Condos and Townhouses: Some of the Things You Need to Know
Condo owners are responsible for what goes on within their individual units, including maintenance and repairs. Beyond that, they're required to pay regular fees to an association. Those fees contribute to the maintenance of the shared common areas, building amenities and the exterior of the complex.
Should I Buy a Condo?
Condominiums and townhouses can be a good investment, especially if they allow you as a buyer to enter the real estate market. Qualifying for financing is much the same as getting a mortgage for a single family house.
If you're thinking of buying a condo, it's important to undersand what your purchase includes. No matter how big the building or property is, you own your individual unit. You also own a prorata share of common areas and amenities of the community with your heighbors, which can include parks, pools, playgrounds, gyms, dog-walking areas and other public spaces.
In addition to your mortgage payment, property taxes and insurance costs, you will pay a condo fee that may also referred to as "homeowner association" (HOA) dues or fees.
Good News
REALTORS expect this year's condo market to be healthy, with increased demand as first-time buyers get comfortable because more people have found that condos can be slightly lower priced than single family homes.
MORE QUESTIONS?
Contact your local REALTOR, Ruth A. Hayles, and I can provide you with more information about condo and townhouse living. I have lived in a condo and townhouse and consider myself very knowledgeable about these types of properties. Text or call me at (213)878-1862.
Comments:
Post Your Comment: