If home ownership is your goal, an option might be a condo. Condo owners enjoy many perks of home ownership but without having to worry about things like yard work. Think about your options when buying a condo and weigh whether it’s the best choice for you and your family.
Pricing and Fees
Consider the cost of buying a condo and weigh it against the cost of buying a house. Calculate your monthly payment and remember other fees that factor in:
Condo association insurance
Maintenance and groundskeeping
Repairs and Maintenance
As with a house, you are responsible for repairing things like leaky faucets and replacing the carpet. It is not like living in an apartment where you let the landlord know if there’s a problem; as a homeowner, you are the landlord. Condo association insurance cover common areas like pools and playgrounds.
Space and Storage
Remember that space is more limited in a condo. Most likely you will not have your own private yard or garage. On the flip side, amenities like personal parking spaces and dog parks are often available. If you have children or pets, decide whether these amenities make up for lack of space. There are pros and cons of purchasing a condo. Look at both and decide whether condo living is right for you.