If you’re in the market for a new home, a condominium can be a charming choice. Condos are often less costly to purchase than houses or townhouses, and they can offer conveniences you might not otherwise be able to afford. Yet there are caveats to condo ownership, too.
Here are five things to think about before buying a condo.
1. You Don’t Own the Land
A condo is a building consisting of multiple apartments that are individually owned. Each owner contributes to the cost and upkeep of the exterior structure and any common areas and amenities. Condo owners do not hold title to the land on which the structure sits.
2. Condos Offer Convenience
For the homebuyer, the advantages of condos are many. In some built-up neighborhoods, condos may be the only available option for homebuyers, or the most practical given their proximity to shopping centers and work.
Condo communities also…
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