and the owners are responsible for the maintenance and upkeep of their own unit.
One of the most important aspects of condo ownership is that owners are also typically responsible for paying homeowner’s association (HOA) monthly fees. The HOA facilitates the maintenance and upkeep of common spaces, such as parking lots, landscaping, roofs, and recreational facilities (pool, gym, etc.). They decide when to take on large improvement projects and can require assessment fees to cover these projects. HOAs are also responsible for establishing rules and regulations for community members of the condominium complex.
To be a member of the HOA, a person must be a current resident in the complex. In most cases, annual elections are held and condo owners vote for the residents they want to manage the HOA. So if you desire more involvement in the operation of your condominium…