Shopping for a condo takes more than determining whether the bedrooms are large enough and touring the facility’s grounds. A person interested in buying a condo needs to learn about living in a condominium building and learn about the operation of the facility itself.

Only by taking the time to gather information on buying a condominium and living in a condominium complex, a buyer can make an informed buying decision.

Condo Ownership

Many first-time condo buyers are not certain of what they are buying when purchasing a unit. Though the specifics can vary somewhat, in most situations a buyer will own everything inside the unit.

This means that the owner is responsible for the care of the walls, floors, ceiling, carpet and furnishing in the unit. The homeowner’s association will maintain the outside of the unit, including the siding, windows, roof, shared hallway and outdoor living space.

In the event of a significant renovation or repair, the costs are shared by all unit owners. For example, the cost of building new recreational facilities would be paid equally by all of the owners.

Community Living

Though a person may own a condominium, he or she still has rules that must be followed. The rules are set by a homeowner’s association and vary greatly from one building to the next.

A person considering the purchase of a condominium needs to consider the rules of the building as part of the buying decision.

For example, some buildings have strict rules that cover everything from whether or not dogs are allowed to what types of curtains can be hung in windows while others have almost no rules. 

Financial Considerations

Money is always an important part of a real estate decision. The good news is that in almost all cases, buying a condominium is less costly than buying a single-family house.

However, condo shoppers need to understand that the price of the condo is not the only cost. Condo owners will also have to pay dues to a homeowner’s association to pay for upkeep of the facility and related costs. However, these costs also help to made condos less costly to own than a single family home.

This is due to the costs of upkeep and maintenance of the outside of the condo building and the grounds being share with the other condo owners. 

Interested in condo living, check out luxury condos in Summit County, CO or visit our our blog for more real estate advice!