Understand The True Cost Of Buying A Condo

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Purchasing a condo over a single-family home can come with many different pros and cons. One of the reasons you may be drawn to purchasing a condo is because of the lower price. While a listing price can generally be much lower for a condo than a single-family home initially, there are a lot of other expenses you'll need to keep in mind.

Instead of purchasing a condo and being surprised by the actual cost, consider the following expenses you need to be aware of and what's involved in the homeownership of a condo.

Included Utilities

The first thing to check when comparing different condos for sale is what kind of utilities are included in the price. It could surprise you to find that you'll need to pay out-of-pocket for everything from trash pickup to water services. Understanding what comes with your monthly HOA living in a condo and what counts as additional utilities can help you make a realistic budget.

HOA Fees

Instead of being discouraged by how expensive the HOA is, it's best to see what's included. Your homeowner's association fee could be higher than you expected before buying a condo. Everything from security to parking could be included in the HOA each month, making it wise to do the math and see whether some of these fees are something you would have had to pay out of pocket for with a single-family home.

Some amenities that may come with an HOA include a swimming pool, fitness center, and maintained trails around the community. These different amenities can make some condos more appealing than others, making it wise to consider your lifestyle and what makes sense for your budget.


One of the things to be considerate of when shopping for condos is the fact that the association needs to be well-funded. You don't want to run into a situation where you'll be charged a lot of money for repairs and maintenance in special assessments due to the HOA not managing the funds appropriately. This could mean anything from the roof needing work to landscape projects.

Searching for a condo to buy makes understanding the expenses involved vital since you don't want to be in a situation where you can't afford the condo. By checking all the additional expenses and how to prepare for surprise costs, you can avoid any unexpected surprises. Reach out to a service like Chuck Tuttle Realtor Group Osterville to find out more.