Like any other kind of home, it comes with pros and cons. In addition, the setup and ownership structure is unique, so it's vital to understand what you're getting into before buying one.
So, what is a condominium?
A condominium is a type of ownership.
What are the pros and cons of owning a condominium?
Today, I wanted to outline some of owning a condo's most prominent pros and cons. To learn more, watch my video as a resource.
Typically, we think of a condo as a type of building. However, sometimes it could look like an apartment complex, sometimes a mid-rise or a high-rise building.
Sometimes, that's true. But a condo is it's the way that you take ownership of the property. So you can have a property that looks like a townhome but is a condominium townhome style.
What is Fee Simple?
You may own the interior walls of your unit, but you may not possess the exterior walls. Sometimes you'll own the unit's airspace delineated by the walls and any improvements you make to that airspace, such as paint, flooring, and cabinets.
What is Tenancy in common?
Everything outside the walls you're responsible for with the other owners of the building depends on how the condominium is set up regarding repair, maintenance, etc.
A reminder, though. Don't do anything with your credit card debt yet if you have it. Wait until you talk to that lender because if you pay it off, it may affect your credit that you're not expecting.
What are the Pros of Condominium Ownership?
Better amenities
You're partnering with other people for the exterior, so you'll likely have some good amenities, like a gym or a workout room or a community room, a swimming pool, tennis courts, basketball courts, whatever, etc.
Purchase cost is more affordable
Often, the purchase price is usually more affordable than single-family homes.
Maintenance
The exterior of the condo is typically well-maintained. You don't have to worry about maintaining the lawn, the exterior, or pay outside of your unit or actual dwelling.
What are the Cons of a Condo?
Higher condominium fees
The purchase price may be much lower, but you will pay much higher condominium fees to maintain the exterior, especially with properties that have an elevator in them. Elevators are expensive to maintain, mainly if it's an older property.
Be responsible for property exterior maintenance
It would depend on how the community is managed of what you're going to be responsible for paying.
Lack of privacy
Some people don't like to be told what to do. Some would rather have no HOA or condominium association telling them you know what they can do and can't do.
Some people are not comfortable having rules to follow.
If you're a home buyer interested in buying a condominium or townhome or single-family home, or anything else real estate-related, feel free to reach out to me.
Dan Rochon here from Greetings Virginia with eXp Realty.
📱: 703-346-2776 or send me an 📧: dan@greetingsvirginia.com.
I look forward to helping you.
Talk to you soon.
If you're interested to learn more about Real Estate Investing or tips and strategies about Real Estate, you can reach me at 703-346-2776 or send me an email at Dan@greetingsvirginia.com. We will be more than happy to help you.
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