Looking into the Option of Buying a Condo

Cheaper price tags than other real estate properties and minimum maintenance requirements are among the most popular advantages of condo ownership. However, like other forms of investment, a condo also comes with a few disadvantages. Considering the things below can help one decide whether a condo is ideal for him or her.

Maintenance and Other Fees

While condo owners do not need to exert effort in maintaining their properties, they do need to pay monthly fees so that other people can do it for them. These fees are collected by the condo association who also oversees special projects and other improvements in the property. One concern about this is that rates can vary per month, taking some condo owners by surprise.

Rules and Regulations

While condos are privately owned and are therefore private space, owners still have to abide by the rules and regulations drawn up by the association. Rules and regulations vary among condos; for instance, some do not allow pets anywhere in the property, while some do but for a monthly fee. For this reason, before purchasing a condo, one must first familiarize himself or herself with the rules and regulations.

Lifestyle Adjustment

Buying a condo may not be a sensible move if the buyer plans to marry his or her beloved in a year’s time and start a family right after. However, if one is single and plans to remain so in the next five years or more, a condo is a good idea.