Home Buying 101 - Buying a Condo

Owning a Condo

(Photo from allaboutgeorge, Flickr.com)

Homeownership certainly has a number of benefits, from the tax advantages to the equity you'll build in your property. However, the maintenance and upkeep that a traditional single family home requires isn't for everyone. If you aren't ready to spend weekends on yard work or home repairs, why not consider buying a condo?

The advantages of owning a condo

As a condo owner, your liability is limited to the interior of your unit – the structure of your building and all exterior spaces are owned communally by the home owners' association (HOA). What this means for you is that the cost of major repairs – like a new roof or new siding – are shared by all the members of the association, instead of falling squarely on your shoulders. While you'll still be required to pay for interior improvements and repairs, your overall costs will be much lower than with a standalone home.

But lower repair bills aren't the only advantage to condo ownership. In addition, your complex may offer community facilities – like a pool, gym or clubhouse – onsite for you to use, free of charge. Your monthly bills may also be lower than single family homes, as shared condo walls cut down on heat and cooling expenses. Finally, condo complexes offer a sense of community you won't find in your own home – if you're ever feeling lonely, your neighbors and friends are just a wall away. … click here to read the rest of the article titled “Home Buying 101 - Buying a Condo“