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Purchasing A Condo 101: 3 Good Things To Consider Before Buying

by Elaine Ryan

A condo is a great option for those who want to own their own place. While it isn't a home, condos often come with many advantages, such as on-site facilities like gyms or lounges. Although buying a condo is similar to buying a home, there are some key differences. So what are some things you take into consideration when purchasing a condo? Here are three things:

1. Maintenance

When you purchase a home, you are the one responsible for all maintenance and repairs. However, it is very different when you purchase a condo. Some condos include maintenance and upkeep in their purchase price, while others require a monthly fee. However, in other buildings you might be responsible for all maintenance, repairs, and upkeep.

In addition, you'll want to know who is responsible for damages that occur outside of your unit. For example, if a toilet overflows in a unit above you, you'll want to know who is responsible for paying for the damages. So be sure to ask the realtor or property manager before you make a final purchasing decision. After all, you don't want to be surprised down the road.

2. Unit Rules

Another thing you should take into consideration are the rules for building—and your unit, as well. While some buildings will allow you to treat your condo like a home, others have strict rules like an apartment. So it is important to ask the realtor or manager if there are any rules in place, such as pets or quiet hours. In addition, there might be rules about having guests or subletting your condo. Regardless, it is a good idea to ask if there are any rules or limitations for your condo.

3. Storage

Finally, be sure to keep storage in mind. Since condos are typically smaller than a home, you might not have the storage you need. Some condos will provide storage for their tenants, while others will rent out storage. However, some condos might not have any storage available. Even if you don't have a lot of belongings, it's good to know what the storage situation is for the building you live in.

While condos for sale are a great opportunity to own your own place, they aren't the same as a home. As such, it is important that you take these three things in to consideration. After all, you don't want to be surprised months—or years—down the road.