Image Credit: Unsplash
Condominiums are individually sold units within a shared piece of property or living complex. The condominium community lifestyle is rapidly gaining popularity for its value for money and the freedom from the hassle of maintenance. Condos typically come with a wide range of amenities such as swimming pools, fitness centers and playing courts, at a comparatively affordable price. For many people and families, condos are a better alternative as compared to traditional, single-family homes. Having said that, it’s important to be aware of what you’re signing up for before you make the purchase. Here are a few things you would want to know before buying and owning a condo.
Rules and Regulations
First things first. To make the most of your living experience in your new home, make sure you know what’s acceptable and what’s not since there are certain details that are non-negotiable for you. This includes clarifying whether you’re allowed to rent out your condo, make modifications to your own unit, parking rules and so much more. If you have pets or would like to get one, this is something you must clarify before moving into your new home. We would suggest going over the guidelines set by the condominium association line by line, we promise it will make life so much easier for you and your condo community. There are plenty of condos to choose from, ensuring it’s the right fit for you. Head over to this page to find the condo of your dreams.
Most condos do not provide personal storage facilities. Although you will have a parking lot, you’re going to have to live without an attic or personal garage. Be sure to ask the management about any extra space that you may have access to, so that you can store any bicycles, equipment or luggage that may need to store.
One of the most important things you must remember to do before investing in a condo is to read through the condo association’s insurance policy. You don’t want to skip to the end and click ‘I agree’ without reading the terms and conditions, this time. Go over which costs are covered and which aren’t. This includes coverage of your personal belongings in the case of fires or severe leakages. This is especially crucial if the building isn’t as new as others because the association may be required to upgrade it after a point. We all know this can be a daunting task, so consulting your own insurance agent to help you understand the insurance policy better may be a good move.
Image Credit: Unsplash
The association fees are additional payments levied by the condo management on all condo owners, that are pooled together for maintenance or any major repairs. Since the association fees are a considerable amount that needs to be paid on a monthly or yearly basis, it is important that you are aware of what you’re getting into, well ahead of time. Keep in mind that, unlike your mortgage, association fees are not tax-deductible. The upside to this, however, is that you save yourself the hassle of upkeep and maintenance- definitely a deal that’s hard to turn down. Either way, make sure to figure out how much your association fees are and what it includes.
An aspect that outweighs the costs involved in buying and maintaining a condo are the many benefits that come with the condo lifestyle. Examples of these benefits include swimming pools and fitness centers. For many people living in traditional single-family homes, these benefits are often too expensive. However, the costs of maintaining a pool in a condo community are shared, making it more affordable. To top it all, this may help you save money by not needing to purchase a separate pool or fitness membership.
Here’s what we’re trying to say. Every condo has its own feel to it so there is a lot you need to consider before you make the down payment. Each condo comes with a unique community, living experience, benefits, costs and rules. You want to know everything you possibly can about the condominium, its management and the community it offers you and you want to find out before you make the purchase and move in. Ultimately, only you know what will work for you and ensure that your new condo becomes your new home.