Purchasing a condo is a decision that many new home owners make because of the amenities that are offered with the property as well and the low maintenance required for upkeep of the condo property.
First time owners are often unaware of the regulations that come with the purchase of a condominium property. Condo associations create rules that regulate the appearance of the outside of the property, and in some cases – even the inside of the properties. Some condo associations regulate the color and type of window treatments, even the color of paint that is used within the condo. Renovations must be accepted by a committee and gaining permission can be an extensive process.
Limited pet ownership and the closeness of neighbors are both important aspects of condo living to take into account when making the decision to buy a condo. In most condos, there are neighbors above, below and on each side – do you live a lifestyle that would accommodate the close proximity of these neighbors?
The majority of condominium properties come with monthly fees. When potential home owners are evaluating properties for sale, it is important to take into consideration this monthly fee. Monthly condo fees range from three to several hundred dollars and include amenities such as exercise and pool facilities, utilities and maintenance of the building. Some condo associations even include cable television service with the payment of monthly condo fees. New home owners need to take into consideration the condo fees to decide if it is affordable when combined with the mortgage fees.
Many property owners are attracted to purchasing a condo as the initial costs are lower, which equal lower monthly mortgage payments. Although the initial payments are lower, it is important to take into account the monthly condo payments. A two hundred dollar monthly payment over the course of twenty years equals over twenty thousand dollars – would this amount be similar to what would be spent on a detached home over the same course of time?
These are all important aspects of condo ownership – taking these points into consideration can help first time owners decide if condo living is really for them. Chances are, if you can deal with the monthly fees, the regulations and the close proximity of neighbors, than you will do fine with condo living. If you can’t than it may be time to consider an alternate form of housing.
With all of these limitations, it is really important to carefully consider all the necessary factors before buying a condo or any property. If you would like to see some of the best qualities of an ideal condo, you can check the website of The Landmark Condo.
