There are many benefits to owning a condo. It is usually cheaper than a standalone house, there is very little upkeep and there is a sense of community.
However, there are also some downsides. Before purchasing a condo, it is good to know what you are getting yourself into.
1. Account for all associated costs
U.S. News and World Report points out that your mortgage is not the only expense for which you need to budget. You are also responsible for condominium association dues, and some of them can be pricey. You may also need to fork out extra for assessments if there are major repairs.
The association dues are only for the exterior and common elements, so if you need repairs done inside your condo, you are personally responsible for them.
2. Prepare to have certain things approved
Although you can change practically anything you want to on the interior of your place, you will need permission from the association for other things. For example, the Florida Legislature states that in order to alter any of the common elements, 75% of the association’s voting interests must approve the change. You may also need approval to put stuff on your patio, paint your exterior door or display a flag.
3. You may have a harder time selling
Although a condo is less expensive than a house, you may also have a harder time finding a buyer if you choose to sell. This is especially true if there are others in the complex who are also selling at the same time.
