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There are a few specific things you’ll want to know before buying a condo.
For starters, you get more for your money, which isn’t news to most people. Buying a 3-bedroom, 2-bathroom house in a neighborhood might cost $500,000 while a similarly-sized condo might cost $350,000.
This usually brings up the question of the homeowners fee and whether it’s a waste of money, but you definitely get benefits from it. This typically includes maintenance of common areas, less expensive insurance, and things like water, cable, and maybe a pool. Each condo varies, so you need to research these fees before buying one.
Then, there are appearance regulations, which can be a pro or a con. There will be standards in place for things like paint colors you can choose from and the types of windows you can have. If you like things to be pretty uniform and look generally good, this is probably a plus for you. However, if you like to do your own thing and be different, it could be a negative.
Similarly, there will be rules about noise. If you like a quiet situation, that’s a good thing. If you like to party though, you could face fines from the HOA if you make too much noise.
“You want to be aware of all condo association rules before buying one.”
When it comes to the condo itself, remember that you’ll be closer to your neighbors and you’ll have less storage. Those homeowners fees you’ll have to pay could possibly go up, but don’t avoid a condo just because you think they will jack up the fees. They usually don’t go up just for the sake of someone wanting them to go up.
If you have a pet, be sure to check the pet policy. Some associations have restrictions on pets, and some could restrict the size or number of pets you can have. You also want to check the finances of the association to make sure they’re doing well. Lastly, look at the minutes from homeowner association meetings to see what they’ve been talking about.
These should all help you understand the picture better if you’re thinking about buying a condo, but it’s not everything. If you’re thinking about buying a condo and want to know more specifically about everything you need to be aware of or you have any other questions, don’t hesitate to give me a call or send me an email. I’m always happy to help.