When it comes to purchasing a condo, you want to make sure you make the right choice. Buying a condo allows you to own property without having to worry about all the maintenance tasks that come with purchasing a new home.
#1: Understand What a Condo Is
First, it is important to understand what a condo is. A condo is a single residential unit that is part of a multi-family building. An apartment and a condo are not very different structurally. An apartment is generally a single residential unit in a multi-family building that is rented out, while a condo is typically owned by an individual.
With a condo, you are going to be responsible not just for your unit but for the overall care of the building. The building is taken care of by the fees that you pay to the condo association, which is basically just a homeowner's association. The condo association pays for taking care of the shared spaces, such as the yard or the pool or the gym. The condo association also pays for taking care of the structure of the building, such as the elevator, roof, and siding.
#2: Understand How Financing Works
Second, it is important to understand how financing works when purchasing a condo. Many lenders are a little wary of financing a condo, in part because you only own the structure you live in, you don't own the whole building, and you can't control completely how the outside of the building looks.
You are more likely to be charged a higher interest rate for a mortgage, and you will also have to budget separately for the condo association fees you will have to pay. You are more likely to secure financing if you plan on living in the condo yourself than if you plan on using it as a rental property.
#3: Pets Are Not Always Allowed
As you are owning a unit within a building, you still have to follow rules of the condo association, much like when you are renting. With a condo, the condo association sets the rules on if pets are allowed. If you are thinking about purchasing a condo, be sure to check the rules and see if you can have a pet and what restrictions are in place regarding pet ownership. If pet ownership is something you value, you'll want to make sure you purchase a condo that allows you to own a pet.
A condo allows you to own your own place without having the responsibility of taking care of a yard and the external structure. Financing can be a little tricky, but you should be able to secure a mortgage, especially if you plan on living in the condo yourself. Always check the condo rules and make sure pets are allowed before going through with the purchase.
To learn more, contact a real estate team about a place like Wynmoor Village condos.