Buying a condominium is a great first step towards homeownership. You own everything inside of the condominium and the Association takes care of and is responsible for everything outside of the condominium. However, you will have the added cost of a homeowners association fees or dues, which are required annually, quarterly or monthly. These could be just a couple hundred dollars to several hundred dollars every month. These fees will maintain common areas such as any amenities that the complex has and the exterior part of the building including the roof, siding and landscaping.
A lot of times condominium complexes and buildings will offer amenities to residents and their guests. These can include really fun amenities such as swimming pools and spas, sonnets, fitness centers, concierge services or valet parking. Also, landscaping is usually included with amenities and any common areas such as a fountain or courtyard.
While all of these items are a great feature to have you do have to pay for them. Having a single family home means you usually will not have homeowners association dues but you are still responsible for everything on your property including the exterior of the house and landscaping. Some homes are within homeowners associations and require monthly or quarterly dues. This will include property management services, any clubhouse or community amenities and landscaping. These could be very minimal fees or they could be extremely expensive than some of the higher-priced gated communities. You are still responsible to take care of everything on the outside and the inside of your home however.
Buying a condominium is a great first time home buyer option since it eases you into home ownership without the full on responsibility of a single-family house. You can start off slowly and gain equity in a condominium taking on responsibility a little at a time. Once you’ve built up enough equity for a good down payment on a house you can move up into a single-family house on your own property.
For more information or for answers to any of your questions please feel free to give us a call.