What You Need to Know About Buying a Condo
When you’re looking to invest in a property, most people think about buying a house. But condominiums (condos) and townhouses are also a great option for many people. Condos are different from houses in several ways, and they’re not for everyone. So before browsing townhome listings looking for condos for sale, be sure to weigh the pros and cons.
How Is a Condo Different?
A condo is generally refers to an apartment you own with neighbors living above and below you. A townhouse only has neighbors on either side of you.
In the case of both a condo and a townhouse, you own the interior of the home, but not the exterior. In other words, you are typically allowed to make changes to the interior but not the exterior of the home.
Some condos also are part of a condo association, so you may have to pay an extra fee in exchange for additional amenities.
Advantages of a Condo
There are several advantages to finding condos for sale, one of which is the price. Because condos are basically apartments that you own, they’re typically smaller and don’t have extra features like a garage, basement, or yard. That also makes them less expensive. However, so they’re a good choice for someone who is looking to make an investment but isn’t ready for all the extra responsibilities that come with owning a house.
Some condos also come with additional amenities, such as a community pool, parking garage, or tennis courts. Oftentimes the condo association will cover maintenance for the exterior of the home, including roof repairs, landscaping, and roads.
Disadvantages of a Condo
The biggest disadvantage of buying condos or townhomes for sale is the lack of space and privacy. Like apartment living, you’ll still be sharing at least one wall with your neighbors. Condos are typically smaller than the average single-family house.
You may also have to pay a condo association fee, and you may have other restrictions as well. Some condo associations don’t allow pets, for example. While others may not allow you to lease your home out to renters.
Before buying any condo or townhome, be sure to read the fine print and ask plenty of questions so that you know exactly what’s allowed and what isn’t. And when you’re ready to buy, give your local real estate agent a call to find your dream home!
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