7 Important Condo Facts You Should Be Aware Of
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If you're in the market to buy your first home, you may not have thought about looking at condos. However, your budget may dictate a less expensive option such as a condo. A condo allows you to own the internal space which is bordered by the walls, ceilings, and floors. The remaining brick walls, sidewalks, external stairwells, swimming pools and garden areas make up the common areas managed by the community of homeowners. Some positive features of condo life include:
1) Reasonable Costs - Condos tend to cost less than buying a house, although the opposite can be true in major metropolitan or resort areas. Maintenance costs are also less since the community shares the upkeep costs such as landscaping, roofing, and some insurance.
2) More Opportunities To Socialize - Since you belong to a large association of condo owners, it's easier for you to find opportunities to socialize with your neighbors.
3) Easy Maintenance - Since the community pays someone to maintain the common area, you'll have more time to enjoy other things. You may also get the benefits of using an on site pool or gym.
Now, let's go over the cons of living in a condo:
4) Restrictions - When you join a condo association, you'll be obligated to abide by a master deed or Declaration of Covenants, Conditions, and Restrictions (CC&R's). The community association and all the condo owners are required to follow the CC&R's. This document states what your common space rights are and what you can do with your condo.
5) Lower Resale - As you compare properties, you'll find condos don't appreciate as fast as a house, so the resale value will be lower.
6) You'll Have To Settle For Less Privacy - The fact you have to share common areas, walls and ceilings should clue you in to the fact you'll have less privacy as a condo owner. Another disadvantage is the loss of backyard space. A condo typically has very limited yard space for children or pets.
7) Mandatory Expenses - As a condo owner, you'll be required to pay your share of association dues on a schedule dictated by the association. If you don't use the amenities such as the community pool, you may feel frustrated paying for something you don't enjoy.
In circumstances where major purchases are required and the community association can't cover it with it's reserves, you may be required to pay a special assessment to fund the purchase. If your building occupancy level is low, your out of pocket costs can be high.
Article Source: Articlelogy.com
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