Are you thinking of buying a condo?
For the right person, condo living can be a great idea. While there are many pros and cons of Factors in Buying a Condo, in a nutshell, a condo is a perfect marriage of buying a home and living in an apartment. You get the security of owning your home while taking advantage of the convenience of maintenance services, flexible living, affordability, and more.
However, for the wrong person, a condo can be a bad experience that seems to have no end. Because you are purchasing the unit, you cannot just give a 30-day notice and move if you are not happy living in the community.
For this reason, it’s important to do your research and understand the reality of buying a condo before signing on the dotted line. If you are thinking of investing in a condo but aren’t quite sure you should, this short and simple guide is for you.
Understand Condo Living
If you can’t decide between buying a condo vs a house, consider what condo living really is. You will be living in a tight-knit community that feels much more like apartment living than buying a home. You will have close neighbors, little privacy, and some shared responsibilities.
If you are thinking of buying a condo in Toronto, read this downtown condo guide.
You Will Have to Follow Association Rules and Fees
If you have been wondering, should I buy a condo, consider the association rules. While you can buy a home that does not have a home owner’s association (HOA), you cannot buy a condo without an association. You will have to pay monthly fees and follow rules you may not agree with, even though you own your condo.
Getting a Loan Can Be Difficult
A great tip for how to buy a condo is to prepare for a difficult loan process. Getting a loan for a condo can seem unnecessarily complicated due to rules lenders have for these types of loans. You may need to choose a community that has a certain percentage of occupancy, a certain percentage of owners, and more.
Condos Have a Management Team
Similar to apartments, condos are managed by a team. The management team handles the upkeep, repairs, and other property-related tasks. While having a management team has some pros, one major con is the possibility of your communities being mismanaged, which can ultimately result in more fees for you and a poorly functioning property overall.
This Is What You Should Know Before Buying a Condo
By knowing these facts before buying a condo, you can make the right choice for you and your situation.
Start by truly understanding condo living. Know that you will pay monthly fees, have to follow association rules, and live in a community with a management team. Most of all, getting a loan can be more difficult for a condo than a house.
By knowing these facts, you can decide if condo living is the right fit for you.
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