Should you buy a condominium?

Should you buy a condominium?

Should you buy a condominium?

Condominiums offer some buyers a real opportunity to afford a home of their own. Condos may particularly appeal to retired couples who no longer have children at home, as well as to those who are just getting started and are buying their first home.

What exactly is a condominium anyway? The word condominium simply means ownership with others, and the term can actually apply to a variety of building types. Your condominium may be an apartment in Boston, a Victorian flat in California, or a split level townhome in Houston. The exact building structure doesn't matter, because the idea behind this kind of residence is that you own the common areas together with other homeowners.

Your property line in an attached residence comprises your floors, walls, and ceiling. You own everything inside of your unit, and you share ownership of everything else (including the roof, land, and overall structure of the building). You also own a portion of the exercise gym (if you have one), garages, and everything else that makes up the common areas.

When you purchase a condominium, you join the homeowners association. You may not be required to attend meetings, but you'll have to pay monthly dues anyway. The dues cover all of the maintenance involved in taking care of the common areas, and this can include everything from maintaining a swimming pool to purchasing fire insurance for the entire building facility.

Be sure to understand what you're getting into if you choose to purchase an attached residence. First of all, understand how much you'll have to pay monthly towards the homeowners association fees, and also find out how many votes you get in the association. Some communities keep it simple and divide all the fees and voting rights equally among all the homeowners. Other associations, however, may charge you a higher fee (and give you more votes) if you have the most expensive unit in the complex.

An important consideration when considering what kind of home to purchase is the potential rules and regulations surrounding a condominium. You have to read the bylaws carefully before making a decision final. The homeowners association may restrict many things including where you can rent out your condo and how you can use the common areas.

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