With today’s busy lifestyle, many buyers are opting for condominiums over houses to reduce the amount of needed maintenance and to take advantage of the amenities many complexes offer their residences. Still, there are many factors to consider when deciding which condominium fits you the best.
Before visiting condominium communities, always look up the following information:
One of the biggest differences between condominiums and homes is that with condos, you are sharing the same building with a number of neighbors. If you have never lived in an apartment, townhouse, or condominium before, consider your comfort level with sharing building space with other owners. Also, determine how large of a building, and how many other people you are willing to share building space with prior to your purchase.
Occasionally, condominium complexes will charge an additional assessment for more extensive repairs, which could include replacing a roof, dredging the marina when the condominium needs to make the water channels deeper for boats to enter and exit, and potentially for hurricanes should the complex sustain significant damage, and/or insurance rates increase.
When you have found the condominium that fits you perfectly, keep in mind the complex will often require you to sign a contract in addition to the purchase contract. The additional contract serves as an affirmation of reading and understanding the community rules and regulations.