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What You Should Know About Buying a Condo

Purchasing a house is one of life’s most difficult and expensive tasks. From looking for the perfect area to reside in to including utilities into the budget, buying a home isn’t easy. As such, some people may be turned off from all the responsibilities and extra expenses.

If that’s the case, you can always consider the possibility of buying a condo instead. Here’s what you should know about buying a condo. 

What Are Condos?

Condos, also referred to as condominiums, are one or multiple buildings that allow people to purchase a living space within it. Condos are commonly seen in highly populated areas such as Los Angeles and New York, but there are some residential neighborhoods that offer townhouses. 

Regardless, condominiums come with numerous features that houses do not such as:

• Monthly fees that help pay for the maintenance of the building and salary the employees.

• Special fees that are used to pay for various upgrades like the electric and plumbing systems.

• Amenities such as a lounge, gym, pool area, a laundry room and shuttles. The amenities that are offered depends on the condominium.

The Pros of Buying a Condo

There are numerous benefits that come with buying a condo. To start, you’re free from having to pay for property maintenance. Compared to houses where you have to pay for every surface inside and out, a condominium frees you from that burden. 

Obviously, you are responsible for what happens inside the condo you own. But other than that, the company pays for everything outside of it with their monthly dues. 

Another pro of purchasing a condo includes the amenities. Like an apartment complex, you’re entitled to various amenities. However, the key difference between a condo and an apartment is that you own the space rather than renting it. This makes it a great way to have a sense of homeownership while enjoying things you would normally pay for in a house. 

The Cons of Buying a Condo

Despite the advantages, buying a condo isn’t as perfect as some make it out to be. In fact, there are a few cons that you should know about. If you’re planning on moving, know that condos can be very difficult to sell. 

Granted, this does depend on how the company manages the building. For example, if the building has a lawsuit against it because someone was injured, it can turn off potential buyers.

Another con includes dealing with a less-than-ideal neighbor. If you were renting a condo, you could easily ask to be moved somewhere else. However, in regards to owning the condo, having a problematic neighbor can become a nightmare. 

You’ll have to file a complaint with management and unfortunately, hope that they do something. Due to this, people who are introverted should probably not buy a condo.

Purchasing a condo is almost no different than purchasing a house. You must consider the pros, cons, price and potential issues. Regardless, remember to keep this information in mind when you consider purchasing a condo.