Considerations When Buying a Condo

In today’s fast paced world, everyone seems to be looking for ways to save time. One way to do that can be the carefree lifestyle that is offered through living in a condominium. In these types of residences, occupants can still purchase their unit – meaning that they can build up equity and gain appreciation as the value of their home increases.

Considerations When Buying a CondoYet, in most cases, the majority of the exterior maintenance that is required with a condo – including that of a yard, snow removal, and even major improvements such as the roof – is taken on by the condominium association and is paid for either out of the monthly association fee or an additional assessment that is charged and shared by all.

While living in a condo can have many advantages, though, there are some things to consider prior to moving forward with a purchase, as this type of arrangement may not be ideal for everyone.

For example, when purchasing a condominium, although you will buy your individual unit, you will not own the underlying land. This means that you will also not hold the title to the land on which your home sits.

In addition, because you are often in closer proximity to your neighbors when living in a condo, it means that you will typically have less privacy than if you lived in a single family home. Depending on the type of unit you are considering, this could mean that neighbors may hear your music or television – and vice versa. So, be sure that this is something that you are ok with prior to going ahead with your purchase.

Living in a condo can allow you to free up a great deal of your time, as you won’t need to spend countless evenings or weekends toiling away on yard work or many other related projects. This type of living can provide you with many of the things that home ownership offers, yet without all of the added maintenance.

If you would like information on local condo communities and units that are available for sale in the area, contact us.

By | 2016-01-05T18:00:31+00:00 January 5th, 2016|Home Buying, Real Estate|

About the Author:

I grew up in the Bowie-Crofton area with my 3 other siblings. As the middle child, I have a natural talent for negotiating! I moved to the Annapolis area for several years after I graduated college, and I currently reside in Arnold with my wife, son, and daughter.