Condo Ownership: What You Need to Know

How does condo ownership stack up against home ownership? If you keep to an on-the-go lifestyle, condo ownership may be more ideal to you than home ownership. This way, you only have to maintain a relatively small space. Plus, there’s building security so you won’t have to worry about intruders. So are you ready to buy a condo? Here are the things you need to know:

Amenities

What amenities are important to you? Is it a fully equipped gym so you don’t need to step out of the building to stay true to your exercise routine? Is it a pool where you can do laps any time you want? Or is it free use of a clubhouse or conference room so you can celebrate special occasions with family and friends?

Association fees

All condo owners are obligated to chip in their share of association fees for maintaining exterior areas like parking spaces and driveways and amenities like pools and gyms. It pays to know exactly how much you will be paying for on a monthly basis so you can budget your finances correctly.

Restrictions

Each condo follows a set of homeowner’s rules that impose certain restrictions on the owners. For instance, some don’t allow pets, while some place a limited amount on the number of pets one can own. If you are an animal lover, make sure to clarify the property owner’s rules regarding pet ownership or else you’ll have a homeless pooch or feline.

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