When you are buying real estate for a home or an investment, there are advantages to understanding the industry. The same is true for buying a condominium.
Think of condominium ownership as an apartment you own. You own everything extending inward from the interior walls, ceilings and floors. Additionally, you and all the other owners, are partners in the areas outside the separate units; the roof, exterior walls, clubhouses, tennis courts, swimming pools and/or other common areas.
What are the advantages to buying a condominium?
• When renting, your rent may be raised at any time. When buying a condominium, your payments will stay the same year after year.
• Many condominiums are located in established neighborhoods. These neighborhoods are usually in urban areas and are “close to the action” – entertainment, clubs and restaurants.
• When you own your condominium, you are in control – unlike renting an apartment. You can paint the walls any color you like. You can even remodel without asking permission. Want to remove that interior wall? Go ahead, it’s your wall.
• The only maintenance you are responsible for is inside the unit. If the dishwasher breaks, you are responsible for its replacement. However, you are not responsible for mowing the lawn, for painting the outside, for shoveling the snow or for cleaning the pool.
• With many apartment leases, you are required to get approval for new “roommates.” When you own a condominium, you can share your space with anyone you like.
• Owning a swimming pool can be very expensive. But if your condominium building includes a swimming pool, all you have to do is enjoy it. The same goes for tennis courts, exercise centers or any other amenities in your complex.
• There are social advantages to condominium ownership. Your neighbors are also owners, so they tend to live there long-term. The building amenities also foster social interaction with neighbors.
• There is traditionally an added level of security in a condominium building. There will be the security of a common keyed entrance, then the security of entrance to your unit. There may be door attendants or a guard service. As you get to know your neighbors, and they to know you, residents will notice anyone who is out-of-place or unfamiliar.
• Condominium complexes will have a homeowners association and every owner is a member. This association handles any repair or maintenance issues and enforces any bylaws. As an owner, you can get as involved in the association as you like – even become a board officer.
One of the best advantages of buying a condominium may the financial aspect.
– The per-square-footage price of a condominium is typically less than that for a single-family home.
– You will probably find your monthly payment on a condominium mortgage is less than rent on a similar apartment.
– The interest you pay on your mortgage is a tax deduction.
– Your condominium will gain equity.
– You can resell your condominium.
When you are buying a condominium, you are buying real estate – and real estate is a smart investment. Take a look at real estate listing sites to find the perfect property for you.