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The Pros and Cons of Owning a Condo
Manage episode 181885616 series 1139850
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Owning a condo comes with its fair share of both pros and cons. These are the most notable of the bunch.
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Owning a condominium comes with both pros and cons.
First, I wanted to explain that condominium refers to a type of ownership, not a type of building or apartment.
Condo ownership has a concept called "fee simple" that means you own everything within the walls of your condo, but anything outside the walls is owned in partnership with other owners in the building. This is called "tenancy in common." Depending on how the condos are set up, you're in charge of everything outside your home in partnership with the other owners for things like maintenance and repairs.
The biggest pro of owning a condo is that the grounds are typically very well-maintained. However, if the building is older and has deferred maintenance, the condominium fees can get expensive.
Before buying a condo, ask your real estate agent which costs you'll be responsible for and whether it's a good deal. There could be a special assessment fee for things like a one-time project of fixing all the building's decks, for example.
If you're interested in buying a condo or any other kind of property, just give me a call or send me an email soon. I'd love to help you!
First, I wanted to explain that condominium refers to a type of ownership, not a type of building or apartment.
Condo ownership has a concept called "fee simple" that means you own everything within the walls of your condo, but anything outside the walls is owned in partnership with other owners in the building. This is called "tenancy in common." Depending on how the condos are set up, you're in charge of everything outside your home in partnership with the other owners for things like maintenance and repairs.
Condo fees in older buildings can get pretty expensive.
Before buying a condo, ask your real estate agent which costs you'll be responsible for and whether it's a good deal. There could be a special assessment fee for things like a one-time project of fixing all the building's decks, for example.
If you're interested in buying a condo or any other kind of property, just give me a call or send me an email soon. I'd love to help you!
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