Love the city life, but hate watching your money vanish into an apartment you’ll never own? A condo may be the perfect choice for you. Owning a condo can offer many things a typical house cannot, especially a house in a city environment. Often houses are more expensive to initially purchase, as well as the upkeep and associated costs of running and maintaining a house. Having space inside for a gym, game room, sauna and even a pool in the backyard is well out of the financial reach of most. Added amenities is really where a condo shines, by communally sharing all of the above with other tenants you can afford to have much more at your disposal than you would otherwise. Security systems, elevators and ramps for the disabled, door men, and down the shoot trash collection are often typical finds in any condo that would otherwise not be available to all but the richest of house owners.
While condo life is full of perks, there are numerous costs associated with the purchase beyond the initial asking price. Parking can be one such cost, as many condos do not offer free parking. If a specific parking spot is purchased, the space itself remains the property of the condo corporation, you merely purchase the right to use it exclusively. The condo corporation can at anytime decide to rework parking spots, and you may find your new spot in a far less desirable location than the one your had originally purchased. If no purchase option is available, you may have to pay a monthly renting fee in order to park at your building. Monthly maintenance costs, such as maintaining the gardens, pools, and game rooms will also likely be billed to you every month.
Another thing to be wary of when purchasing a condo, is the fine print. You may purchase a retirement condo then find out your not allowed to move in if your under a certain age. You may have bought a condo with the intent of renting, to discover that its not allowed by condo rules. Alternatively, in a community where renting is allowed you may find your neighbors constantly rent to an ever changing array of people who may not have the same respect for communal property that someone would if they were a condo owner.
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While the building itself as a whole does not belong to you, it is advisable to get a home inspector to check not just the unit you plan to purchase, but the common areas and envelope of the building as well. While your unit may be in great shape, a home inspector may notice a trend with the rest of the building that could suggest future troubles not yet present in your unit. Once you purchase a unit, most repairs are your responsibility, and in the event of a leak, you may be responsible for the damages to any neighboring units as well.
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