There are a many benefits to owning your own condo – chief among them the fact that you actually own your own condo! However, along with the benefits, there can be unforeseen hassles. For example, a condo can be more than a financial commitment; it’s a social commitment as well. In this article we’ll examine these considerations to make sure that your new condo life is a great one. If you are thinking about making a purchase in the near future, don’t forget to consider the ways condo living could affect your life.
Costs for the condo owner usually don’t stop at the mortgage. You’ll also have to think about things like monthly owner fees, sometimes called condo association fees, and homeowner’s insurance. The association fees pay for things such as general upkeep and insurance of the condo complex. If the gate to your complex’s parking garage breaks, the fees you and your neighbors pay will go toward fixing it. These fees also pay for the condo’s insurance, which covers major situations that affect the complex as a whole. It’s important to note that these fees never go away.
Always bear in mind that your own resolution to succeed is more important than any other.
The Social Setting
When you’re in buying mode, it’s common to think only in terms of dollars and cents – a condo is a huge purchase, after all. But it’s essential not to forget the social aspect of living in a condo. Different complexes work well for different kinds of people, so get to know your complex as well as your prospective neighbors to make sure that they’re a good fit for you – if you’re easing into retirement, it might not be a great idea to buy a condo next to a bunch of hard-partying college kids or vice versa.
Conclusion Don’t pack up that moving van just yet – condos can be a great place to live, but only if you spend the time to look into what life will be like in your future complex. Don’t let unexpected speed bumps, such as condo association fees and bylaws, keep your condo life from being the good life.