When it comes to buying a home, there are a variety of properties you could purchase. And that includes condominiums—more commonly known as condos.
In the right situation, a condo makes a great investment and a great home. But before you purchase a condo, there are some things you’ll want to consider to determine if it’s the right purchase for you.
So what, exactly, are those things? A recent video from realtor.com outlined a few key factors you’ll want to consider before buying a condo, including:
- Maintenance is less expensive… One of the major perks of buying a condo is that your maintenance costs are generally less expensive because they’re shared. For example, if your building needs to be painted or the roof needs to be replaced, you’re not on the hook for the total cost; instead, the cost will be split with the other condo owners.
- …but you’ll have to pay HOA fees. When you buy a condo, you’ll need to pay homeowner association fees, which are often referred to as “HOA” fees. These fees cover certain maintenance tasks (like landscaping) as well as any amenities in the development, like a pool or tennis courts. The fees vary from one development to another, and even one unit to another, so before you commit to buying a condo, it’s important to know how much they are and work those fees into your budget.
- Pay attention to occupancy. Before you buy a condo, you want to make sure you’re buying in a desirable development. And one way to gauge that? Occupancy. If the development is full of other homeowners, it’s probably a decent place to live. But if there are a ton of vacant properties, it could signal some issues with the development.