Since condos first came on the market, they have increased in the value as well as the buying and selling price.
The one thing that you must keep in mind when selecting to purchase a condo is what do you want to get out of the condo?
Do you want neighbors below and above you?
If you are someone who loves their peace and quiet and does not like to be bothered, then a condo may not be the right choice for you. A condo is set up to allow people to live in luxury spaces with the idea of still allowing them to own their own space. If you want to own a condo because you like the amenities it has, then look at a luxury townhome or apartment.
What’s the difference between a condo and apartment?
The main difference between the two of them is that a condo is purchased and comes with a wave of responsibilities whereas the apartment is rented or leased and the owner of the apartment complex is responsible for the majority of the maintenance as well as any upkeep. If you do not mind renting then this option would be better for you as some apartments are side by side rather than above and below. Otherwise, a condo may be the better choice for you.
What should I expect to see in a condo when shopping for a condo?
Most of your condo places are going to come with a number of add-on’s that you most likely would not see unless you look at luxury apartment buildings. The luxury condo places are going to have a onsite gym that allows the people who live in the condo building to workout for free. Most of them also offer free wifi and a breakfast café area where you can enjoy a free bagel or cup of coffee. If this is something you might like, then a condo maybe just one of the perks you would like when shopping for a new home.
What do I pay for with a condo?
When you purchase a condo, you will need to obtain home owners insurance and will be responsible for yearly taxes. You will also need to make sure that you keep up with any repairs that are due on the condo. If something happens to the condo and there is damage done to the home, your home owners insurance will help to cover the expenses related to the damage.
So with all that in mind, you should choose whether or not a condo is right for you and your dreams.