Purchasing a Condo

To put it simply a condominium is a form of home ownership in which individual units of a larger complex are purchased, not rented.  They may be commercial warehouses, townhouses, converted apartment buildings or newly constructed buildings designed specifically as condominiums.  The word condominium does not apply to the unit itself but how the unit is held legally.  Those who purchase a condominium technically own everything from the walls inward and individual condo owners have shared rights for the areas such as hallways, grounds, pools, clubhouses, and elevators.  The maintenance of these common areas is usually the responsibility of the condominium association.  Each owner shares a common interest and has an obligation to pay monthly dues or special assessment fees.

Condominium ownership many times is the best option for potential homeowners.  If you would like to have a pool, playground area, clubhouse or many of the other amenities a condo offers then buying into a complex with all of these is your best choice.  You just need to remember you are paying for these with your association fees and there will be others who use these facilities also.  Most veteran apartment dwellers benefit from purchasing a condo because they are used to having neighbors close by and using the same amenities with others.  Normally the overall price of a condominium is less than single family homes but still allows equity to build so it is no different in regards to recouping costs assuming the property will appreciate.

Before you run out to purchase a condominium there are several things you need to consider.  Find out if the building has a good reputation.  Ask current residents how often repairs and maintenance are done and remember the association decides what is done and at what cost to each of the members.  Check out parking and security arrangements before you buy especially if you have multiple cars or are concerned about your own well being.  Another area to consider is budgeting in the association dues.  When you are thinking of buying a condo you will know what your mortgage payments will be but an added unexpected fee could strain your budget to the breaking point. 

Condominium living is not for everyone but can be advantageous financially since you now own your own home.  You are able to enjoy many of the amenities normally not affordable with ownership of a single family home.  You have the pride of ownership and a financial investment that will pay off future dividends.