There are a lot of different advantages to living in a condominium that attract potential first time home buyers and convince them to look into purchasing their own. While there are many great things that come with condo living, buyers should always look into all aspects before diving in. There’s more to owning a condo than just access to amenities that homeowners need to take account of. Here are some of the things that homeowners need to know about condos before buying one.
1. Condos Come With Amenities
This is a big selling point for condos, and some condo owners purchased theirs specifically for access to them. The amenities a condo will have access to depends entirely on the homeowners association the property is part of, and buyers shouldn’t expect every condo neighborhood to offer every amenity that other neighborhoods do. Some of the common amenities condo owners will have access to include things like pools, tennis courts, walking trails, and club houses to have gatherings in.
2. Condo Owners Don’t Have to Pay For Upkeep
One of the nice parts about owning a condo is that the homeowner won’t have to worry about paying for upkeep. If the washing machine breaks or the roof leaks, the HOA will hire someone to come repair whatever is broken, and the homeowner won’t have to worry about paying for any of it. This is because they pay an HOA fee regularly, typically once a month. The money collected from everyone in the neighborhood are pooled to do things like maintain the homes, get professional landscaping, and generally improve the neighborhood.
3. Condo Owners are Part of a Homeowners Association
Some neighborhoods are part of a homeowners association (HOA), but all condominiums will be part of one. When part of an HOA, homeowners are expected to follow rules and pay dues regularly. HOA dues will vary depending on the neighborhood, but homeowners can expect to have to pay approximately $200-300 per month. This money is used to keep up the neighborhood, make repairs to homes, and purchase amenities for everyone to enjoy. Before buying a condo, the buyer needs to read the rules the HOA expects them to follow and find out what sort of dues they’ll need to pay and confirm that they can do both of these things.
4. Condo Owners Own the Condo, Not the Land
In a neighborhood where condos are free-standing or have a few units attached to each other, the homeowner will often have a sort of backyard area that they can use as such. However, homeowners need to know that when they purchase a condo, they’re only purchasing the condo, not the property that it’s on. Because of this, condo owners may not be able to make large changes to the yard around their home like make gardens or build a deck. Potential Middlesex condo buyers need to ask about these sorts of policies if they foresee themselves doing any projects outside.
5. Condos Appreciate Slower Than Single Family Homes
Appreciation refers to the rate at which a home’s value increases over time, and it’s something that all homeowners want. However, in almost all cases, the appreciation rate for a condo is going to be slower than that of a single family home. This is actually because the homeowner doesn’t own the land that the condo is on. Land is extremely valuable in the real estate market, so if a homeowner only owns the home and not the property, it makes the home less valuable in the long run.
Buying a condo comes with quite a few advantages that are appealing to many buyers, but condo ownership also comes with rules and restrictions that need to be considered.