Posted on: 21 July 2018
Making the move from a single-family home to a condo is very common for a lot of people, but especially for older people. If you are preparing to make this type of move, it's important that you understand the differences between homes and condos, and here are three important things you should know when looking to buy condos.
1. You will have to pay a monthly fee
The first difference you should know about is the fee that you must pay if you live in a condo. When you live in a regular home, you usually do not have a monthly fee like this to pay. This fee is called a homeowner's association (HOA) fee, and you must pay it monthly. The HOA is the controlling agency for the community, and they will use this money to pay for repairs and maintenance for the common areas in the community. This can include paying people to mow the grass or take care of the swimming pool. You can attend the HOA meetings to find out more about how they use this money.
2. You will probably pay less for your home insurance
When you own a condo, you will still need to purchase homeowner's insurance; however, the costs for your policy will probably be less than the costs for insuring your home. A condo is typically in a building with other condos, which means they have shared walls. When you buy a condo, you are not buying the entire building. Instead, you are buying just the inside of the house. To insure this part of a house, the costs will be less, and you will see this when you get a quote for insurance.
3. You will have rules to follow
If you lived in a home in a neighborhood, there were probably rules to follow, but there are typically more rules with condos because they are controlled by an HOA. The HOA will set up rules and guidelines for the residents, and the residents must follow them. The purpose is to create a safe, uniform community where home values rise. The rules can vary, but there are usually rules about what you can do outdoors and where you can park your cars. Make sure you read these before buying a unit.
If you are interested in moving into a condo, you should contact a real estate agent. The agent can help you sell your single-family home and find the right condo to purchase.Share