Thinking of buying a condo? Condos offer many excellent layout options and a low-maintenance lifestyle similar to an apartment. You don’t have to worry about hassles like mowing, snow removal or replacing the roof. Even better, the complex may offer amenities like an on-site fitness center or pool. Other perks can include a clubhouse, concierge service or doorman. When buying a condo, it’s important you know that every condominium community is different. It’s crucial to know each community will have their own community rules, association fees, management company, and amenities.
Most condo community association fees include lawn maintenance, snow removal (if applicable), and exterior maintenance. When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage! Does the condo community offer additional parking for your guests who visit you? Is the parking spot in a covered garage?
When considering a condo purchase, there are a few other things to consider. What is the condition of the neighborhood? How well is the condo association managed? Is the complex owned mostly by investors or do most owners live in their unit? Your Realtor can help you evaluate the condo Master Deed, budget and history of the association to determine if a complex is a good fit for you.
One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing. The contract that a community will make you sign will usually state that you understand and agree to the association rules and regulations.