Buying a condo is much like the purchase of a single family residence, but with some benefits. In the condo the homeowners association trims the shrubs, mows the lawn, trims the trees and generally fixes other annoying and bothersome items like a roof leak and whatever is needed. On the other hand in the single family home YOU do all this work. Sounds like fun, huh!
Even in times of foreclosures and falling home sales, a condo purchase is an attractive option. Why? Because the cost is anywhere from 20 to 30 percent less than a regular single family home. Especially great for the young couples, singles or even retired seniors from states where it snows or freezes seven months a year. Another plus on the glad-I-bought-a-condo smile sheet, is no worry about shoveling, repairs, maintenance, or other dreaded chores. Yep! Sell the snow shovel and motorized lawn mower. It will no longer be a requirement.
Many people who want to enjoy easy living, follow the condos for sale trail in well established, close to comfortable and safe neighborhoods. Some may opt for a condo loft in a downtown area near all the action. Others may choose condos for sale in an area away from the noise if public transportation is available. Speaking of safety, owning a condo in a building with 40 other units provides an element of safety, too.
When leaving on a trip you can feel comfortable that you neighbor(s) will keep a sharp eye out for thieves who thought your condo would be a soft touch.
Okay! So much for “the condos-are-wonderful” tour. How about few questions you should ask prior to a purchase?
– Is there any law suit or pending litigation against the condo association? It is important that you are aware of it before signing any paperwork. Older condo units are the ones most susceptible
– Does the condo association have adequate reserves stashed away for repairs and improvements in case something serious occurs?
– Prior to signing on the dotted line for your condo purchase, you need an inspection. Since you are ostensibly a co-owner of the building, assessments can occur.
A condo purchase can increase your buying power. Condos usually cost less to maintain than a single family homes. Also condos have amenities that many could not otherwise afford. Swimming pools, tennis courts, exercise rooms, and, in many cases, a community center.
